Analysis: The 10,000 BTC transferred by the US government did not actually flow into the market

According to the analysis of on-chain analyst @ai_9684xtpa, on-chain data shows that the 10,000 BTC recently transferred by the US government did not actually flow into the market, or in other words, did not directly smash the market. The timeline is summarized as follows: At 00:34 in the morning, the US government recharged 10,000 BTC into Coinbase; At 00:47 in the morning, this part of BTC was credited to the Coinbase hot wallet 3MqUP; From 00:47 to 05:38 in the morning, 10,000 BTC were distributed to 21 new addresses, and the number of payments to each address was 498.445. At present, the tokens of these addresses have not been further transferred. Comparing the transaction volume of Coinbase in the corresponding time period on TradingView, the average transaction volume of 15 minutes during the pin was only 300 BTC, and the transaction volume during the rebound was the same - that is, Coinbase did not have transactions that could match the 10,000 BTC smash volume. Therefore, we can speculate that the possibilities for this operation are as follows: Not sold yet, and plans to ship in batches in different wallets later; Has been taken away by an institution through OTC and has not flowed to the secondary market.