according to on-chain analyst @ai_9684xtpa, the US government dumped 10,000 BTC. On-chain data shows that this portion of $BTC did not actually flow to the market, or in other words, was not directly dumped. The timeline is as follows:

1. At 00:34 in the morning, the US government recharged 10,000 BTC into Coinbase.

2. At 00:47 in the morning, this portion of BTC was credited to Coinbase's hot wallet 3MqUP.

3. From 00:47 to 05:38 in the morning, 10,000 BTC were distributed to 21 new addresses, each receiving 498.445 tokens, and these tokens have not been further transferred.

Comparing the trading volume of TradingView Coinbase during the corresponding period, the average 15-minute trading volume during the spike was only 300 BTC, and the trading volume during the rebound was the same. In other words, Coinbase did not have any matching trades for the 10,000 BTC dumped. Therefore, we can speculate that this operation corresponds to the following possibilities:

Not sold yet, planned to be sold in batches through wallets in the future.

Already taken away by an institution through OTC, and has not flowed into the secondary market.