Analysis: The Bitcoin transferred by the U.S. government last night may not have been sold yet, or it has not flowed to the secondary market through OTC trading
ChainCatcher message, on-chain analyst Ai Yi reviews the incident of the U.S. government transferring Bitcoin last night, the specific process is as follows:
At 00:34, the U.S. government deposited 10,000 BTC into Coinbase.
At 00:47, this portion of BTC was credited to Coinbase hot wallet 3MqUP.
From 00:47 to 05:38, 10,000 BTC were distributed to 21 new addresses, with each address receiving 498.445 BTC. Currently, the tokens in these addresses have not been further transferred.
Comparing with the trading volume during the corresponding time period on TradingView for Coinbase, the average trading volume during the spike was only 300 BTC over 15 minutes, and the trading volume during the rebound was similar—indicating that Coinbase did not have matching trades for the 10,000 BTC dump. Ai Yi speculates that the possible scenarios for this operation are as follows: not yet sold, planning to gradually offload through subsequent wallet distributions; already taken by an institution through OTC, and not flowing into the secondary market.
