PANews reported on December 3rd that according to @ai_9684xtpa’s monitoring, the US government transferred 10,000 BTC to Coinbase in the early morning, but on-chain data showed that these BTC did not flow directly to the market. The timeline shows that 10,000 BTC were recharged to Coinbase at 00:34, and then entered its hot wallet address 3MqUP at 00:47, and were distributed to 21 new addresses before 05:38, with each address receiving 498.445 coins, but the tokens of these addresses have not been further transferred. Combined with TradingView data, Coinbase’s trading volume during the same period was far from enough to match the scale of the 10,000 BTC dump. It is speculated that these BTC may not have been sold yet, and are planned to be shipped in batches, or have been taken over by institutions in the form of OTC and have not flowed to the secondary market.