TechFlow reported on December 3 that on-chain analyst Ai Yi reviewed last night's incident involving the U.S. government transferring Bitcoin, with details as follows:
1. At 00:34, the U.S. government deposited 10,000 BTC into Coinbase
2. At 00:47, this batch of BTC arrived in Coinbase's hot wallet 3MqUP
3. From 00:47 to 05:38, the 10,000 BTC were distributed across 21 new addresses, each receiving exactly 498.445 BTC. Currently, the tokens in these addresses have not been moved further.
Comparing this with TradingView data for Coinbase during the corresponding period, the 15-minute trading volume averaged only 300 BTC during the price dip, and trading volume during the rebound remained similarly low—indicating Coinbase did not see trading activity sufficient to absorb a 10,000 BTC sell-off.
Ai Yi speculated that the possible explanations for this operation are: the BTC has not yet been sold, with plans to gradually offload from separate wallets later; or it has already been acquired by an institution via OTC channels and did not enter the secondary market.
