According to on-chain analyst @ai_9684xtpa, the U.S. government dumped 10,000 BTC, and on-chain data shows that this portion of BTC has not truly entered the market, or in other words, there hasn't been a direct dumping. The timeline is organized as follows:

1. At 00:34, the U.S. government deposited 10,000 BTC into Coinbase.

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

3. From 00:47 to 05:38, the 10,000 BTC was distributed to 21 new addresses, with each address receiving 498.445 BTC. Currently, these addresses have not further transferred their tokens.

In contrast, looking at the trading volume in the corresponding time period on Trading View for Coinbase, the average trading volume during the spike was only 300 BTC over 15 minutes, and the volume during the rebound was similar—indicating that Coinbase did not have matching trades for the 10,000 BTC dumping. Therefore, it can be speculated that the possibilities corresponding to this operation are as follows: it has not yet been sold, and it is planned to be distributed in batches from a wallet that has been taken by an institution in OTC format, thus not flowing into the secondary market.