Industry insiders point out that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total Bitcoin circulation. The significance behind this sell-off could be quite substantial, representing a bearish sentiment among seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be stable enough not to classify the market as bearish. Tagus Capital analysts noted that initial disappointment over the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns regarding Bitcoin as a strategic reserve may have been exaggerated, and the U.S. government may potentially purchase Bitcoin in a manner that does not exceed its budget, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.