Industry insiders indicate that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total circulating supply of Bitcoin. The implications behind this sell-off could be substantial, representing a bearish sentiment among seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that the demand for Bitcoin seems to be stable, which is insufficient to categorize the market as bearish.

Analysts at Tagus Capital indicated that market sentiment was initially affected by disappointment regarding the U.S. government's strategic Bitcoin reserves. Concerns about Bitcoin as a strategic reserve may have been exaggerated, and the U.S. government may purchase Bitcoin in a way that does not exceed its budget in the future, while other countries may also accelerate the adoption of Bitcoin as a strategic reserve.