Industry insiders point out 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 quite significant, representing seasoned players' bearish outlook on Bitcoin prices in the future. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable enough not to classify the market as a bearish market.

Analysts at Tagus Capital noted that the market's initial disappointment with the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin's strategic reserves may have been exaggerated, and the U.S. government may purchase Bitcoin in a manner that does not exceed its budget in the future, while other countries may also accelerate their adoption of Bitcoin as a strategic reserve.