Industry insiders point out that large traders have accumulated 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 a bearish outlook from seasoned players on the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, insufficient to classify the market as bearish. Tagus Capital analysts indicated that initial disappointment regarding the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns over Bitcoin's strategic reserves may have been exaggerated, as the U.S. government may purchase Bitcoin in a way that does not exceed the budget, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.