Industry insiders pointed out that large traders have accumulated a substantial amount of Bitcoin, estimated to account for 23% of the total circulating supply of Bitcoin. The significance behind this sell-off could be quite major, representing a bearish outlook from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, insufficient to classify the market as a bearish one.

Analysts at Tagus Capital indicated that the market's initial disappointment with the U.S. government's strategy on Bitcoin reserves affected trading sentiment. Concerns about Bitcoin as a strategic reserve may have been exaggerated; the U.S. government may purchase Bitcoin in the future without exceeding budget limits, and other countries may also accelerate the adoption of Bitcoin as a strategic reserve.