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 may be quite significant, representing a bearish outlook on Bitcoin prices from seasoned players. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, insufficient to classify the market as bearish.

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