Industry insiders point out that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of Bitcoin's total circulation. The implications behind this sell-off could be substantial, indicating a bearish sentiment among seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears stable, insufficient to classify the market as bearish. Tagus Capital analysts indicated that initial disappointment over the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin's strategic reserves may have been exaggerated, as the U.S. government may purchase Bitcoin in a budget-conscious manner in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.