Industry insiders point out that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total Bitcoin circulation. The implications behind this sell-off may be quite significant, representing a bearish attitude among 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 bearish.

Analysts at Tagus Capital indicated that the market's initial disappointment with the U.S. government's strategic Bitcoin reserves impacted trading sentiment. Concerns about Bitcoin strategic reserves may have been exaggerated, and the U.S. government may purchase Bitcoin in a budget-friendly manner in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.