$USDC Industry insiders point out that large traders have hoarded 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 substantial, indicating that seasoned players have a bearish outlook on the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears stable, which is insufficient to classify the market as a bearish one.

Tagus Capital analysts noted that the initial disappointment regarding the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns over Bitcoin's strategic reserves may have been exaggerated, and the U.S. government may purchase Bitcoin in a manner that does not exceed its budget, while other countries will accelerate the adoption of Bitcoin as a strategic reserve.