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 could be very significant, representing a bearish sentiment from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be stable, insufficient to classify the market as a bearish market. Tagus Capital analysts noted that the initial disappointment of the market regarding the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin as a strategic reserve may have been exaggerated, and the U.S. government may purchase Bitcoin in a manner that does not exceed the budget in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.