#牛市季来临 Industry insiders point out that large traders have hoarded a significant amount, estimated to account for 23% of the total circulating supply of Bitcoin. The implications behind this sell-off could be quite significant, representing a bearish outlook from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears to remain stable, which is insufficient to categorize the market as a bearish market.

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