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Industry insiders point out that large traders have amassed a significant amount estimated to account for 23% of the total circulating supply of Bitcoin. The significance behind this sell-off could be quite substantial, representing a bearish outlook from seasoned players on 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.

Analysts at Tagus Capital noted that the initial disappointment with the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about 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 in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.