It has been pointed out in the industry 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 may be quite significant, representing a bearish outlook from seasoned players on 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 from Tagus Capital indicated that the initial disappointment in 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 budget constraints in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.