Industry insiders point out that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total circulating Bitcoin supply. The implications behind this sell-off could be substantial, 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 a bearish one.

Analysts at Tagus Capital indicated that initial disappointment in 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 may accelerate the adoption of Bitcoin as a strategic reserve.