Industry insiders indicate 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 sentiment from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, which is insufficient to classify the market as bearish.

Analysts at Tagus Capital 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 budget constraints, while other countries may also accelerate their adoption of Bitcoin as a strategic reserve.