Industry insiders indicate that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total Bitcoin circulation. The implications behind this sell-off may 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 be stable, which is not sufficient to classify the market as bearish.

Analysts from Tagus Capital noted that the initial disappointment over the U.S. government's strategy on Bitcoin reserves affected trading sentiment. Concerns about Bitcoin as a strategic reserve may have been exaggerated, as the U.S. government may purchase Bitcoin in a budget-conscious manner in the future, while other countries may accelerate the adoption of Bitcoin as a strategic reserve.