Industry insiders point out that large traders have hoarded a substantial amount of Bitcoin, estimated to account for 23% of the total circulating supply of Bitcoin. The significance behind this sell-off may be considerable, 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, insufficient to classify the market as bearish.

Analysts at 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, as the U.S. government may purchase Bitcoin in a manner that does not exceed its budget, while other countries may also accelerate their adoption of Bitcoin as a strategic reserve.