Industry insiders point out that large traders have accumulated a substantial amount of Bitcoin, estimated to account for 23% of the total Bitcoin circulation. The significance behind this sell-off could be quite major, representing the bearish sentiment of seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be stable, insufficient to classify the market as a bearish one. Tagus Capital analysts indicated that the initial disappointment in the U.S. government's strategic Bitcoin reserves impacted trading sentiment. Concerns about the strategic reserves of Bitcoin may have been exaggerated, as the U.S. government might purchase Bitcoin in a way that does not exceed the budget, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.