Industry insiders point out that large traders have accumulated a significant amount of Bitcoin, estimated to account for 23% of the total circulating supply of Bitcoin. The implications behind this sell-off could be quite significant, indicating a bearish sentiment among seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be stable, which is insufficient to classify the market as bearish. Analysts at Tagus Capital noted that the initial disappointment regarding the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about 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 in the future, while other countries may also accelerate the adoption of Bitcoin as a strategic reserve.