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 could be quite significant, representing seasoned players' bearish stance on the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, insufficient to categorize the market as bearish. Tagus Capital analysts noted that initial disappointment in the U.S. government's strategic Bitcoin reserves impacted trading sentiment. Concerns about Bitcoin's strategic reserve may have been exaggerated, and the U.S. government may purchase Bitcoin in a manner that does not exceed the budget, while other countries will accelerate the adoption of Bitcoin as a strategic reserve.