$ETH Industry insiders point out that large traders have accumulated a large amount of Bitcoin, estimated to account for 23% of the total circulating supply of Bitcoin. The significance behind this sell-off could be quite substantial, 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, which is not enough to classify the market as bearish. Tagus Capital analysts indicated that the initial disappointment of the market regarding the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns over Bitcoin's strategic reserves may have been exaggerated, as the U.S. government may purchase Bitcoin in a manner that stays within budget in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.