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 may be quite significant, 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. Tagus Capital analysts noted 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, and the U.S. government may purchase Bitcoin in a manner that does not exceed budget constraints, while other countries may accelerate the adoption of Bitcoin as a strategic reserve.