Industry insiders point out that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total circulating supply of Bitcoin. The significance behind this sell-off may be quite substantial, representing a bearish outlook on Bitcoin prices from seasoned players. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be stable, insufficient to classify the market as bearish.

Analysts at Tagus Capital noted that the market's initial disappointment over the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin's strategic reserves may have been exaggerated; the U.S. government may purchase Bitcoin in the future without exceeding its budget, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.