$ETH Industry insiders point out 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 a bearish outlook from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be stable, insufficient to classify the market as a bearish market.

Tagus Capital analysts indicated that the initial disappointment over 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 the future without exceeding its budget, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.