Industry insiders point out that large traders have accumulated a significant amount of Bitcoin, estimated to account for 23% of the total Bitcoin circulation. The significance behind this sell-off could be substantial, representing a bearish outlook from veteran players on 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 indicated that the market's initial disappointment with the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about the Bitcoin 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.