#XRPETF industry sources indicate that large traders have accumulated 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 veteran players. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, not sufficient to categorize the market as bearish.

Tagus Capital analysts suggest 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 in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.