Industry insiders indicate that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total circulating Bitcoin supply. The implications behind this sell-off may be quite significant, representing a bearish outlook on Bitcoin prices from seasoned players. However, the CEO of CryptoQuant stated that Bitcoin demand appears stable, insufficient to categorize the market as bearish. Tagus Capital analysts noted that initial disappointment with the U.S. government's strategy regarding Bitcoin reserves affected trading sentiment. Concerns about Bitcoin strategic reserves may have been exaggerated, and the U.S. government may purchase Bitcoin in a way that does not exceed its budget in the future, while other countries may also accelerate their adoption of Bitcoin as a strategic reserve.