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 could be quite substantial, representing seasoned players' bearish outlook 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 noted that the initial disappointment in the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin as a strategic reserve may have been exaggerated, as the U.S. government may purchase Bitcoin in a manner that does not exceed budget constraints, while other countries may accelerate the adoption of Bitcoin as a strategic reserve.