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 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, which is not enough to classify the market as a bearish market. Tagus Capital analysts noted that 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, and the U.S. government may purchase Bitcoin in a manner that does not exceed budget constraints in the future, while other countries may accelerate the adoption of Bitcoin as a strategic reserve.