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, indicating a bearish outlook from seasoned players on the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be performing steadily, which is not sufficient to classify the market as a bearish market. Tagus Capital analysts noted that the initial disappointment over 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 its budget in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.