Industry insiders point out that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total Bitcoin circulation. The implications behind this sell-off may be quite significant, representing a bearish stance from seasoned players regarding 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 of the market regarding the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin strategic reserves may have been exaggerated, as the U.S. government may purchase Bitcoin in a way that does not exceed budget constraints in the future, while other countries will also accelerate the adoption of Bitcoin as a strategic reserve.