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 substantial, representing a bearish outlook from seasoned players on the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, insufficient to categorize the market as bearish. Tagus Capital analysts indicated that the market's initial disappointment over the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin's strategic reserves may have been exaggerated, and the U.S. government may purchase Bitcoin in a manner that does not exceed the budget in the future, while other countries may accelerate the adoption of Bitcoin as a strategic reserve.