Industry insiders indicate that large traders have accumulated a significant amount of Bitcoin, estimated to account for 23% of the total Bitcoin circulation. The implications behind this sell-off could be quite significant, representing a bearish sentiment from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears stable enough not to classify the market as a bearish one.

Analysts from Tagus Capital noted that the initial disappointment in the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns regarding Bitcoin's strategic reserves may have been exaggerated, as 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.