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