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 meaning behind this sell-off could be quite significant, representing a bearish outlook from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be stable, insufficient to classify the market as bearish. Tagus Capital analysts indicated that the initial disappointment in the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin as a strategic reserve may have been exaggerated, and the U.S. government may purchase Bitcoin in a manner not exceeding the budget, while other countries may also accelerate the adoption of Bitcoin as a strategic reserve.