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 quite significant, representing a bearish sentiment from seasoned players regarding the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand seems to be performing steadily, insufficient to categorize the market as bearish. Analysts at Tagus Capital noted that the initial disappointment in the U.S. government's strategic Bitcoin reserves impacted trading sentiment. Concerns about Bitcoin as a strategic reserve may have been exaggerated, and the U.S. government may purchase Bitcoin in the future without exceeding budget, while other countries will also accelerate their adoption of Bitcoin as a strategic reserve.