Industry insiders point out that large traders have accumulated 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, indicating that seasoned players have a bearish outlook on the future price of Bitcoin. However, the CEO of CryptoQuant stated that Bitcoin demand appears to be stable, insufficient to classify the market as bearish.

Analysts at Tagus Capital indicated that the market's initial disappointment with the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin as a strategic reserve may have been exaggerated, as the U.S. government may purchase Bitcoin in a manner that does not exceed its budget, while other countries may also accelerate the adoption of Bitcoin as a strategic reserve.