Industry insiders point out that large traders have hoarded a significant amount of Bitcoin, estimated to account for 23% of the total circulating Bitcoin supply. The implications 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.

Analysts at Tagus Capital noted that the initial disappointment in the U.S. government's strategic Bitcoin reserves affected trading sentiment. Concerns about Bitcoin strategic reserves may have been exaggerated, and the U.S. government may purchase Bitcoin in a way that does not exceed its budget in the future, while other countries are likely to accelerate the adoption of Bitcoin as a strategic reserve.