#CreatorPad Industry insiders point out that large traders have hoarded a substantial amount of Bitcoin, estimated to account for 23% of the total circulating supply of Bitcoin. The significance behind this sell-off could be quite major, representing a bearish sentiment from seasoned players regarding 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.

Tagus Capital analysts indicated that the initial disappointment over the U.S. government's strategy regarding Bitcoin reserves affected trading sentiment. Concerns over strategic Bitcoin reserves may have been exaggerated, and the U.S. government may purchase Bitcoin in a manner that does not exceed budget constraints, while other countries are also likely to accelerate the adoption of Bitcoin as a strategic reserve.