Glassnode: About 6.26 million BTC are held in addresses with publicly exposed keys. After news like this, I look at fund flows first, then the price.
It’s not really bearish—just a routine industry development, worth being aware of. Big money usually doesn’t chase the first wave of news; it prefers to scale in on pullbacks.
$BTC .

Just my personal opinion, so don’t take it too seriously.