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Market Overview - The cryptocurrency market experienced a significant downturn, with Ethereum, the second-largest cryptocurrency, dropping below the psychological threshold of $4000, reaching a low of $3969, marking a seven-week low [2][4] - The total market capitalization of cryptocurrencies decreased by over $140 billion, with more than 130,000 liquidations occurring globally, amounting to approximately $414 million [2][4] Ethereum Price Dynamics - Analysts attribute the decline in Ethereum's price primarily to a decrease in institutional fund inflows and short-term technical pressures [2][4] - Since Monday, investors have withdrawn nearly $300 million from U.S.-listed Ethereum ETFs, indicating a lack of confidence in the market [3][4] - If Ethereum falls below $3800, it is expected to trigger further liquidations, despite a decrease in supply to a nine-year low, suggesting long-term holders are accumulating [4][5] Institutional and Market Sentiment - The market is currently digesting one of the largest liquidation events of the year, with structural support from ETFs and institutions remaining intact, but the short-term outlook appears fragile [5][6] - Traditional investors are showing diminishing enthusiasm for cryptocurrencies, as evidenced by the decline in stock prices of crypto financial companies since August [5][6] Naver's Strategic Moves - South Korean internet giant Naver is reportedly in talks to acquire Dunamu, the operator of the largest cryptocurrency exchange Upbit, aiming to enter the digital finance sector [7][8] - Naver's stock surged over 11% following the news, highlighting investor optimism regarding the potential collaboration [7] - A deeper alliance between Naver and Dunamu could significantly merge the tech and crypto industries in South Korea, potentially accelerating the adoption of digital assets in commercial and financial services [8]