加密货币继续暴跌，以太坊失守3900美元大关，多头遭大规模强平

Core Viewpoint - Ethereum has fallen below the $3900 mark, reaching a nearly seven-week low, continuing a significant market correction that has seen over $140 billion evaporated from the entire cryptocurrency market [1] Market Performance - On September 25, Ethereum dropped over 7% to a low of $3823, with a daily decline of 6.55% [1] - In the last 24 hours, approximately 250,000 traders were liquidated, with total liquidation exceeding $1.1 billion [3] - Bitcoin and Solana experienced significant declines, with Bitcoin down 3.62% and Solana down 7.2% [4] Institutional Activity - Institutional fund inflows have decreased, intensifying selling pressure, with nearly $300 million withdrawn from U.S.-listed Ethereum ETFs since Monday [5] - A sudden market drop on Monday led to the forced liquidation of $1.7 billion in long positions, impacting nearly all major cryptocurrencies [5] Long-term Holder Behavior - Despite Ethereum's exchange supply dropping to a nine-year low, indicating long-term holders are accumulating, selling pressure from these holders is counteracting positive inflows [6] - Over the past month, investors have purchased over 2.7 million Ethereum, valued at over $11.3 billion, reflecting strong confidence in Ethereum's long-term potential [6] - The active holder metric has been rising, suggesting that long-term holders are selling rather than accumulating, which may lead to further price declines if this trend continues [6]