Core Viewpoint - The cryptocurrency market is experiencing significant downturns, with Ethereum dropping over 7% to a seven-week low of $3,823, and Bitcoin falling below the critical support level of $110,000, indicating increased selling pressure and potential for further liquidation if Ethereum falls below $3,800 [1][2][9]. Market Performance - Ethereum's price decline has been part of a broader market correction, with the total cryptocurrency market losing over $140 billion in value [5]. - In the last 24 hours, approximately 257,766 traders were liquidated globally, resulting in total losses exceeding $1.148 billion [4][6]. Liquidation Details - The largest single liquidation occurred on Hyperliquid for ETH-USD, amounting to $29.12 million [6]. - Bitcoin and Solana also faced significant liquidation, with Bitcoin down 3.62% and Solana down 7.2%, marking six consecutive days of decline for Solana [7]. Institutional Investment Trends - There has been a notable withdrawal of institutional funds, with nearly $300 million pulled from U.S.-listed Ethereum ETFs since the beginning of the week [9]. - The decline in institutional inflows has intensified selling pressure, contributing to the overall market downturn [9]. Long-term Holder Behavior - Despite a decrease in Ethereum's exchange supply to a nine-year low, indicating that long-term holders are withdrawing tokens for holding, the selling pressure from these holders is counteracting the positive signals from new fund inflows [10][13]. - 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 [11]. - However, the rising activity metrics among long-term holders suggest that these investors are selling rather than accumulating, leading to a stalemate in market dynamics [12][13].