The cryptocurrency market experienced a significant fall early this morning. Ethereum (ETH) price fell below the $3400 mark, with a 24-hour decline of 4.63%. Solana (SOL) also did not escape, dropping below $160, with a daily decline of 3.81%. Bitcoin (BTC) was similarly affected, falling below $113000, with a decrease of 2.12%.

The magnitude of this market adjustment has attracted widespread attention from industry professionals. Analysis shows that there are mainly two reasons for this fall:

First, there has been a large-scale net outflow of spot ETFs. According to SoSoValue data, on August 1st, Eastern Time, the total net outflow of Bitcoin spot ETFs reached 812 million USD, setting a historical second-high record. Ethereum spot ETFs also did not escape, with a total net outflow of 152 million USD, ending a streak of 20 consecutive days of net inflow.

Secondly, the market downturn triggered panic selling by some large holders. Data shows that a large holder with the address 0x3c9e transferred a large amount of Ethereum to several mainstream exchanges within the last 48 hours, totaling 26,182 coins, worth approximately 93.66 million USD. At the same time, another large holder address starting with KMhcqN also transferred 108,016 SOL to exchanges within 8 hours, worth approximately 17.74 million USD.

It is noteworthy that prominent investor Arthur Hayes has recently conducted a series of profit-taking operations. He sold 2,373 Ether (approximately $8.32 million), 7.76 million ENA (approximately $4.62 million), and 38.86 billion PEPE (approximately $414,700) yesterday morning.

These large-scale sell-offs have undoubtedly intensified the downward pressure on the market. However, some market observers believe that this may be a short-term adjustment, and as market sentiment stabilizes, prices are expected to stabilize again. Investors should closely monitor market trends, view short-term fluctuations rationally, and manage risks effectively.