The main reasons for this decline are:
1. Ancient BTC whales are selling off in large quantities at market price, leading to a lack of counterpart orders in the market, which has spread panic and dragged down the overall market.
2. When ETH broke new highs, the low-priced chips at the bottom started to gradually cash out, resulting in a large number of sell orders hanging at the new high positions to short, creating significant selling pressure.
3. In a bull market, wash trading is a common operation. Many retail investors FOMO into buying high, only to be severely cut by the market leaders.
The possibility of continued sharp declines in the short term is low. Ethereum has recently seen a spike in volume, and as negative factors are gradually digested, the market is expected to stabilize. Those holding long positions can be patient, as ETH is likely to welcome a brand new trend.
Intraday focus: ONT QTUM ONG NEO RAD
