I checked the data and found that there hasn't been any change in the fundamentals of ETH. However, from the perspective of ETH holdings, high net worth investors holding over 1000 ETH have been buying in large quantities since early November 2024, and have been trapped for a long time without seeing any signs of outflow. Instead, they are buying more and more as the price drops. Small scale investors with holdings of less than 1000 ETH have almost always been selling this year. From falling below $3300 in early February of this year, it can be seen that small-scale investors have had a small amount of buying, but now they have mostly left the market. Overall, ETH is still highly correlated with Russell 2000, while in terms of direction, it is strongly correlated with BTC and the S&P 500.