The cryptocurrency market continues its correction trend today. According to SoSoValue data, Bitcoin fell 1.97% to drop below $68,000, and Ethereum (ETH) declined 2.83%, officially breaking the $2,000 psychological level. At press time, it is trading at $1,937, down more than 30% year-to-date. The market shows a broad decline, but NFT, SocialFi, and Layer2 sectors remain relatively resilient, with 24-hour gains of 1.4%, 0.53%, and 0.04%, respectively. Among them, Layer2's zkSync (ZK) bucked the trend with a 4.38% increase, becoming a rare bright spot in the dull market. Technically, ETH's RSI indicator has fallen to around 20, entering the severely oversold zone, indicating a short-term technical rebound is possible. However, continued capital outflows are suppressing rebound momentum. Below $2,000, market participants face a mixed outlook. Institutional buyers are countering the trend: on-chain data shows that Bitmine immediately purchased 20,000 ETH through FalconX after ETH broke below $2,000, worth $41.08 million. Over the past week, they have accumulated more than 40,000 ETH and added 140,400 ETH to staking, with total staking rate rising to 68.7%. Meanwhile, Ethereum spot ETF inflows exceeded $57 million in a single day, led by Fidelity and Grayscale.

Leverage whales are under pressure: in stark contrast, a suspected whale address related to Matrixport holds a long position of 105,000 ETH (about $202 million) on Hyperliquid. The current unrealized loss has expanded to $6.23 million, and in the past 5 hours, they were forced to reduce 3,000 ETH, incurring a single-loss of $302,000. Institutional long-term positioning and short-term leveraged gambling are playing out extreme divergence around the $2,000 mark. $ETH