CoinMeta data: According to the “large-scale transactions” monitoring by pro, this morning, there were continuous active selling orders in the spot market of Coinbase and OKX. Coinbase sold $18.69 million at the market price since 09:00 this morning, and OKX sold $12.13 million at the market price since 08:00. Looking at a longer period, after the opening of the US stock market last night, Coinbase was the first to see increased trading volume, with a total sale of $45.87 million, followed by selling pressure spreading to Binance and OKX, with sales of $84.72 million and $18.64 million respectively. The main traders on these three exchanges sold a total of $149 million ETH. Such continuous selling pressure across exchanges over several hours usually indicates that spot funds are still withdrawing. If the selling pressure does not ease during the rebound phase, it is not advisable to rush into buying. Wait until the net selling pressure decreases and active buying orders reappear before considering taking small positions. By monitoring subsequent data, we can determine whether this decline is a temporary shock or a continued withdrawal of funds.