ETH's continuous net inflow can't hold up; BN has launched 8 spot assets in the past half month, adding all sorts of things and draining liquidity completely, resulting in a direct collapse of altcoins.

From a technical perspective, ETH is currently testing the major trend line, with a key support level in place, and this pullback is nearly over. From last night until now, it's been like helping an old lady down the stairs, with three waves of declines, and it should be about over now.

The liquidity of altcoins was already poor, and with a bunch of overvalued junk coins tying up funds, it has completely drained liquidity, making it impossible to assess. Now we can only wait for a rebound.