According to ChainCatcher, on-chain analysis company CryptoQuant said on the X platform that the uncertainty in the ETH market has led to divergence in the strategies of holders. Large holders (more than 100,000 coins) are holding stable coins, medium holders (10,000 to 100,000 coins) are slowly increasing their holdings, and small holders (100 to 1,000 coins) are steadily selling. This trend may also be related to the decline in ETH's dominance.