Recently, the global financial markets have shown a widespread trend of fall, attracting significant attention from investors. Against this backdrop, the position of the Ethereum Foundation's holdings has changed significantly, dropping from the top three to the fourth position. Nevertheless, industry experts point out that this change actually reflects that the distribution of chips in the encryption market is developing in a healthier direction.

At the same time, political factors have also brought new uncertainties to the market. Trump recently signed an executive order aimed at adjusting the reciprocal tariff rates on certain countries. This move has raised market concerns about the potential escalation of trade frictions, further complicating the investment environment.

At the macroeconomic level, the expectation that the Federal Reserve may not lower interest rates in September has had a significant impact on market sentiment. This expectation was like a bucket of cold water poured over the previously well-performing encryption market, leading to a sharp correction in on-chain asset prices.

Analysts believe that in the current market environment, investors need to remain vigilant and closely monitor the direction of global economic policy and its impact on various assets. At the same time, this adjustment in the cryptocurrency market may also provide new entry opportunities for long-term investors. In the future, as the market gradually digests various uncertainties, we may see a more rational and stable price trend.