Ethereum's price has recently significantly retraced to $2263. On-chain data analysis reveals that three important addresses have collectively sold 5,657 ETH, worth approximately $13.4 million, in the past 7 hours. It is noteworthy that all three sales occurred at a loss, with a cumulative loss of up to $1.928 million.

The first address 0xb1c...a108C sold 1,440 ETH in a single transaction six hours ago after holding it for six months, at a price of $2,392, with a total value of $3.45 million. Considering that the average holding cost for this address was as high as $3,359.3, this operation resulted in a loss of $1.392 million.

The second address 0x4F1...6618B sold 2716 ETH at an average price of $2301 three hours ago, with a total transaction amount of approximately $6.25 million. Interestingly, this batch of ETH was purchased by the address when Ethereum briefly touched a high of $2422.89 exactly 13 hours ago, resulting in a loss of $330,000 in just ten hours of trading.

The third address 0xF89...8AEfe exhibited a long-term holding behavior, having purchased 1501 ETH for $2529.95 on June 19, 2023, and liquidated all of it 7 hours ago at an average price of $2392.75, resulting in a loss of $206,000.

These three large sell-offs reflect a certain level of panic in the current market sentiment, with some holders choosing to accept losses and exit. Market observers believe that such on-chain behavior data is of significant reference value for understanding the current ETH price trend.