In the early hours of Beijing time, the Ethereum market experienced a sharp fluctuation. Market data shows that the price of ETH plummeted from $2182 to $2118 in just 5 minutes, a decrease of 2.94%, and continued to face downward pressure in the following half hour.

The market is simultaneously flooded with information about large capital outflows, major holders transferring assets to trading platforms, and the chain reaction of stop-loss orders. Many large capital holders' preset stop-loss levels were quickly reached, leading to losses far exceeding expectations. On the external environment front, the increasingly tense geopolitical situation, coupled with the tough rhetoric from U.S. politicians, further reinforced the market's risk-averse sentiment and exacerbated the volatility of digital assets such as Ethereum.

Event Timeline Review:

04:05 - The ETH price plummeted from $2182 to $2118 within 5 minutes, reflecting the risks of large-scale capital withdrawal and the triggering of automatic stop-loss mechanisms.

04:05 to 04:30 - The market continues to be under pressure, with the ETH price further declining from $2129 to $2124, indicating that selling pressure still exists.

04:17 - A trader reported that their stop-loss order set for 20,000 ETH (trigger price $2160) was triggered as the exchange price rapidly dropped to $2108, causing losses to surge from an original $400,000 to $1.3 million, highlighting the market's tight liquidity and the chain reaction of stop-loss orders.

04:23 - The phenomenon of similar stop-loss triggers continues to emerge, further confirming the market chain reaction caused by the withdrawal of large funds.