Crypto Quant, an on-chain analytics firm, said on the X platform that the uncertainty in the ETH market has led to divergence in the strategies of holders, with large holders (more than 100,000) holding stable coins. Medium holders (10,000 to 100,000) are slowly increasing their holdings. Small holders (100 to 1,000) are steadily selling. This trend may also be related to the decline in the dominance of ETH.