The recent large drop in ETH may have several reasons:

1. Yi Lihua's fund has been targeted, and Yi Lihua has been buying ETH with leverage. As the price continues to fall, Yi Lihua is forced to increase margin, including doing swing trading to cope with the risk of being liquidated due to leverage.

2. The 1011 insider giant whale is going long on ETH. The capital game is a life-or-death struggle. Large funds are taking advantage of the downward momentum to nibble on some profits from the giant whale.

3. V God’s speech a few days ago indicated that he needs to use ETH for his work, and everyone is worried he might dump it, but it's uncertain whether V God has already sold out.

4. Due to geopolitical reasons, the Americans have been stirring things up in the Middle East lately, prompting large funds to choose to seek safety.