On July 23rd, the launch of nine physical Ethereum ETFs in the US led to a noticeable decrease in the average market depth of Ethereum across major cryptocurrency exchanges by about 20%, from previous levels to approximately $14 million, representing a 5% decline. This change reflects a significant reduction in market liquidity and an increased sensitivity to fluctuations in large transactions. According to CCData's data, since the listing of these ETFs, over $500 million has flowed out of Ethereum, and its price has consequently dropped by more than 25% to $2,380. Analysis suggests that factors contributing to this market condition might include poor overall market conditions and a natural decrease in trading activity during the summer period.