ETH 15-minute short-term pullback of 0.47%: Spot sell orders increase combined with a slight retreat of leveraged funds

From 12:00 to 12:15 (UTC) on April 29, 2026, within a 15-minute window, ETH recorded a return of -0.47%, with a price range of 2320.57 to 2331.87 USDT and an amplitude of 0.48%, showing a slight short-term pullback.

The main driver of this move was an increase in active sell orders in the spot market. Some funds flowed into exchanges, which put short-term pressure on prices, while leverage funds in the futures market saw a slight retreat. Data shows that during this period, the spot trading volume at a certain major exchange rose by approximately 7.3% month-over-month, and futures trading volume increased by about 9.8%. The exchange’s net inflow turned slightly positive, indicating that some ETH flowed into exchanges—possibly a signal that short-term selling pressure was being released.

In addition, futures open interest fell slightly by about 0.9%, but it did not trigger large-scale liquidations. Of the total liquidation amount across the entire network in the past 24 hours of approximately $64.8 million, less than 3% occurred during this period, indicating limited risk of leverage liquidation cascades. On-chain data shows that whale addresses did not conduct any large centralized transfers during this period, and the structure of institutional holdings remained stable, with no major funds actively guiding this decline. Meanwhile, ETF fund flows were steady, with no large subscriptions or redemptions, and there were no major events in the macro environment affecting the market; overall market sentiment remained neutral to cautiously bearish.

In the short term, it is important to watch whether the exchange net inflow continues to rise and how leverage funds in the futures market change. If spot sell orders further intensify or leverage funds withdraw in a concentrated manner, the risk of increased short-term volatility may grow. It is recommended to monitor key support levels and on-chain fund flow direction to mitigate the risk of potential further downside.