ETH short-term sharp decline of 1.83%: Exchange net inflow surge and institutional sell-off resonate, triggering a short-term plunge

Between 18:00 and 19:00 (UTC) on April 29, 2026, the ETH yield was -1.83%, with a price range of 2227.5 to 2285.4 USDT, and an amplitude of 2.54%, indicating a significant short-term plunge in the market.

The main driver of this anomaly was a sharp increase in net inflows of ETH into exchanges. Data shows that during this period, the net inflow of ETH into exchanges reached 98,084.61 ETH. Combined with the 7-day moving average, the net inflow trend clearly intensified, indicating concentrated selling pressure in the market. On-chain tracking shows that Galaxy Digital transferred a single large amount of 21,369 ETH (about $49.3 million) to exchanges on April 28, followed by other institutions like BitGo with large transfers of 25,000 ETH. Such operations typically signal institutional holders preparing for spot selling, closely coinciding with the time window of the price anomaly.

Additionally, continuous net outflows of ETF funds reflect institutional investors reducing their positions, resonating with the exchange net inflows and further strengthening spot selling pressure. The derivatives market experienced two large-scale liquidations in April, with ETH open contracts at Gate and a leading exchange plunging by over $1 billion. The concentrated withdrawal of leveraged funds caused market risk appetite to decline rapidly, with spot markets absorbing the selling pressure. Technically, ETH tested a key support level at $2,240, with MACD and RSI indicators both showing weakness, and market sentiment leaning bearish, which increased selling momentum.

Currently, exchange net inflows remain high, and short-term prices still face downward pressure. Attention should be paid to the support level at $2,200 and changes in on-chain fund flows. If ETF fund flows show signs of reversal, it may help alleviate selling pressure.