ETH 15-minute short-term rally of 0.71%: Short squeeze drives a short-term rebound

Between May 1, 2026, 12:15 to 12:30 (UTC), ETH (Ethereum) experienced a short-term anomaly, with a return of +0.71%, a price range of 2288.68 - 2305.51 USDT, and an amplitude of 0.74%. During this period, market buying momentum clearly strengthened, and the short-term price trend broke through the average volatility level of the same period.

The main driver of this anomaly was a short squeeze in the derivatives market. Data shows that the total ETH liquidation in the past 24 hours was $5.96 million, with about 62% of it being short liquidations. In a short period, passive short positions were dominant, pushing the price rapidly upward. The logical chain is: excessive short positions → slight price increase triggering stop-losses → passive buying further driving up the price.

Additionally, active buying in the spot market also strengthened simultaneously. On-chain monitoring shows no signs of large-scale ETH outflows, indicating that capital inflows into the spot market provided support. Meanwhile, capital movements between DeFi protocols, such as Aave, continued to grow in TVL, and on-chain liquidity remained ample, indirectly enhancing market resilience. Regarding ETFs, although there was a net outflow of $117.2 million in the past 7 days, the 30-day and cumulative data remain positive, suggesting that institutional allocation demand has not fundamentally reversed. Short-term capital outflows have not sustained downward pressure on prices.

Currently, attention should be paid to high leverage risks, as the total liquidation amount over 30 days reached $1.34 billion. Price volatility could trigger a new round of passive liquidations on both sides, amplifying fluctuations. Meanwhile, market sentiment remains fearful (28 points), with retail long positions accounting for as much as 67.7%. If prices fail to continue rising, crowded longs may turn into passive liquidations, leading to short-term pullbacks. It is recommended to monitor key support levels and on-chain fund flows to guard against volatility risks.