ETH drops sharply 0.61% in 15 minutes: Large capital inflows and a sell-off put short-term pressure on the market

Between May 5, 2026, 16:30 and 16:45 (UTC), ETH’s return within a 15-minute window was -0.61%, with a price range of 2361.15-2376.51 USDT and an amplitude of 0.65%, indicating a clear short-term correction.

The main driver of this fluctuation was large-scale capital activity at the exchange level. Data shows that on May 4, ETH’s net outflow across all exchanges was -33,426 ETH, but there was a significant net inflow of over $10 million ( +165,826 ETH), while all other ranges from 10k to 10 million USD showed net outflows. This structural divergence indicates that institutions or large holders, after concentrated inflows, engaged in selling, leading to increased short-term supply and downward pressure on the price.

Additionally, on-chain data indicates no abnormal surge in trading volume during this period. Glassnode data shows that the recent 10-minute trading volume was 420,690 transactions, with an estimated 63,103 transactions within the 15-minute window, roughly consistent with recent averages. This suggests that the fluctuation was not driven by large-scale on-chain transfers but was primarily influenced by exchange fund activities. Meanwhile, ETH on-chain liquidity remains ample, with stablecoins and RWA assets continuously growing, providing some liquidity buffer for the market. However, concentrated large-scale selling can still amplify volatility within short timeframes.

Currently, attention should be paid to changes in exchange fund flows. If large inflows are accompanied by selling, it could intensify short-term volatility risks. Key indicators to monitor include: exchange net inflow trends, on-chain active address changes, and macro news developments.