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ETH 15-minute short-term rally of 0.51%: Exchange net outflows continue, and tightening supply drive prices higher
Between May 6, 2026, 08:45 and 09:00 (UTC), ETH price return was +0.51%, with a price range of 2380.1 to 2396.17 USDT, and an amplitude of 0.67%. During this period, the market experienced a brief slight rally, with overall volatility remaining relatively stable, and trading volume showed no abnormal increase.
The main driver of this fluctuation was the continuous net outflow of ETH from exchanges, leading to a tightening of supply. According to Glassnode data, the exchange-held ETH position changed by -104.72 ETH in the past 30 days, approximately equivalent to $420,690, with all major exchanges showing a consistent net outflow trend. Investors tend to transfer ETH to self-custody wallets or participate in on-chain staking and DeFi activities, reducing the circulating supply on exchanges, directly weakening short-term selling pressure and supporting the price.
At the same time, there was no obvious institutional capital movement. ETH spot ETF capital inflows remained stable, with no signs of large-scale fund movements, indicating that this price fluctuation was mainly driven by supply and demand in the spot market rather than large institutional buying. Additionally, external macro factors had limited impact; the international energy market experienced slight fluctuations in coal and LNG prices due to geopolitical conflicts, but there was no on-chain evidence of large fund inflows into the crypto market. Mainstream assets like BTC did not show synchronized large fluctuations during the same period, ruling out the possibility of systemic sentiment-driven movements.
In terms of risks, the current exchange ETH balance continues to decline. A large inflow in the short term could trigger selling pressure, so ongoing monitoring of the Netflow indicator is necessary. Future focus should be on large exchange transfers, whale activities, changes in ETF capital flows, and the impact of macro policy surprises on market risk appetite.