ETH drops 0.62% in 15 minutes: Large capital outflows and leveraged short positions resonate, triggering short-term selling pressure

On May 6, 2026, from 13:00 to 13:15 (UTC), ETH declined by 0.62% within 15 minutes, with a price range of 2384.4 to 2405.23 USDT, and an amplitude of 0.87%. This fluctuation broke the previous narrow trading range, with short-term volatility significantly increasing, and market attention rapidly rising.

The main driver of this movement was continuous net outflows of large funds from the spot market. Data from Glassnode shows that the net outflow of ETH across all exchanges reached -67,159.67 ETH, with large transfers in the $1M–$10M range netting out -92,343.91 ETH. The exit of funds led by institutions or large holders directly weakened buying support, making the price more sensitive to selling pressure.

Additionally, the dominance of leveraged short positions in the derivatives market intensified selling pressure. Open interest in ETH perpetual contracts reached as high as $24.90 billion, with some platforms experiencing negative funding rates (e.g., one platform at -1.00bps, another at -2.00bps), indicating concentrated short positions and strengthened short-selling forces. Meanwhile, capital rotation effects are also at play — recent net outflows of about $205 million from ETH, while emerging assets like XPL attracted $53.36 million in inflows within 24 hours. Funds are shifting from mainstream assets to emerging targets, further weakening ETH buying momentum. Furthermore, short-term imbalance in cross-chain stablecoin pools caused price fluctuations — the USDC.e/WETH pool on World Chain experienced exchange imbalance, and on-chain liquidity tightening amplified price volatility.

Currently, attention should be paid to whether exchange fund flows continue to net out, changes in open interest of perpetual contracts, and the recovery of on-chain liquidity. If selling pressure persists, prices may decline further; if leveraged shorts are covered or longs increase, prices could rebound quickly. Short-term trading should be cautious of slippage risks caused by liquidity exhaustion, and it is recommended to monitor key support levels and the return of funding rates.