ETH drops 0.62% in 15 minutes: On-chain large holders reduce positions combined with derivatives turning bearish trigger short-term selling pressure

On May 6, 2026, from 13:00 to 14:00 (UTC), ETH experienced a sharp decline of 0.62% within 15 minutes, with the price range between 2384.4 and 2405.23 USDT, and an amplitude of 0.87%. During this period, the price fluctuated downward from a high point, with obvious selling pressure in the spot market, and short-term volatility intensified.

The main drivers of this movement were large on-chain transfers and major holder profit-taking behaviors. On-chain data showed that whale accounts concentrated ETH transfers to exchanges during this period, with spot market trading volume increasing and net outflows from exchanges rising, indicating that large holders actively reduced their positions or cashed out, directly triggering short-term selling pressure.

Additionally, the bearish bias in the derivatives market further reinforced the downward trend. ETH open interest showed a declining trend, the funding rate was negative, and the taker buy-sell ratio was negative, indicating more active selling than buying, with bearish pressure dominating the market. On a macro level, the U.S. inflation rate remained high at 3.5%, putting overall pressure on risk assets, with investors’ risk appetite decreasing. Coupled with the high volatility cycle characteristic of May, multiple factors resonated to amplify the fluctuation magnitude. Technically, ETH traded below the 20-day EMA, with key support zones between 2150-2200 USDT. Although not directly broken, downward pressure was significant.

In the short term, attention should be paid to the support levels at 2150-2200 USDT; a break below could accelerate the decline. On-chain fund flows and exchange balance changes are key indicators to observe; the positioning trend in the derivatives market will influence subsequent volatility patterns.