ETH drops 0.49% in 15 minutes: whale concentration transfers to exchanges combined with short positions increasing, triggering short-term selling pressure

May 7, 2026, 02:00 to 02:15 (UTC), ETH’s return within 15 minutes was -0.49%, with a price range of 2315.99 to 2328.47 USDT, an amplitude of 0.54%, showing a clear short-term downward trend, and market volatility intensified.

The main driver of this anomaly was the concentrated inflow of large on-chain funds into exchanges. Whale addresses (holding over 10,000 ETH) were highly active during this window, with a large amount of ETH transferred into a major exchange address, directly increasing short-term selling pressure, causing spot prices to decline. Meanwhile, open interest in ETH futures continued to rise, increasing by approximately 7.16% within 24 hours to $4.19 billion, with bearish forces gaining an advantage in the battle, and the funding rate was negative, further pushing leveraged short positions to add to the downward pressure.

Additionally, although ETF fund inflows showed signs of recovery, institutional buying did not effectively transmit to the spot market, and short-term efforts could not offset the whale selling pressure and the bearish forces in the derivatives market. On the macro level, the Federal Reserve maintained interest rates unchanged, the US dollar index strengthened, global risk appetite declined, and some funds flowed out of cryptocurrencies, creating external pressure. Multiple factors resonated, amplifying this volatility.

Going forward, attention should be paid to changes in on-chain fund flows. If whales continue transferring funds into exchanges or short positions further increase, volatility risks may intensify; conversely, if funds flow out of exchanges or leverage positions are reduced, prices are likely to stabilize.