ETH 15-minute short-term correction of 0.40%: whale selling combined with derivatives long positions reducing holdings triggers selling pressure

May 7, 2026, 06:00 to 06:15 (UTC), ETH experienced a rapid decline within 15 minutes, with a return of -0.40%, price range between 2321.86 and 2331.3 USDT, and an amplitude of 0.40%, indicating a significant increase in short-term volatility. The main driver of this anomaly was concentrated selling by whale addresses between 06:00 and 06:10, with large transfers exceeding 1,000 ETH noticeably increasing; approximately 8% of the transfer volume during this period came from whale addresses holding over 10,000 ETH, leading to a short-term increase in market supply and intensified selling pressure. Meanwhile, net inflow of ETH into exchanges was 1.3 times higher than the daily average, with some holders choosing to realize profits or cut losses during this period, indicating a short-term decline in risk appetite based on spot fund flows.

Additionally, the derivatives market and spot market formed a negative feedback loop. Data from the Gate platform shows that open interest in ETH perpetual contracts slightly decreased, and the funding rate shifted from positive to negative, indicating that longs were actively reducing their positions. Between 06:05 and 06:12, the amount of forced liquidations of long positions increased by approximately 15% compared to the previous hour, with some leveraged longs being passively liquidated due to price retracement, further pushing the price downward.

It is worth noting that other key indicators such as the number of active on-chain addresses and DeFi TVL did not show extreme anomalies; the overall market structure remained stable, and no systemic risk transmission was observed. This anomaly was driven by localized capital behavior.

Currently, attention should be paid to the subsequent fund movements of whale addresses and the deleveraging in the derivatives market. If the price continues to be under pressure, it may trigger a new wave of forced liquidations, with short-term risks still present. Users should closely monitor the support level around $2320 and changes in exchange fund flows.