ETH drops 0.72% in 15 minutes: On-chain large transfers combined with ETF outflows trigger short-term selling pressure

From 09:15 to 09:30 (UTC) on May 16, 2026, ETH saw a -0.72% return in the spot market. The price ranged from 2162.79 to 2187.45 USDT, with an amplitude of 1.13%. This was characterized by a short-term downward move, with volatility significantly higher than in recent periods. Market attention rose rapidly.

The main driving force behind this abnormal movement is the frequent occurrence of large transfers on-chain. According to OKLink data, multiple transfers of more than 10,000 ETH appeared before and after the event window. Some whale addresses conducted multiple transfers within a short time, suggesting that institutions or large holders are consolidating positions and directly releasing sell pressure to the market. On-chain data also shows that during the same period, the total daily number of ETH transactions across the entire network fell by 14.88% compared with the previous day. As market activity cooled, the impact of single large transfers on price was amplified.

Secondly, the ongoing acceleration of net outflows from ETF funds has intensified selling pressure. CoinJournal reports that, recently, ETH spot ETFs recorded a net outflow of $135 million in a single day, mainly led by major institutions such as Fidelity. Meanwhile, Bitcoin spot ETFs continued to see net inflows over the same period; funds rotated among mainstream coins, putting ETH under temporary pressure. In the derivatives market, negative funding rates indicate that short sellers hold the upper hand. However, this drop was not triggered by forced liquidation from leverage—rather, it was dominated by active sell orders, and there was no sign of a large-scale long squeeze.

What to watch now includes the subsequent actions of on-chain whale addresses, changes in ETF fund flows, and whether support around 2160 USDT remains effective. If ETF outflows continue or large on-chain transfers remain active, ETH’s short-term weakness may persist. It is recommended to monitor volume and price changes near the 2160 USDT support level and the 2200 USDT resistance level, manage positions carefully, and be alert to the risk of amplified volatility caused by declining liquidity.