BTC 15-minute slight decline of 0.34%: ETF net outflows and declining macro risk appetite resonate to exert pressure

On May 22, 2026, from 23:45 to 00:00 (UTC), BTC dropped 0.34% within 15 minutes, with the price falling from 75,801.0 USDT to 75,363.8 USDT, an amplitude of 0.58%. Against the backdrop of recent overall market pressure, this price fluctuation intensified short-term volatility, and market sentiment became more cautious.

The main drivers of this fluctuation were continuous net outflows from ETFs combined with a decline in macro risk appetite. Recently, weekly ETF redemptions reached as high as $982 million, with large-scale institutional capital withdrawal directly weakening spot buying support; at the same time, rising U.S. Treasury yields and increasing oil prices put global risk assets under pressure, and heightened risk aversion caused short-term pressure on BTC.

Additionally, a significant decline in on-chain activity coupled with high leverage in the derivatives market resonated. On May 21, BTC on-chain transaction counts decreased by 20.39% compared to the previous day, indicating a clear cooling of market activity. Perpetual contract open interest hit a record high of $23 billion, with funding rates remaining negative, and leveraged funds generally bearish, with some long positions being passively liquidated, further exacerbating short-term selling pressure. The inflow of stablecoins expanded, indicating some funds are waiting on the sidelines, and no effective buying support has formed in the short term.

Currently, leverage funds are operating at high levels, ETF capital outflows continue, and short-term downside risks remain. Attention should be paid to the key support level of $75,000, on-chain capital flows, and macro news developments. Caution is advised regarding liquidation risks and increased market volatility.