ETH rises 1.32% within 1 hour: on-chain capital net outflow combined with whale structural repositioning driving a short-term rebound

On May 24, 2026, from 22:00 to 23:00 (UTC), ETH recorded a +1.32% return during that hour, with a price range of 2070.58 to 2099.45 USDT and an amplitude of 1.39%, indicating a significant increase in market volatility.

The main driver of this movement was the continuous outflow of on-chain funds from exchanges. According to Glassnode data, ETH experienced a net outflow of approximately $31.5 million over 24 hours, with small and medium-sized funds (under $1 million) continuously withdrawing from exchanges, while large funds (over $1 million) showed a net inflow, reflecting divergent behaviors among different fund sizes. The departure of small and medium funds reduced short-term selling pressure, providing a foundation for price increases.

At the same time, a significant increase in whale wallet activity was a key catalyst for the surge. On-chain tracking data showed that whales making single transfers exceeding $1 million were highly active on May 24, with some whales transferring ETH out of exchanges into long-term holdings or staking contracts, indicating optimistic expectations for the market. Additionally, some whales restructured their positions, with no signs of large-scale selling overall. Moreover, trading volume during the movement period also expanded in tandem, with buying pressure dominating and amplifying volatility, indicating overall sufficient market liquidity. On a macro level, the macro environment in late May 2026 was neutral, and the long-term positive outlook driven by ETH’s technological upgrades was still taking effect, further supporting market confidence.

Short-term volatility risks should be monitored. Currently, the concentration of whale holdings is increasing; if large-scale sell-offs occur later, they could trigger a price pullback. The risk of continued outflows of small and medium funds weakening buying momentum also remains. Key indicators to watch include: the persistence of net inflows/outflows of ETH on exchanges, whale wallet transfer frequency and direction, and changes in trading volume. It is recommended to monitor on-chain fund flows and support levels around 2000 USDT to guard against short-term pullback risks.