ETH drops 0.97% in 15 minutes: Macro risk asset sell-off combined with continued ETF outflows

From 13:00 to 14:00 UTC on June 24, 2026, ETH/USDT showed weak consolidation during this period, with a price range of $1,652.85-$1,672.3 USDT, an amplitude of 1.16%, and a return of -0.97%. Overall market sentiment was bearish, and despite limited volatility, the price remained under pressure below the moving average system.

The main driving force behind this movement was the release of systemic risk from the macro market. On June 24, 2026, global commodity markets experienced a broad sell-off. Spot gold fell below the key psychological level of $4,000 per ounce, dropping over $100 intraday, a decline of 3.46%. Crude oil prices also fell over 4% simultaneously. Meanwhile, U.S. tech stocks plunged, with the Nasdaq Composite Index falling 2.21%, the Philadelphia Semiconductor Index dropping over 8%, and Micron Technology plummeting 13.2% in a single day. The broad decline in macro risk assets triggered a global risk appetite cooling, with investors pulling funds from risk assets such as cryptocurrencies.

In addition, ETH's own fundamental weakness further amplified this decline. First, the U.S. ETH spot ETF continued to see outflows, with a net outflow of $401.62 million in May 2026, the third largest monthly outflow since November 2025, indicating institutional investors' cautious short-term stance on ETH. Second, technically, ETH's trading price is below all major moving averages, with the 20-day EMA at $1,753, the 50-day EMA at $1,901, and the realized price of approximately $2,308 forming a "distribution wall" selling pressure. Third, historically June has been a weaker month for ETH, with the May downtrend extending into June, creating seasonal weakness.

In the short term, attention should be paid to the recovery of macro market sentiment. If commodities and U.S. stocks continue to be sluggish, ETH may further decline. Key support lies near $1,650, and a break below may trigger greater selling pressure. ETF fund flows, on-chain whale address movements, and macro news will be the main indicators to watch going forward.