ETH plunges 1.24% in 15 minutes: persistent net outflows from ETF funds combined with a whale selling off triggers short-term selling pressure

Between 03:15 and 03:30 (UTC) on May 28, 2026, ETH sharply dropped by 1.24% within 15 minutes. Its price fell from 2,014.67 USDT to 1,971.25 USDT, with a range of 2.16%. The move occurred amid heavy pressure on risk assets as U.S. stocks saw a significant pullback; ETH’s short-term performance was notably weak, and market sentiment remained cautious.

The main driver behind this move was continued net outflows from ETF funds. Data shows that over the past 7 days, cumulative net outflows from Ethereum ETFs totaled 105,862 ETH (about $225 million), including BlackRock ETHA’s single-week net outflow of 89,376 ETH. The ongoing withdrawal of institutional capital directly increased sell pressure in the market, becoming the core factor suppressing the price.

Second, whale addresses showed clear divergence: some chose to reduce holdings, intensifying near-term selling pressure. The report notes that a whale address dormant for 9 years, 0xbb5Ab, deposited 50,000 ETH (about $145 million) into a leading exchange platform; another whale sold 35,000 ETH on May 24 for $72.3 million. Meanwhile, the technical picture also turned weak: a MACD death cross pattern triggered algorithmic sell orders, and a bearish EMA alignment further reinforced bearish expectations. At the same time, the U.S. stock market fell in sync—S&P 500 down 3%, Nasdaq down 3.4%—and cooling macro risk appetite formed a coordinated impact.

What to watch now is whether ETF fund flows can stabilize, and how price behaves around the key support level near $1,970. If it breaks, it could trigger broader-scale selling. Even so, the network’s fundamentals still show resilience: the number of active addresses hit an all-time high of 718,000, exchange reserves continue to decline, and some whales may be accumulating on dips, potentially offering localized support.