ETH short-term pullback of 0.38%: ETF inflows continue to flow out and resonate with macro pressure

From 00:00 on June 5, 2026 to 00:00 on June 6, 2026 (UTC), ETH returns recorded -0.38%. The price ranged from 1763.46 to 1770.75 USDT, with a volatility of 0.41%. The price saw a slight pullback; market sentiment was bearish, and overall it remained under macro downward pressure.

The main driver of this move was continued net outflows of ETF funds. In May 2026, the US Ethereum spot ETFs saw net outflows of about $402 million, marking a third consecutive month of net outflows. This ongoing outflow of institutional capital was still continuing ahead of the target time window, directly pressuring prices downward. Meanwhile, the macroeconomic environment tightened: high US Treasury yields (4.43%) and elevated energy prices (Brent crude oil breaking above $100) jointly pressured risk assets, and the VIX index rose to 27.19, further increasing market volatility.

In addition, on-chain activity showed divergence: DEX transaction volume fell 34.15% month-over-month, reflecting a decline in trading activity. At the same time, L2 TVL increased by 12.65%, and continued capital migration to L2 may create selling pressure on L1 ETH. In market sentiment indicators, the fear index was 30, staying in the fear zone. The ETH/BTC exchange rate continued to weaken, indicating that capital is moving from ETH to BTC. On the technical side, price is testing the key support level at $1,964; a break below could trigger programmatic selling. Retail positioning is extremely skewed: the long-side share is 90.6%, and potential sell-side order reserves may amplify downside pressure.

Volatility risks remain. Key items to watch include changes in ETF fund flows, whether the $1,964 support level is lost, and macro news developments. Users should monitor subsequent market fluctuations and be alert to the risk of further downside in the short term.