ETH drops sharply by 1% in 15 minutes: spot ETFs see net outflows for 12 straight days, in sync with a decline in on-chain activity

From 12:15 to 12:30 (UTC) on June 17, 2026, ETH fell 1.00% within 15 minutes. The price dropped from 1,764.82 USDT to 1,743.53 USDT, with a range of 1.21%. Market sentiment was extremely cautious; the Fear and Greed Index slid to 23 (extreme fear), and volatility increased noticeably compared with the past few days.

The core driver behind this move is persistently weak institutional demand. Spot ETH ETFs have seen net outflows for 12 consecutive days. On June 17 alone, outflows were about $671 million, marking the longest continuous outflow streak since March 2025. Institutional capital pulling back sharply directly weakened ETH’s buy-side support, becoming the main force pushing prices lower.

Meanwhile, on-chain fundamentals continued to deteriorate, further amplifying the selloff. Since mid-February, Ethereum’s active addresses 7-day moving average has fallen by about 50%, and shrinking network usage directly undermines the value-support logic for ETH. The derivatives market also remains fragile: open interest hit an all-time high, breaking above 16.1 million ETH. However, the price decline indicates that newly opened short positions are dominating the market. Long liquidations totaled $225 million, and forced deleveraging created a negative feedback loop. Technically, ETH’s daily chart has continued to trade below the 50-day and 200-day moving averages. The 200-day moving average has been trending downward since June 13, and when price approached the $1,909 key support level, some panic selling was triggered. In addition, a community sentiment indicator fell to 0.71 (the lowest in 2026). Combined with macro uncertainty ahead of the release of the Federal Reserve rate decision, risk-off sentiment further intensified.

In the short term, focus on the effectiveness of the $1,909 support level. If it breaks, downside room could open up to $1,741. Whether ETH ETF fund flows turn positive is a key inflection-point signal. Current open interest is at a historical high; the depth of the order book has declined by 1.4%, and liquidity contraction may amplify subsequent volatility. It’s advisable to monitor on-chain fund flows and clearer macro policy direction.