ETH drops 0.43% in 15 minutes: continuous ETF outflows combined with leveraged liquidation pressure triggers short-term selloff

From 08:00 to 09:00 (UTC) on June 23, 2026, ETH’s return within this time window was -0.43%, with a price range of 1,673.92 - 1,684.87 USDT and a volatility of 0.65%. Prices continued the recent weak pattern, dipping as low as around $1,635, just one step away from the $1,600 psychological level. Market sentiment remained sluggish, and volatility in the derivatives market increased.

The main driver behind this move is that institutional funds continue to withdraw via ETF channels. Spot ETH ETFs saw consecutive net outflows for 12 days in May 2026, setting a record for the longest outflow since March 2025, with a month’s net outflow totaling $401.62M. Institutional investors trimming positions caused a severe shortage of spot buying demand, while ETF redemption demand directly translated into sell pressure in the secondary market, forming the core downward momentum.

Meanwhile, the high-leverage condition in the derivatives market amplified the sell-off momentum. ETH open interest reached a historical high of over 16.10 million ETH when the price broke below $2,000. In the past 24 hours, liquidation amounts exceeded $236M, including approximately $225M in long liquidations. On-chain data shows that the 7-day average of active Ethereum addresses has fallen by about 50% since mid-February 2026, and shrinking network usage demand further weakens the value-support foundation. In addition, expectations for Federal Reserve interest rates have shifted hawkish, Treasury yields have continued to rise, and risk assets face broad pressure; ETH has been hit especially hard due to its higher correlation with tech stocks. Multiple factors combined to form a negative feedback loop.

Current market risk is concentrated in liquidation liquidity distribution. Long liquidation liquidity in the $40-60B range remains a persistent threat, and there are large trapped positions in the $2,800-$3,100 range. For the short term, the key is to watch how support performs in the $1,500-$1,600 area and monitor the ETF fund flow reversal point; it is recommended to follow real-time market updates to capture subsequent opportunities.