ETH drops sharply in 15 minutes by 1.17%: ETF fund outflows combined with bearish sentiment in derivatives trigger short-term sell pressure

From 06:15 to 06:30 (UTC) on June 23, 2026, ETH saw a sharp drop of 1.17% in the 15-minute K-line timeframe. The price fell from 1,709.63 USDT to 1,681.33 USDT, with a range of 1.66%. During this period, the market showed clear, concentrated sell pressure; the price quickly broke below the 1,700 integer level, indicating insufficient confidence from short-term bulls and a noticeable increase in volatility.

The main driver behind this move is continued outflows of ETF funds. Since March 2026, ETH spot ETFs have repeatedly recorded large-scale net outflows: net outflows of about -$46.01 million in March, followed by deep outflows again in May. ETF capital outflows directly reduce market buy-side demand while also releasing bearish signals to the market. Institutional investors indirectly sell ETH via ETF redemptions, further intensifying pressure on the spot market.

Second, bearish sentiment in the derivatives market has heated up significantly. ETH perpetual contract funding rates have turned negative, meaning short positions have taken the dominant position; longs must pay shorts to maintain their positions. Meanwhile, the options market’s volatility smile has remained persistently skewed toward OTM put options, indicating the market is pricing in downside risk. In addition, BTC’s 24-hour drop during the same period was -1.26%, and the ETH correlation has stayed at a high level of 70%–90%. With risk assets falling in sync, the downside selling pressure is further amplified. As for whale holdings, there are signs of accumulation, but potential sell pressure could become a catalyst for further price downside at any time.

In the short term, it is important to watch whether the price can stabilize near 1,680 USDT. If it breaks down, it may test the 1,650 support again. Current market volatility risk is elevated; liquidations of leveraged shorts could trigger a short-term rebound, but the overall weak trend remains unchanged. It is recommended to monitor turning points in ETF fund flows and changes in macro policy, and trade cautiously.