ETH 15-minute sharp drop of 2.46%: Expiration pressure from options and high leverage liquidations jointly triggered short-term downside

2026-04-12 01:30 to 2026-04-12 01:45 (UTC), ETH price briefly declined, with K-line data showing a 15-minute return of -2.46%, price range between 2219.38 and 2283.74 USDT, with an amplitude of 2.82%.
Market attention rapidly increased during this period, with significant volatility in both spot and derivatives markets, and investor sentiment remained cautious.
The main driver of this anomaly was the large-scale expiration of derivatives options contracts, with a total notional value of about $669 million, a Put/Call ratio of 0.78, and the maximum pain price well below the spot price.
Sellers actively sold spot holdings to hedge risks, pushing prices down to the Max Pain zone, creating collective selling pressure, and aiding the short-term decline.
Additionally, active sell orders in the spot market further amplified selling pressure, with sell order proportions reaching as high as 56% during 01:00, intensifying downward momentum.
Meanwhile, an imbalance in leverage positions existed, with a high proportion of long leverage in ETH. After the price broke below key levels locally, some high-leverage longs faced forced liquidations, spreading selling pressure in the short term.
Although whale addresses did not show concentrated large transactions, the resonance of selling pressure from derivatives and spot markets, combined with institutional investors migrating funds ahead of expiration for risk avoidance, led to tightening capital flows and further amplified price declines.
On-chain active addresses and trading volume remained at historical averages, with no abnormal fluctuations in DeFi protocols or on-chain liquidity, ruling out the impact of extreme on-chain events.
Current volatility risks still exist; in the short term, focus should be on the strength of spot market selling pressure, the flow of funds after options expiration, and the risk of passive liquidations of high-leverage positions.
If large inflows or outflows occur on-chain or DeFi liquidations happen, market pressure could intensify further.
Investors are advised to closely monitor changes in derivatives market structure, key support levels, and on-chain fund flows, and stay updated on the latest market developments. #Gate上线Pre-IPOs