ETH rises 1.55% in 15 minutes: Bearish forced liquidations drive spot price fluctuations

On April 13, 2026, from 22:00 to 22:15 (UTC), ETH (Ethereum) achieved a return of +1.55% within a 15-minute window, with a price range between 2259.94 and 2304.41 USDT, and an amplitude of 1.97%. Market attention increased, short-term volatility intensified significantly, attracting dense participation from quantitative and active trading funds.

The main driver of this anomaly was the passive liquidation of short positions in the derivatives market. Data shows that the total amount of net short liquidations across the entire network exceeded $40 million before and after the event, with some shorts triggering forced liquidations during the price rally, releasing buying demand, and directly pushing the spot price higher. During the same period, spot and derivatives trading volumes modestly increased, trading activity became more active, and bullish sentiment prevailed.

Additionally, although the frequency of large on-chain transfers has slightly increased recently, within this event window, the net inflow of ETH into exchanges was about $420k, with inflows and outflows roughly balanced, and no signs of whale concentration or large dominant transfers. Meanwhile, external news remained calm overall, with no major events such as ETF developments, technical upgrades, or regulatory actions, keeping market sentiment neutral to slightly bullish. The gentle resonance between spot and derivatives markets further amplified short-term volatility.

It should be noted that the risk of sharp fluctuations due to leverage adjustments in the derivatives market still exists. Future focus should be on indicators such as funding rates, net exchange inflows and outflows, and large on-chain transfers to prevent reverse adjustments caused by crowded longs or sudden liquidity drops. Users are advised to closely monitor key support levels and market structure changes, stay informed of timely market updates, and beware of sudden volatility after short-term surges.