ETH 1-hour decline of 0.42%: Options expiration and capital inflows into exchanges trigger selling pressure

On March 26, 2026, from 05:00 to 06:00 (UTC), ETH price returns recorded a -0.42% decline, with the trading range between 2138.19 and 2150.76 USDT, and a volatility of 0.58%. Although this round of fluctuation was limited in magnitude, market activity increased during trading hours, with short-term sentiment turning cautious and significant changes in liquidity.

The main driver of this movement was the approaching expiration of a large number of ETH options and the dense distribution of open contracts at key price levels, prompting holders to adjust their positions intensively in the short term. As a result, investors transferred large amounts of ETH to a major exchange to manage position volatility and risk, releasing clear short-term selling pressure, which directly contributed to the price decline.

Additionally, on-chain data shows frequent inflows of large funds and active addresses into exchanges, with some major holders transferring ETH from self-custody wallets, leading to a temporary increase in position concentration. Structural changes in the derivatives market also played a role, as options expiration released gamma exposure, making spot prices highly sensitive to capital flows. Traders hedging and reallocating positions caused directional capital resonance, further intensifying selling pressure. The overlapping effects of liquidity movement and options structure amplified short-term price volatility.

In the short term, ETH faces increased volatility risk and selling pressure, with spot prices highly sensitive to net inflows into exchanges. Investors should closely monitor ETH flow trends, key support levels around 2130 USDT, large on-chain fund rebalancing, and derivatives positions and market sentiment. It is recommended to follow real-time market data and on-chain information to remain alert to potential resonance-driven volatility and liquidity shocks.