ETH drops 1% in 15 minutes: options expiration concentration effect and long liquidation resonance trigger short-term selling

On April 21, 2026, from 14:45 to 15:00 (UTC), ETH experienced a sharp decline of 0.99% within 15 minutes, with a price range of 2295.38-2322.71 USDT, and an amplitude of 1.18%, indicating a significant increase in short-term volatility.

The main driver of this sudden movement was the concentrated effect of options expiration. April 2026 is the quarterly options settlement month, with the ETH options “max pain” point around $2,950, while the spot price fluctuates near $3,023. During the options expiration window, the spot price tends to revert toward the “max pain” point, and a large number of options positions are forcibly liquidated, causing a short-term liquidity contraction in the derivatives market and putting pressure on the spot market.

Additionally, changes in the derivatives market structure amplified selling pressure. At the beginning of the year, the total notional value of open ETH options contracts was approximately $395.7 million, with a put/call ratio of 0.62, indicating a generally bullish market. However, deep out-of-the-money call options at a strike price of $6,500 had their hedging positions unwound as expiration approached, leading market makers to sell ETH in the spot market to hedge risks, creating a chain reaction. Moreover, on-chain monitoring detected large ETH transfers, with some funds flowing from derivatives accounts to spot exchanges, increasing short-term selling pressure. On a macro level, mainstream financial media reported rising macroeconomic uncertainty, and investor sentiment became more cautious, resonating with the options expiration effect.

In the short term, attention should be paid to the adjustment of open positions and capital rebalancing after options expiration. Support levels for ETH are focused on the $2,280-$2,300 range, and on-chain fund flows and changes in holdings on major platforms remain key indicators to watch.