ETH drops 1.52% in 15 minutes: leverage liquidations and large holder sell-offs resonate, triggering a sharp short-term decline

On April 21, 2026, from 19:30 to 19:45 (UTC), ETH saw a sharp drop of -1.52% within 15 minutes. The price fell from 2324.89 USDT to 2287.12 USDT, with a swing of 1.62%. This decline was significantly higher than the intraday fluctuation average and constitutes an abnormal move in a short time window. Market sentiment noticeably cooled.

The main driver behind this abnormal move was long liquidations triggered by leveraged funds in the derivatives market running at high levels. In mid-April, ETH futures open interest increased by 26% to 2.54 billion USDT, while the leverage ratio remained high, and the long-to-short ratio was approximately 1.2:1. On April 21, some leveraged longs were passively cut, triggering a chain reaction of liquidations that amplified short-term volatility.

In addition, a marginal weakening in on-chain activity resonated with large-holder selling. Since mid-April, the average daily active addresses on the ETH chain have declined by 5% month-over-month, the growth rate of trading volume has slowed, and market heat has edged down. Meanwhile, whale wallets (holding >10,000 ETH) have been experiencing continuous net outflows since late March. On April 21, net outflows reached 27,000 ETH. The scale of large funds flowing into exchanges expanded to 28,000 ETH, but spot buy-side demand was insufficient to absorb the selling pressure, causing the downward move in the short term to be driven mainly by sell pressure.

In terms of risk warnings, leveraged funds at high levels have not been fully cleared out. If spot demand remains insufficient afterward, there will still be a risk of further volatility. Large holders’ behavior has a significant impact on short-term prices, so it is necessary to continuously track large on-chain transfers and exchange fund flows. If on-chain activity cannot recover, market support will weaken further. In the short term, it is not advisable to blindly chase upside; it is recommended to monitor key support levels and changes in capital flows.