BTC 15-minute sharp decline of 0.51%: Exchange net inflow surges and leveraged long liquidation trigger short-term selling

On April 23, 2026, from 17:30 to 17:45 (UTC), the BTC price experienced a short-term sharp decline of -0.51%, dropping from 77,733.2 USDT to 76,977.2 USDT, with a volatility of 0.97%. Trading volume during this period increased by approximately 18% compared to the previous hour’s average. Active sell orders drove the price down rapidly, representing a significant abnormal movement.

The main driver of this abnormal movement was a surge in short-term net inflows on exchanges. On-chain data shows that the net inflow of BTC into some major exchanges before and after the abnormal window totaled about 1,200 BTC, an increase of approximately 23% over the previous hour’s average. Short-term holders’ willingness to realize profits increased, directly adding selling pressure to the market.

Additionally, multiple factors resonated to amplify the decline. In the derivatives market, open interest decreased by 5.74% in a single day, with liquidations totaling $215 million across the network, including $144 million in long positions and $72 million in short positions, with leveraged longs being forcibly closed, creating a negative feedback loop. Meanwhile, the Put/Call ratio in the options market continued to rise, with the Max Pain point at $72,000, about 5% below the spot price. Some options sellers attempted to suppress the price toward this level through spot/futures operations. The order book structure further intensified volatility, with buy-side depth significantly decreasing during the abnormal period, and active sell orders increasing to over 65%. Insufficient liquidity made the price highly sensitive to sell orders.

Short-term risks to watch include: current leverage remains high, and further price declines could trigger chain liquidations; closely monitor exchange on-chain fund flows, changes in open interest, and support levels around $72,000, as well as the risk of increased price volatility before and after options expiration.