ETH plunges 0.84% in 15 minutes: Largest historical options expiration triggers (concentrated) liquidations

Between April 27, 2026, 05:00 and 05:15 (UTC), ETH spot prices plummeted by 0.84%, with the price range between 2362.74 and 2383.53 USDT, an amplitude of 0.87%. This sudden movement occurred during Deribit’s largest-ever options expiration window, accompanied by a surge in trading volume and a significant increase in market volatility.

The main driver of this volatility was the largest concentration of options expiring on the Deribit platform in history. On April 27, 2026, options expiration hit a record high, with approximately $3.8 billion in open interest related to ETH options. Due to the concentrated expiration, some long positions, nearing expiration without realizing profits, chose to close or roll over, leading to a concentrated sell-off in the spot market. The “max pain” point for options was around $3,000, below the current spot price, causing call option holders to face value erosion and further increasing their willingness to close positions.

Additionally, during the same period, BTC’s price retreated from above $90,000 to below $88,000, leading to a decline in overall crypto market risk appetite. As a major asset, ETH also retraced in response to the market linkage. Institutional investors tend to roll over or settle options at quarterly expirations, with some funds choosing to exit and wait on the sidelines, reducing buy-side activity in the spot market and amplifying selling pressure. Open interest in derivatives rapidly declined within the expiration window, and outflows intensified liquidity stress.

Short-term volatility risks should be closely monitored, as the structural impact of options expiration is still unfolding. Spot market liquidity requires ongoing observation, with key support near $2,300 and resistance at $2,500. On-chain fund flows and changes in institutional positions will become important indicators for subsequent market trends. Users should remain alert to the secondary volatility risks brought by options rollovers.