BTC 15-minute sharp decline of 0.66%: liquidity exhaustion and short covering resonate to trigger short-term selling pressure

From 02:30 to 02:45 on April 30, 2026 (UTC), BTC saw a short-term drop of -0.66%. The price range was 75500.0-76118.4 USDT, with an amplitude of 0.81%. The overall market was in a high-volatility sensitivity period, and amid shrinking liquidity, the price’s ability to withstand selling pressure significantly decreased.

The primary driver behind this unusual move was extremely weak liquidity in the spot market. On-chain data shows that the spot trading volume of BTC and major cryptocurrencies fell to the lowest level since November 2023. The number of active addresses decreased by 42.6% compared with the 2021 peak, and on-chain activity remained at a low level over the past two years. Liquidity exhaustion meant that limited sell orders were enough to trigger a rapid downward move in price, and the order book depth was severely insufficient.

Second, the futures market structure intensified short-term sell pressure. Open interest (OI) for near-term futures has been trending upward, and the funding rate has remained negative, indicating that the overall market sentiment is bearish and shorting demand has increased. Some long positions were liquidated passively, which strengthened short-term downward momentum. At the same time, the proportion of short positions increased; if concentrated liquidations occur later, volatility could be further amplified. In addition, whale accounts have recently accelerated transferring BTC to exchanges. Some large holders choose to sell during periods when liquidity is fragile, further increasing short-term downside pressure on prices.

Currently, BTC reserves on exchanges have fallen to about 2.3 million coins, the lowest in seven years, and the market’s circulating supply continues to contract. Although ETFs maintain net inflows, the funds mainly flow through ETF channels, and on-chain capital inflows have not seen significant amplification, limiting the spot market’s ability to absorb demand. In the short term, attention should be paid to large transfers on exchanges, the direction of on-chain fund flows, and changes in the holdings structure, to guard against volatility risks under conditions of liquidity exhaustion.