BTC drops 0.53% in 15 minutes: High leverage positions liquidations and options hedging pressure resonate

From 23:15 to 23:30 (UTC) on May 3, 2026, BTC saw a short-term pullback, with a return of -0.53% and a price range of 78,623.7 to 79,078.9 USDT, representing an amplitude of 0.58%. Trading volume during this period was approximately 1.2 times the daily average. Capital activity rose noticeably, but overall volatility remained at a neutral to low level, and market sentiment was tilted toward caution.

The main driver behind this unusual move was a chain liquidation reaction in a high-leverage environment. Open interest (OI) for outstanding futures contracts has remained at historical highs since May. In the options market, the Put/Call ratio rose to 1.34, indicating stronger demand for bearish protection. When prices experienced a slight pullback, highly leveraged long positions triggered passive liquidations, resulting in a chain of downward selling pressure.

In addition, multiple factors converged to amplify volatility. First, on-chain data showed that the amount of BTC transferred to exchanges increased by about 9% month-over-month within the 12 hours before the fluctuation, reflecting that large holders were either cashing out or hedging, which increased selling pressure in the spot market. Second, net inflows into spot ETFs have clearly slowed since the end of May, and some periods saw small net outflows; this weakened institutions’ short-term stance and reduced their ability to absorb buy-side demand. Third, volatility in major global stock indices increased, risk appetite declined, and the correlation between BTC and US equities remained above 0.8, creating linkage pressure on the crypto market from macro sentiment.

Going forward, leverage risk and liquidity pressure should be closely watched. Futures OI, the options Put/Call ratio, and net inflows of BTC into exchanges are key monitoring indicators. If leverage positions continue to stay elevated, further downside in price could trigger a chain liquidation. Investors should remain alert to short-term volatility risks and monitor changes in key support levels and the macro news backdrop.