ETH 15-minute pullback 0.43%: ETF phased profit-taking and option rebalancing resonance

Between May 4, 2026, 06:15 and 06:30 (UTC), ETH declined by 0.43% within 15 minutes, with a price range of 2354.48 to 2372.09 USDT, an amplitude of 0.74%, showing a mild correction in the short term but no signs of panic selling.

The main driver of this fluctuation was the profit-taking phase of ETF funds. Since mid-April, ETH-related ETFs have experienced four consecutive days of net inflows exceeding $212 million. Institutional funds continued to enter, pushing the price to rebound temporarily. Afterward, some short-term funds chose to cash out and exit in early May, creating spot selling pressure and causing a gentle price decline.

Additionally, repositioning activities in the derivatives market amplified short-term volatility. After options with a notional value of approximately $332 million expired on April 10, some funds shifted positions or locked in profits. High-leverage positions were prone to trigger partial automatic stop-losses during slight price retracements, further intensifying volatility. Meanwhile, the ETH options market’s put/call ratio stood at 0.77, indicating a slightly bullish structure, but major positions were concentrated at the $6,500 strike price, with medium- to long-term expectations diverging from short-term fluctuations.

On-chain, no abnormal transactions or security incidents were observed, and market liquidity remained ample, ruling out technical security risks. Currently, attention should be paid to the support level at $2,350 and resistance at $2,400. It is recommended to continuously monitor ETF fund flows and open interest changes in options to prevent short-term volatility risks.