ETH drops 0.64% in 15 minutes: options expiration and market maker hedging resonance trigger short-term selling pressure

From 22:30 to 22:45 (UTC) on May 5, 2026, ETH’s return within the 15-minute window was -0.64%, with a price range of 2354.71 to 2376.66 USDT, and an amplitude of 0.92%. The options expiration window triggered concentrated sell pressure in the spot market, causing clear downward price fluctuations and a short-term tightening of market liquidity.

The main driver of this unusual move was the concentrated expiration of derivatives. May 5 was the main ETH options expiration date. On that day, the notional value of expiring options reached $669 million, with 210,304 open contracts and a Put/Call ratio of 0.78. Because the spot price was above the maximum pain point price of $3,050, market makers actively sold spot to reduce Delta risk, forming localized sell pressure.

Second, the passive liquidation of highly leveraged long positions intensified the decline. The options expiration led some leveraged capital to close positions in sync, adding to the spot market’s sell pressure. On-chain data shows that ETH Staking has locked more than 36 million coins, accounting for about 30% of circulating supply. The high lock-up ratio limited the float, amplifying the impact of large funds rebalancing on prices. Meanwhile, mainnet Gas fees fell to about $0.15, a historic low. With reduced transaction friction costs, institutional and large-holder rebalancing behavior during the expiration window became more flexible, accelerating the effect of capital migration.

What needs attention now is how market sentiment recovers after options expiration and how on-chain funds flow changes. Volatility risk remains in the short term. It is recommended to monitor the performance of key support levels, exchange net inflow and outflow data, and the subsequent options position structure.