ETH drops 0.11% in one hour: ETF net outflows for 12 consecutive days and leveraged long liquidations amplify selling pressure.

From 17:00 to 18:00 UTC on June 24, 2026, ETH yield -0.11%, price range 1583.22-1597.6 USDT, amplitude 0.90%. During this period, the price slightly declined, which is normal fluctuation within the ongoing downtrend of the year.

The main driver of this abnormal movement is the spot ETH ETF's net outflow for 12 consecutive days, accumulating to over $400 million, forming sustained passive selling pressure. At the same time, open interest in the derivatives market reached a new all-time high of 16 million ETH, corresponding to a notional value of approximately $31.8 billion. In an environment of sustained price pressure, continuous losses on long positions led to forced liquidations, with long liquidation scale reaching $225 million within 24 hours, forming a negative price feedback loop.

Secondly, the number of active on-chain addresses has declined by about 50% since mid-February, indicating a contraction in actual usage demand for the Ethereum network and weakened fundamental support. Technically, the $1,700 mark has turned from support into resistance, with the price continuously suppressed by selling pressure in the $1,700-1,730 range, and any rebound is met with active selling. Multiple factors combined amplify the volatility range.

If ETH's daily closing price breaks below $1,650, it may quickly retest the June low of $1,450; if the key support level of $1,909 is lost, it will further open downside space. If the current open interest of 16 million ETH sees concentrated liquidation, it could trigger cascading selling. Close attention should be paid to ETF fund flows, changes in on-chain activity, and support performance in the $1,650-1,700 technical range.