ETH drops 0.69% in 15 minutes: Futures open interest hits record high, triggering leveraged liquidations

On July 8, 2026, from 15:00 to 15:15 UTC, ETH declined by 0.69% within 15 minutes, with a price range of $1,716.64 to $1,730.5 USDT and an amplitude of 0.80%. Market volatility intensified during this period, and loosening derivatives open interest positions triggered short-term selling pressure.

The main driver of this fluctuation was the record-high open interest in ETH derivatives. Data shows that as of May 28, 2026, ETH futures open interest reached 16 million ETH, approximately $3.18 billion, setting a historical high and far exceeding the peak levels during the 2021 bull market and the 2022 FTX incident. When prices trend downward, large leveraged positions face margin pressure, triggering a chain reaction of liquidations.

Additionally, a weakening funding rate environment further amplified selling pressure. After sharp volatility in early June led to widespread long liquidations, market sentiment recovered slowly, and the funding rate hovered in negative territory, giving a relative advantage to short positions. Moreover, ETF fund inflows remained limited; relative to ETH’s daily spot trading volume of hundreds of billions of dollars, ETF inflows are insufficient, and algorithmic trading systems may have amplified volatility due to marginal shifts in capital flows. Technically, ETH is in a tight range between $1,741 and $1,806, with the 20-day exponential moving average acting as a key resistance. Failure to break through this level could trigger technical sell-offs.

Currently, attention should be paid to the $1,700 psychological level and the support zone of $1,500–$1,600. If the $1,700 level is broken, it may trigger further leveraged liquidations, creating a negative feedback loop. It is recommended to monitor changes in futures open interest, ETF capital flows, and the correlation between Bitcoin’s price movements and ETH.