ETH drops sharply by 0.66% in 15 minutes: consecutive net outflows from ETFs, with short sellers taking the lead, amplifying sell pressure

From 21:00 to 21:15 (UTC) on 2026-06-21, ETH/USDT saw a sharp drop of 0.66% within 15 minutes. The price ranged from 1702.6 to 1722.36 USDT, with an amplitude of 1.15%, and market volatility noticeably increased.

The main driver of this move is continued outflows from US spot ETH ETFs. Since mid-June, ETH ETFs have recorded net outflows for 12 consecutive days, the longest outflow streak since March 2025. In the week of May 25 to 29, 2026, the ETFs saw net outflows of about $241 million (about 122 thousand ETH). Issuers need to sell ETH in the spot market to meet redemption demand, directly increasing selling pressure.

In addition, on-chain activity continues to weaken further, undermining demand support. Active addresses on the Ethereum network have fallen by about 50% since February 2026, reflecting a significant contraction in real usage demand. The derivatives market remains clearly dominated by short positions: open interest has hit a new all-time high exceeding 16.1 million ETH, and long liquidations over the past 24 hours totaled $225 million. At the macro level, the Federal Reserve maintains a hawkish stance, and the high interest-rate environment continues to suppress the valuation of risk assets. The Glamsterdam upgrade has been delayed to the end of Q3 2026, which also weakens bullish expectations in the market.

Currently, ETH is trading around $1,710. Key support is at $1,880, with major support at $1,655. Open interest is at a historical high, and if the price moves rapidly, it may trigger cascading liquidations. Going forward, it will be important to monitor ETF fund flows, changes in on-chain activity, and macro policy signals; short-term volatility risk remains.