ETH drops sharply in 15 minutes by 0.8%: Short-term selling pressure triggered by Bitcoin breaking support in tandem and a synchronized outflow of ETF funds

From 02:00 to 02:15 UTC on June 4, 2026, the ETH/USDT perpetual contract return recorded -0.80%. The price fell from 1,781.32 USDT to 1,767.08 USDT, with a swing of 2.57%. This drop occurred amid a broader pullback trend: ETH fell 4.01% for the day and closed at 1,740.32 USDT, breaking below the $1,800 key psychological support level. The previous day it dropped 2.52%, and on June 2 it plunged 7.32%.

The main driver of this unusual move was a market linkage effect triggered by Bitcoin’s technical breakdown. On June 2, Bitcoin broke below the $71,000 key support level; its intraday decline reached 3%, and it also fell through the short-term bottom at $70,466. Both OBV and the TBO momentum indicators issued strong bearish signals. With ETH’s 90-day rolling correlation with Bitcoin staying above 0.85, Bitcoin’s breakdown triggered automated liquidation instructions in quantitative trading algorithms, putting synchronized pressure on risk assets.

Second, continued outflows from Ethereum ETFs further intensified sell pressure. Data shows that Spot Ethereum ETFs recorded net outflows of $216 million over the seven days through May 28, including a single-day net outflow of $121.4 million on May 28 led by BlackRock’s ETHA fund. ETF fund outflows directly reduced marginal buy-side demand. In addition, the net selling pressure arising from certain products’ in-kind subscription/redemption operations was transmitted to the spot market. Historical data shows that ETF net outflows have a negative correlation coefficient of -0.72 with ETH prices.

Moreover, market sentiment is in an extreme fear range. A technical pattern confirmed failure within a medium-term down-channel, which amplified selling momentum. Current key support is at $1,700; if it breaks, prices could test $1,600. Investors should closely monitor Bitcoin’s trend, ETF fund flows, and whether the $1,800 resistance level is reclaimed. Short-term volatility risk remains, so it’s recommended to pay attention to changes in on-chain capital flows.