ETH suddenly drops 0.67% in short term: ETF consecutive net outflows combined with technical breakdown trigger sell-off

During the period from 22:00 to 22:15 UTC on June 25, 2026, ETH fell 0.67% in 15 minutes, with the price dropping to the 1570.16-1583.53 USDT range and an amplitude of 0.85%. During this period, the price quickly declined, market volatility increased significantly, and panic spread further.

The main driver of this anomaly is the combined effect of the breakdown of key technical support and the continued withdrawal of institutional funds. On June 25, ETH broke below the 1,580-1,600 US dollar consolidation range, the first time this area has been lost since the early June crash, triggering a chain of technical selling and algorithmic trading. At the same time, US spot Ethereum ETFs have seen net outflows for 15 consecutive trading days, the longest consecutive outflow record since the ETFs were launched, with institutional investors continuing to sell their holdings, leading to high sell pressure in the secondary market.

Secondly, the high leverage environment in the derivatives market amplified the volatility. ETH futures open interest reached approximately 16 million ETH (about $31.8 billion), a record high, diverging from the price trend. In a high open interest environment, any decline could trigger forced liquidation of leveraged longs, further exacerbating short-term selling pressure. Additionally, the Ethereum Foundation recently announced layoffs of about 20% and a budget cut of 40%, coupled with news of multiple senior researchers leaving, affecting market confidence; while the Fear and Greed Index is at 12, in extreme fear territory, reflecting that market sentiment is nearing extremes.

Current volatility risk remains high, and attention should be paid to the testing of downside support levels such as $1,524 and $1,404. If the price continues to decline, the high open interest backdrop could trigger larger-scale forced liquidations, forming a negative feedback loop. Investors need to closely monitor ETF fund flows, on-chain whale address movements, and macro policy signals, and be wary of further short-term pullback risks.