ETH drops sharply 2.43% in 15 minutes: consecutive 17 days of ETF net outflows combined with leveraged liquidations triggers a sell-off

Between 13:45 and 14:00 (UTC) on June 5, 2026, ETH plunged 2.43% within 15 minutes, with a price range of 1,613.0 to 1,656.86 USDT and a swing of 2.65%. Market volatility has accelerated significantly, with short-term selling pressure concentrated and released.

The main driver behind this move is sustained net outflows from ETH ETFs combined with deleveraging risks in the derivatives market. ETH ETFs have recorded net outflows for 17 consecutive trading days, with total cumulative outflows exceeding $708 million. Among them, outflows of $306 million in the 14 days through June 1 marked the largest weekly outflow since late January 2026. Ongoing pullbacks by institutional investors have weakened demand and directly pressured prices. At the same time, ETH derivatives open interest is at a historical high of about $3.4 billion; when prices fall rapidly, large-scale liquidations are triggered, and cascading effects further amplify the decline. In the early part of June alone, forced liquidation totals have already reached $408 million.

In addition, Bitcoin breaking below the key $62,000 support level triggered a market-wide selloff of risk assets. As the second-largest cryptocurrency by market cap, ETH was impacted by the correlation. On-chain data shows that exchange net flows at the start of June turned positive, indicating holders are preparing to sell and short-term sell pressure is rising. Meanwhile, macro factors such as intensifying Middle East conflict and rising US Treasury yields further cool market risk appetite, and multiple factors converged to magnify volatility.

ETH is currently in a deeply oversold region, with RSI around 21. Traders should watch whether the $1,600 key support level can stabilize. If support breaks, ETH could further slide to $1,400. Investors should be alert to liquidation cascade effects and changes in ETF fund flows. It is recommended to strengthen position management to mitigate the risk of violent short-term fluctuations.