ETH drops 0.63% in 15 minutes: ETF redemptions continue to dominate short-term selling pressure

On April 9, 2026, from 22:45 to 23:00 (UTC), ETH prices fluctuated between 2,197.61 and 2,215.0 USDT, with an amplitude of 0.79%, and a 15-minute return of -0.63%. Market attention increased during this period, short-term volatility intensified, but no large-scale liquidations or extreme abnormal events were observed. Selling pressure was slightly dominant, and trading sentiment became cautious.
The main driver of this movement was the continuous net redemption of Ethereum ETFs, with daily ETF fund outflows reaching as high as $40 million, and recent single-day peaks reaching $200–$400 million. ETF fund withdrawals directly increased selling pressure in the spot and derivatives markets. Coupled with a slight selling trend in short-term trading, this pushed ETH prices downward within this window.
Additionally, on-chain data shows that the net position change over the past 30 days was -1.35 million ETH, reflecting ongoing user withdrawals of ETH from trading platforms. Large holders are still accumulating in the medium to long term, but this structural fund flow has limited short-term price impact. Meanwhile, institutional demand has declined, with funds rotating at high levels. Overall, the market’s buy and sell orders are roughly balanced, but sellers have a slight advantage.
Short-term risk warning: The current ETF redemption intensity resonates with slight selling pressure. If redemption scales continue, short-term volatility risks remain. It is recommended to monitor subsequent ETF fund movements, order book structure on trading platforms, key support levels at 2190 USDT, and large on-chain fund flows. Investors should remain alert to rapid fluctuations and continue to watch for more market developments.