2026-04-12 01:30 to 2026-04-12 01:45 (UTC), the ETH price dipped briefly. The candlestick data shows a 15-minute return of -2.46%, with a trading range of 2219.38 to 2283.74 USDT and a range amplitude of 2.82%. During this period, market attention increased rapidly. Spot and derivatives markets saw noticeably higher volatility, and investor sentiment remained cautious.
The primary drivers of this sudden move were the expiration of large-scale derivatives options contracts. The total notional value of ETH options was about $669 million, the Put/Call ratio was 0.78, and the maximum pain price was far below the spot price. In order to hedge risk, the sellers actively sold spot to push it down into the Max Pain area, creating collective selling pressure that drove the price lower in the short term. In addition, proactive sell orders in the spot market further amplified the downside pressure. In the 01:00 time window, the sell order share reached as high as 56%, intensifying the downward momentum.
Meanwhile, the leveraged position structure was imbalanced. The current share of leveraged long positions in ETH was relatively high. After some leveraged longs broke below key levels in the local price, certain high-leverage long positions were forced to unwind, and the selling pressure effect spread in the short term. Although no concentrated large transactions were observed from whale addresses, the sell pressure synchronization between the derivatives and spot markets, along with institutions’ risk-avoidance capital migration ahead of expiration, tightened the flow of funds and further amplified the price decline. On-chain active addresses and transaction volume stayed near historical averages. DeFi protocols and on-chain liquidity showed no unusual fluctuations, ruling out the impact of any extreme on-chain events.
Current volatility risk still remains. In the short term, attention should focus on the strength of spot selling pressure, the direction of fund flows after options contracts expire, and the risk of forced unwinding of highly leveraged positions. If later on large inflows or outflows occur on-chain, or if DeFi liquidations happen, it could further intensify market pressure. Investors are advised to closely monitor changes in derivatives market structure, key support levels, and on-chain fund flow, and continue to track the latest market developments.
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