BTC 15-minute drop of 0.45%: spot selling pressure led the move, and leveraged funds stayed on the sidelines, without worsening volatility

2026-04-11 13:00 to 13:15 (UTC), BTC’s short-term return recorded -0.45%, with a price range of 72526.3 to 72935.7 USDT and a 15-minute intraday amplitude of 0.56%. Overall market attention remains high. Although volatility is not extreme, downside pressure is evident, and short-term long/short divergence has intensified.

The main driver behind this disruption is the spot market’s proactive sell pressure. During this period, total spot trading volume and perpetual futures contract volume increased by about 12% month over month. Order book data shows sell orders posted a slight rise while buy orders were canceled faster. Liquidity temporarily tightened, prompting short-term capital to proactively take profit or cut losses, which weighed on BTC price performance. In the derivatives market, the funding rate has remained persistently negative, and leveraged capital’s risk appetite has cooled significantly. However, it has not amplified short-term volatility; therefore, this round of adjustment is characterized by spot-led influence.

In addition, open interest (OI) and the funding rate in the derivatives market have remained stable. No signs of large-scale forced liquidations or cascading wipeouts were observed during the period, indicating that leveraged longs have chosen a wait-and-see strategy. From an on-chain perspective, the high number of active USDT addresses reflects frequent circulation of off-exchange funds, but it has not translated into large spot BTC buying. There is no clear selling reduction from whales and long-term holders. Exchange BTC net inflow remains at a low level, and the overall market structure is moving toward differentiation. Ongoing net ETF inflows provide some bottom support, but under spot-led sell pressure on the short term, the impact is limited. Multiple secondary factors converge, reinforcing the downside rebound and volatility of this selloff.

Be alert to the continuation of short-term sell pressure and the amplifying effect of changes in ETF fund flows on price. Although the leverage ratio in the derivatives market falling has not yet amplified risk, in extreme conditions it can trigger chain reactions. It is recommended to continue monitoring spot liquidity, USDT on-chain capital movements, BTC’s key support ranges, and the scale of ETF subscription and redemption, as well as to manage the market risks of further downside or a rapid rebound. Keeping an eye on more market updates can help you track how the trend evolves after abnormal volatility.