ETH drops sharply 0.9% in 15 minutes: Bitcoin falls below $70,000 triggering correlated selloffs, with futures liquidation amplifying negative feedback and volatility

From 10:00 to 10:15 (UTC) on June 6, 2026, ETH plunged 0.90% within 15 minutes, trading in a range of 1,555.14 to 1,570.59 USDT, with a 0.98% amplitude. This period fell within a broader crypto market pullback cycle. ETH’s overall decline for the day was 11.88%, dropping from around $1,770 to near $1,557. Market sentiment was extremely bearish, with the Fear and Greed Index down to 29.

The main driver behind this move was the market spillover effect after Bitcoin broke below the key $70,000 support level. As the largest crypto by market cap, Bitcoin’s decline triggered a broad pullback across the crypto market. ETH, as the second-largest crypto, was inevitably hit as well. In addition, the futures market saw roughly $247 million in large-scale liquidations over the past 24 hours, of which ETH futures liquidations totaled $96.14 million. Long positions accounted for as much as 72.63%. Forced liquidation triggered by the wipeout created a negative feedback loop, further intensifying short-term selling pressure.

Second, ETH ETFs have seen consecutive 15 trading days of outflows. Institutional investors have continued to reduce holdings. Harvard University’s endowment fund sold all $87 million in ETH ETF holdings in the first quarter of 2026. At the same time, geopolitical tensions have been escalating and traditional tech stocks have also weakened in sync. The Nasdaq Crypto Index fell 6.82% that day, and crypto and risk assets showed strong correlation—multiple factors converging amplified volatility.

Investors need to watch whether Bitcoin can stabilize near $60,000, and whether ETH’s support around $1,550 holds. If it breaks, it could open up further downside room. In the short term, leverage risk remains, and liquidity during the Asia session is relatively lower; large orders may cause sudden, intense price swings.