ETH drops 0.84% in 15 minutes: On-chain activity of stablecoins plummets, and large whales reducing positions resonate, triggering short-term selling pressure

On April 21, 2026, from 12:30 to 12:45 (UTC), ETH’s return within a 15-minute window was -0.84%, with a price range of 2294.45-2321.1 USDT and an amplitude of 1.15%. The market experienced significant volatility amid tightening liquidity, with investor sentiment leaning toward caution.

The main driver of this fluctuation was a sudden decline in on-chain stablecoin activity. In mid-April 2026, the number of active on-chain addresses for mainstream stablecoins like USDT and USDC on the ETH mainnet dropped to the lowest point of the year. On-chain stablecoin trading volume contracted sharply. Although the total supply remained at a high level (around 180 billion), actual circulation and transfer activity significantly decreased, with funds stagnating or migrating to other networks. The contraction of stablecoin liquidity directly weakened the depth of the ETH mainnet’s liquidity pools, reducing price support capability.

Additionally, continuous whale de-risking and a derivatives market dominated by shorts intensified selling pressure. According to Santiment reports, in early April, signals of ETH whales “dump” activity surged, with average single transfers exceeding $2.4 million and reaching up to $4.19 million. Meanwhile, funding rates in the derivatives market remained persistently negative, indicating a market dominated by shorts, with shorting costs lower than going long, increasing the risk of short-term declines.

Furthermore, Layer 2 solutions and low-fee public chains like Solana continued to divert existing DeFi and stablecoin users. Base once handled over 40% of Coinbase stablecoin traffic. The high transaction fees on the ETH mainnet, ranging from $5 to $15, became a direct factor driving users away. On April 21, the price broke below short-term support levels, continuing the weak structure after prior liquidity tightening.

In the short term, attention should be paid to on-chain fund flows, changes in whale wallet addresses, and macro news. If stablecoin on-chain activity and capital inflows do not recover, mainnet liquidity will remain constrained, making ETH prices vulnerable to large sell-offs. Users should be cautious of current volatility risks and monitor volume changes near key support and resistance levels.