BTC 15-minute pullback of 0.66%: Trade policy shock combined with large holders selling off triggers downside pressure

During the period from 2026-04-06 06:15 to 06:30 (UTC), the BTC price dropped from 68807.2 to 69308.1 USDT, with the 15-minute return recording -0.66% and the amplitude reaching 0.72%. During this time, market volatility intensified, with trading volume and the heat of social discussions rising in tandem, reflecting fierce short-term capital games.

The main drivers behind this price deviation came from sudden changes at the macro policy level. The United States has recently added tariffs and continued its high-tariff policy, leading to a sharp drop in global risk appetite and prompting investors to withdraw large-scale from high-volatility assets. The related tariff news has repeatedly gained momentum since February 2026, further increasing demand for safe havens. In addition, panic sentiment spread (with the Fear & Greed Index once falling to the extreme low of 5/100), prompting long-position holders to proactively reduce their positions, strengthening the market’s downside momentum.

Meanwhile, on-chain data indicates that large funds are accelerating inflows into exchanges, creating real sell-side pressure. On April 5, 2026, BTC net inflow to exchanges across the entire network totaled 348.74 BTC, and inflows from single transactions larger than $10 million reached 649.96 BTC, showing that institutions and large holders led the selling. Over the same period, whale addresses (holding more than 1000 BTC) fell from 3.2 million BTC to 2.9 million BTC, releasing a large amount of liquidity; holders in the 100–1000 BTC range also reduced their positions in sync, further amplifying the market resonance effect. Although market depth improved after the ETF launch, macro events combined to tighten liquidity only in phases, meaning the impact from large sell orders could not be fully absorbed.

BTC is currently facing multiple pressures: the risk-asset attribute is amplifying volatility, and in the short term participants still need to closely monitor macro policy developments, net inflows of large exchange funds, changes in whale holdings, and market depth performance. If subsequent tariff signals further escalate or liquidity continues to tighten, downside risk may increase. Investors are advised to focus on key support ranges and market panic sentiment indicators, and to respond to sudden volatility as early as possible by tracking on-chain and market dynamics.