2026-04-02 13:45 to 2026-04-02 14:00 (UTC), the ETH price showed clear abnormal movement. The 15-minute candlestick return rate reached +0.92%. It traded in a range of 2018.99 - 2040.78 USDT, with an amplitude of 1.08%. During the period, on-chain activity increased significantly: the number of transactions rose by 18% compared with the previous hour. The flow of funds accelerated noticeably, and the heightened market attention led to amplified volatility.
The main driving force behind this abnormal movement came from the flow of large on-chain funds and whale activity. In a short period, whale addresses concentrated and transferred ETH to a certain mainstream exchange platform. The transfer amount per transaction exceeded 5000 ETH. At the same time, overall on-chain transaction volume expanded; the number of active user addresses increased; and funds flowed into mainstream platforms and DeFi protocols, combining to create upward pressure from buy-side demand. In addition, institutional funds continued to flow into ETH through ETFs and over-the-counter channels. Combined with a rise in long derivative positions, this further strengthened price support.
Second, the open interest of ETH futures and perpetual contracts remained at high levels. Long positions increased, the funding rate stayed positive, and market sentiment leaned bullish. The network’s average Gas fee fell to 0.15 dollars. Lower transaction costs encouraged more retail traders and arbitrage capital to enter the market. On-chain activity and trading volume “resonated” together, and the spot and derivatives markets formed a linkage that pushed prices upward. Meanwhile, net inflows into ETFs have continued since the beginning of the year, reflecting rising institutional allocation demand, which further accelerated the行情.
At present, it is necessary to pay attention to liquidity risks brought by whale fund flows and the release of large holdings, as well as potential liquidation pressure under high-leverage derivative positions. In addition, the technical picture is neutral; it is important to be wary of how on-chain security events may affect market sentiment. In the short term, focus should be on tracking changes in where major on-chain funds are flowing, the support and resistance zones, and the position structure in the derivatives market. For more market anomalies and in-depth analysis, please continue to keep an eye on rapid news updates.