2026-04-15 00:00 to 00:15 (UTC), ETH saw localized fluctuations. The 15-minute return was +0.66%, with a trade price range of 2321.93–2343.2 USDT and a range of 0.92%. During this period, market attention increased, volatility slightly intensified; buying pressure in the order book briefly shifted upward, quickly pushing the spot price to probe a key resistance area.
The main drivers behind this deviation were large on-chain transfers and a simultaneous inflow of funds. In the early part of the window, multiple large ETH transfers appeared, including 8,676 ETH and 6,551 ETH being moved from major addresses. Large capital briefly flowed through, improving market liquidity and triggering upward movement in spot prices. At the same time, ETH network cumulative net inflows for 2026 have already reached $8.5 billion; institutions and large holders visibly added positions within the window range, strengthening bullish buying power in the short term.
In addition, although trading volume did not spike abnormally, the increased share of large transactions and the concentration of frontline buying meant the market was led by big players, and improved liquidity amplified the magnitude of the deviation. Although ETH-related ETFs recorded a daily net outflow of $135 million in the current month, the spot market was supported by on-chain funds and institutional behavior, so the ETF outflow pressure did not form a substantive constraint on price action. Ecosystem activity hit a new high, and there were technical breakouts (the 4-hour chart moved above the key 2400 USDT range), further strengthening the upward convergence between fund flows and price.
It is worth noting that large on-chain transfers can easily trigger short-term volatility, and the potential pullback risk should be closely watched. If ETF outflows continue to expand, it may intensify short-term market adjustments. Going forward, it is recommended to focus on tracking whale wallet fund flows, the strength of fund inflows, and the trade distribution in the 2400–2500 USDT range. Also monitor changes in market sentiment and macro news to manage risk, and obtain more real-time market data to support decision-making.
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