Between 2026-04-07 19:45 and 2026-04-07 20:00 (UTC), ETH saw a clear price anomaly. The K-line return was +0.89%, with the price fluctuating in the 2093.98 to 2116.59 USDT range, reaching a 1.08% amplitude. In a short period, both trading volume and on-chain activity increased, market attention rose, and the dynamic movement of main fund flows has been closely monitored.
The main driver behind this anomaly was enhanced buy-side initiative as large capital concentrated and flowed into exchanges and institutional players or big holders. Glassnode’s minute-level data shows that during the anomaly period, the number of large net inflows to ETH (each trade exceeding $1 million) increased significantly; market liquidity was quickly activated, and spot buy orders dominated, pushing the price upward in the short term. Whale and super-whale address holdings remained stable in the short run, with no sign of large-scale selling, further reinforcing the market’s bullish expectations.
In addition, the simultaneous rise in the number of active on-chain economic addresses indicates increased real user participation and spot demand across the ecosystem. Meanwhile, net inflows into ETF-related products increased in early April; some inflows rotated from BTC to ETH, suggesting that macro fund allocation is driving improved performance of ETH assets. In the derivatives market, futures open interest scale and funding rates remained stable. The size of open contracts stayed around $2.81B, leverage risk remained controllable, and various factors resonated to amplify short-term volatility.
Be cautious that any subsequent outflow of large capital from exchanges could trigger a pullback, and that changes in the main whale addresses could lead to a potential trend shift. In the near term, monitor on-chain fund flows, spot and ETF flows, and derivatives leverage dynamics. Under heightened volatility, sudden liquidations and liquidity changes are key risk points in the near term. For more market analysis, please follow up on ongoing tracking in a timely manner.
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