From 12:15 to 12:30 (UTC) on 2026-03-31, ETH surged by 0.67% on the short term. The price range was 2035.48–2052.7 USDT, with a swing of 0.85%. On-chain activity during this period rose significantly, market attention heated up instantly, candlestick volatility increased sharply, and this indicates that short-term capital rapidly entered the market, driving prices higher.
The main driver behind this unusual move was the inflow of large on-chain funds. On-chain data shows that within 10 minutes, the total transfer volume reached 420,000 USD, and the number of transactions expanded in tandem. Combined with exchange ETH reserves falling to 16M, the lowest historical level, market liquidity is extremely tight. Any large-money action can quickly be reflected on the order book, boosting ETH’s short-term upward momentum. In addition, increased DEX activity and further on-chain DeFi transactions enhanced fund flow. Whales or institutions carried out concentrated actions during this period, directly pushing prices.
Meanwhile, secondary resonance factors include extreme market fear (index 10). With investors’ risk-off sentiment running high, price becomes especially sensitive to fund flows. Over the past two months, ETH ETF cumulative net outflows totaled $2.76 billion, and with 29% of circulating supply staked, structural liquidity in the market is even more scarce. Large DEX deal orders and on-chain fund inflows and outflows jointly amplified the magnitude of this price anomaly, creating multiple resonance effects from the on-chain layer to the trading layer.
In the short term, traders should be wary of liquidity risk and worsening market volatility. Current structural issues such as low exchange reserves, a high proportion of staking, and institutional capital staying on the sidelines are all exacerbating the size of price swings. It is recommended to closely monitor key on-chain fund flows, changes in exchange reserves, and market sentiment indicators to guard against risks of further volatility. For more market updates, please stay attentive to real-time market information and more dynamic market developments.
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