ETH 15-minute surge up 0.92%: On-chain transaction volume spikes and whale transfers drive the breakout

Between 2026-04-02 13:45 and 2026-04-02 14:00 (UTC), the ETH price exhibited a significant anomaly. The 15-minute K-line return reached +0.92%. It fluctuated within the range of 2018.99 to 2040.78 USDT, with an amplitude of 1.08%. During this period, on-chain activity markedly increased: the number of transactions grew by 18% compared to the previous hour, and capital flows accelerated noticeably. The heightened market attention further amplified the volatility.

The main driving forces behind this anomaly stemmed from large-scale on-chain capital movements and whale operations. Whale addresses rapidly transferred ETH in bulk to a major trading platform, with single transfers exceeding 5000 ETH. Simultaneously, overall on-chain trading volume expanded, active addresses increased, and capital flowed into major exchanges and DeFi protocols, collectively exerting upward pressure on buying. Additionally, institutional funds continued to flow into ETH via ETFs and over-the-counter channels. Coupled with rising long positions in derivatives, these factors further reinforced price support.

Furthermore, the open interest in ETH futures and perpetual contracts remained high, with long positions increasing and funding rates staying positive, indicating a bullish market sentiment. The average Gas fee on the network dropped to $0.15, reducing transaction costs and encouraging more retail traders and arbitrageurs to participate. The on-chain activity and trading volume resonated, creating a synergy between spot and derivatives markets that propelled prices upward. Meanwhile, net inflows into ETFs have persisted since the beginning of the year, reflecting increased institutional allocation demand and accelerating the upward trend.

Looking ahead, attention should be paid to liquidity risks arising from whale fund movements and the release of large holdings, as well as potential liquidation pressures under high-leverage derivatives positions. From a technical perspective, the market remains neutral; thus, the impact of on-chain security incidents on market sentiment warrants close monitoring. In the short term, focus should be on tracking the flow of funds from major on-chain players, changes in support and resistance levels, and the structure of derivatives positions. For more market movements and in-depth analysis, please stay tuned to our rapid news updates.