ETH 15-minute up 0.65%: Strengthening spot buy orders and short covering in sync push prices higher

2026-04-13 14:30 to 2026-04-13 14:45 (UTC), ETH price return +0.65%, with a range price of 2210.74 to 2227.48 USDT and a range amplitude of 0.76%. During this period, market volatility intensified, attention increased rapidly, and investors are highly sensitive to short-term price movements.

The main driver behind this unusual move is enhanced spot market buy orders in tandem with the exchange’s continued net outflow of ETH. Exchange net outflows over the past 24 hours reached -5,576.54 ETH, and exchange holdings saw a net decrease of 1,050,124.08 ETH over 30 days. This effectively eased short-term sell pressure, and combined with spot capital inflows, pushed prices higher. In addition, funding rates in the derivatives market turned negative, with bearish sentiment remaining strong. Spot gains triggered some shorts to be forced to cover, creating a further positive feedback effect that continued to push the rally.

At the same time, 7-day option implied volatility rose from 60% to 77%, and realized volatility also increased, indicating that the market’s hedging demand for future uncertainty in the short term is rising quickly. In the same period, on-chain stablecoin capital remained plentiful, supporting liquidity in the spot market, and there were no signs of large one-way transfers or abnormal on-chain activity. Overall market risk appetite improved. With multiple factors converging and amplifying the move, it magnified this round of price gains.

With current market volatility increasing and the options market risk premium rising, investors should be alert to the risk of bearish pressure flowing back from the derivatives market and the risk of liquidity drying up. Key indicators to watch next include exchange inflow and outflow dynamics, large on-chain fund flows, changes in volatility, and options and contract liquidation conditions. It is recommended to closely monitor subsequent anomalies in exchange positions and on-chain capital movements to mitigate the risk of a short-term pullback and to obtain more real-time market information.