ETH rises 1.25% in 15 minutes: Spot buying pressure concentrated, on-chain liquidity hits new highs, driving price movement

From 21:00 to 21:15 (UTC) on 2026-04-07, the ETH price saw a significant upward move. The candlestick chart shows a return of +1.25%, with a price range of 2115.51 - 2152.7 USDT, and an amplitude of 1.76%. Short-term volatility intensified, market attention increased, and there were clear signs of capital inflows.

The main drivers behind this deviation are concentrated spot buying pressure and a new all-time high in on-chain liquidity. Data shows that the order book on major trading platforms saw a sharp increase in ETH buy orders, and the buy order share was far higher than the average from the previous hour. Combined with on-chain daily transaction volume of 2,436,000 transactions (up nearly 20% year over year), net capital inflows into the mainnet alongside a temporary reduction in supply pushed the price higher. In addition, some large wallets moved funds onto the chain during the event window, further strengthening spot demand pressure. Changes in the derivatives market structure were also a key factor: perpetual contract funding rates turned negative, forcing shorts to close positions, which led to a short-term concentrated release of spot buying.

At the same time, the ETH network recently completed the Glamsterdam hard fork, increasing the Gas Limit to 100 million and bringing transaction fees down to 0.14–0.168 USD per transaction, significantly improving network capacity and efficiency. Reduced trading friction promotes high-frequency capital inflows and strengthens price elasticity. In the options market, 7-day implied volatility rose from 60% to 77%, indicating stronger market expectations for near-term pullbacks and volatility, and a rise in local risk appetite. Combined effects from the derivatives positioning structure and on-chain capital flows resulted in multi-factor volatility convergence, amplifying the magnitude of the short-term rally.

It is worth noting that current short-term ETH volatility risk has been released: implied volatility in options remains elevated, and with perpetual contract funding rates negative, if spot buying pressure fades, near-term correction risk becomes apparent. It is recommended to monitor network efficiency, on-chain capital flows, and how the 2140 USDT support level performs, closely watch the impact of macro capital and the follow-up effects after technical upgrades, and guard against price volatility risks arising from abnormal moves. Monitor ongoing market data and stay alert to short-term risks.