On March 23, 2026, from 13:30 to 13:45 (UTC), ETH price increased by 0.89% within 15 minutes, with a fluctuation range of 2143.4 to 2177.43 USDT, and an amplitude of 1.58%. Market trading activity during this period was significantly higher than the previous and subsequent cycles, with short-term buying pressure driving market sentiment and causing increased volatility.
The main driver of this movement was large whale withdrawals and rapid on-chain fund outflows from exchanges: within 24 hours, ETH net outflow from exchanges reached 828,440.11 tokens, accompanied by single transfers exceeding 79,000 ETH, leading to a sharp reduction in liquidity. As a result, selling pressure on the exchange eased, buying momentum strengthened, and prices surged in the short term. Since the 13th, multiple whale addresses have withdrawn approximately $155 million worth of ETH, and large holders have continued to buy and transfer funds into self-custody wallets, indicating sustained bullish sentiment.
Additionally, increased on-chain transfer activity, larger transfer amounts over short cycles, and recent inflows of large funds into DeFi platforms have intensified liquidity tension on exchanges, further weakening selling pressure. Regarding ETF funds, ETH-related ETFs have experienced a total net outflow of $51.26 million over the past two weeks. Institutional selling and large private sector accumulation have offset each other, leading to a structural increase in market volatility. Multiple on-chain behaviors, ETF fund flows, and large holder actions are resonating, boosting price elasticity.
The current market fund structure is undergoing a phased change. The resonance between whale accumulation and institutional outflows must be continuously monitored. Attention should be paid to subsequent on-chain fund flows and position fluctuations, and caution is advised regarding whale lock-ups and sell-offs, as well as ongoing ETF reductions, which could lead to retracement risks. In the face of increased short-term volatility, it is recommended to focus on liquidity changes on exchanges, whale behaviors, and DeFi fund movements to obtain timely market insights and manage trading strategies effectively.
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