2026-03-29 22:30 to 22:45 (UTC), ETH recorded a -1.39% return over a 15-minute period, with a price fluctuation range between 1963.72 and 1995.42 USDT, resulting in an amplitude of 1.59%. Short-term market volatility has intensified, with concentrated selling pressure being released, and the flow of on-chain and off-chain funds is receiving significant attention from investors.
The main driving force behind this unusual movement is the concentrated liquidation of large on-chain holders and the passive liquidation of leveraged long positions. During the reporting period, the holding ratio of addresses with 1000+ ETH dropped to 73%, a new low for the year, as some large investors intensified selling, increasing price pressure. At the same time, there has been a large amount of leveraged long positions in ETH, where high-leverage funds triggered stop-losses as the spot price declined, leading to some long positions being forcibly liquidated, exacerbating the downward movement and causing a localized increase in trading volume.
Additionally, macro risk appetite has not fully recovered. Due to geopolitical risks and oil price shocks in late March, market fund flows have become cautious, with the pace of ETF inflows significantly slowing down and structural funding pressures rising. Meanwhile, new projects like Pepeto have attracted some large holders’ funds due to technological upgrades, creating a new siphoning effect on ETH, compounded by adjustments in holding structures, which have amplified price volatility. The rapid growth of new ETH addresses indicates ecological activity, but the increase in retail and mid-sized wallets is unable to absorb the selling pressure from large holders, pushing new funds towards short-term outflows.
In the short term, it is necessary to be vigilant about the risks of high-leverage position liquidations and further pressure from large holders reducing their positions. Monitor the support level around 1950 USDT, on-chain holdings, large fund movements, ETF fund changes, and the progress of macro events. Continuous unusual movements may exacerbate short-term risks, and investors should continuously track on-chain data and macro news to obtain the latest market dynamics.
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