2026-04-05 12:30 to 12:45 (UTC), the ETH price range was 2022.11 to 2037.82 USDT; the 15-minute K-line return rate was -0.62%, and the amplitude was 0.77%. Against the backdrop of sustained high on-chain activity, market attention increased, volatility rose somewhat, reflecting an enhancement in short-term risk-avoidance sentiment.

The main driving force behind this anomalous move is that large funds continued to flow out of exchanges; data shows that over the past 24 hours, ETH net outflows were as high as -11,970.54 coins, and net outflows of -5,930.92 coins in the $1M-$10M range were also recorded, indicating that institutions or high-net-worth investors accelerated their withdrawal during this window, quickly creating downward pressure on market prices. At the same time, the direction of funding for the ETH spot ETF has recently shifted; there are signs of net outflows from ETF funds, further intensifying near-term sell pressure and reinforcing the trend of price adjustment.

In addition, in a high-volatility environment, ETH’s implied volatility reached 73.37%, far higher than BTC over the same period. With the combination of institutional fund outflows and changes in ETF funds, multiple feedback loops amplified short-term volatility. Total on-chain transfer volume remains at a high level, but the number of exchange deposit transactions (642 times/hour) is stable, suggesting that the anomaly is not primarily driven by concentrated retail selling pressure, but rather by large amounts of funds and institutional players. On a macro level, because the market has recently been highly focused on regulatory developments and economic data, investors’ risk-avoidance tendencies have increased, leading to a synchronized response in fund flows.

At present, the ETH market faces a dual downside risk of large fund outflows and fluctuations in ETF funds, and given the high volatility, short-term further amplification should be watched closely. Next, focus on the direction of key on-chain funds, ETF inflows and outflows, and how the price reacts when revisiting key technical support levels, while closely tracking macroeconomic and regulatory event developments. Please continue to monitor more real-time market conditions and on-chain dynamics, and effectively guard against short-term price risks.

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