2026-04-06 16:45 to 2026-04-06 17:00 (UTC), ETH saw a 1.00% short-term dip within 15 minutes. The price fell from 2168.6 USDT to 2140.3 USDT, with a swing of 1.31%. This round of abnormal price movement drew market attention, increasing short-term volatility and pushing trading volume higher in tandem.
The primary driver behind this move was on-chain data showing that large ETH transfers exceeding $10M were concentrated into a mainstream exchange. Related net inflows totaled 6,617.12 ETH. After the funds arrived, they quickly initiated coordinated selling across both the spot and derivatives markets, driving ETH spot prices sharply lower. Meanwhile, over the past 24 hours, the total ETH inflow amount was 98,411.99 ETH, placing it in the mid-to-high range of historical levels, which supports the view that the selling pressure was mainly led by institutions or large holders.
In addition, in Q1 2026 the derivatives trading-dominant market saw an increase in the share of ETH-related leveraged products. The large sell-off on short timeframes triggered a chain of stop-losses/liquidations for leveraged positions, further amplifying the downside move in spot prices. During this period, crypto-related stocks in the US rose broadly, and BTC was up 4.79% over the past 24 hours, but macro risk events (such as the US planning energy strikes against Iran, with crude oil and gold moving in sync) led some funds to choose stage-based de-risking and profit-taking. Multiple factors converged, accelerating the price pullback. ETF fund flows showed no abnormal movement and did not create a significant impact.
Looking at the short term, the dual risks of large ETH fund flows and derivatives leverage remain elevated, and uncertainty in the macro environment is rising, so there is still a risk of volatility increasing. It is recommended to watch key support at 2140 USDT, on-chain exchange fund-flow directions and the derivatives open-interest structure, and to continuously monitor changes in macro headlines. Stay alert for sharp adjustments in the near term. For more information on market anomalies, it is recommended to follow real-time market news updates.
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