BTC 15-minute up 0.50%: Whale fund inflows and ETF net inflows rebound driving an improvement in spot demand

From 06:30 to 06:45 (UTC) on April 1, 2026, BTC short-term saw gains of +0.50%. The price fluctuated in the 68808.1 to 69224.2 USDT range, with an amplitude of 0.60%. During the unusual move, trading volume noticeably increased, overall activity rose, on-chain and on-exchange liquidity both strengthened significantly. Although the magnitude of volatility was limited, market attention increased markedly.

The main driving factors behind this unusual move were: large whale funds began transferring to exchanges. The proportion of whale wallet transfers to exchanges rose sharply from 0.34 in January to 0.79 on March 28, reaching an annual high, directly driving a surge in BTC inflows to exchanges. At the same time, ETF fund flows shifted from prior net outflows to short-term net inflows. Institutional capital returned to the spot market, and together they boosted BTC demand. During this period, the trading volumes of multiple major trading platforms were significantly higher than the daily average level, providing strong support for BTC’s short-term upward move.

Meanwhile, increased long leverage in the derivatives market further resonated with this trend. In the early hours of April 1, BTC futures funding rates rose briefly, while open interest and spot trading volumes advanced in parallel, reflecting improved long sentiment and driving the spot market to further amplify volatility. Second, spot market depth continued to improve: the 200bps depth reached $614 million, up 1.1% year over year. Liquidity was sufficient, and buy and sell orders were evenly distributed, effectively curbing large slippage and unusually sharp price swings. Some long-term wallets were also activated during the same period for structural adjustments, but they had not yet formed a direct impact on short-term supply.

It’s important to note that continued whale-level inflows may bring temporary pressure on the supply side. The direction of subsequent ETF net inflows also depends on macro liquidity trends. If market liquidity tightens or ETF net inflows turn negative again, prices may face a rapid pullback. In addition, as the long leverage ratio rises in the futures market, once market conditions change, it may trigger a sharp increase in short-term volatility. It is recommended to focus on whale transfers and exchange inflows, ETF fund dynamics, and changes in market depth, stay alert to short-term risks arising from extreme conditions and new capital movements, and continue monitoring more real-time market updates.