ETH 15-minute decline of 0.94%: whale investors proactively reduced positions and inflows into exchanges converged to trigger spot selling pressure

2026-04-02 03:30 to 2026-04-02 03:45 (UTC), ETH saw a brief drop in returns of -0.94%. The price range was 2046.01 to 2075.41 USDT, and the amplitude reached 1.42%. During this phase, market volatility intensified, on-chain attention increased, reflecting investors’ heightened sensitivity to the upcoming network changes and the movement of large capital flows.

The main drivers of this unusual move came from concentrated large transfers by on-chain whales and institutional addresses: some single transfers exceeded 10,000 ETH, and they simultaneously flowed into the hot wallet of a major exchange, directly increasing spot selling pressure. On-chain data shows that within these 15 minutes, there were clear signs of whales actively reducing their positions. At the same time, short-term spot supply in the market surged. Additionally, ETH’s average Gas fees rose by about 8%, indicating increased network liquidity pressure; some funds accelerated outflows during the period of rising costs.

In addition, secondary reinforcement came from expectations and uncertainty surrounding the Glamansterdam upgrade. Some capital providers made early transfer or position-reduction decisions to avoid potential technical and contract-compatibility risks during the upgrade period. With macro market liquidity tightening, institutions rebalancing and DeFi protocol TVL declining on a phased basis together amplified the magnitude of this round of price anomalies. Under the convergence of multiple factors, with mainnet Gas staying high, on-chain capital redeployments, and risk-management needs interwoven, capital fled in the short term.

Investors should watch key indicators such as large on-chain transfers, exchange fund flows, and changes in major DeFi protocol lockups to track the movement of the next wave of leading capital. The Glamansterdam upgrade node and the market’s feedback on whether the upgrade will proceed smoothly will become the core risk points in the near term. During periods of heightened volatility, short-term holding risks rise; it is recommended to closely monitor the latest market developments and trends in on-chain capital anomalies.