2026-03-31 08:30 to 08:45 (UTC), ETH’s short-term return recorded -0.66%, with the price range at 2039.73 to 2054.49 USDT and a swing of 0.72%. During this period, market volatility intensified, trading attention increased markedly, reflecting investors’ rapid response to risk events and a rise in risk-hedging sentiment.
The main drivers behind this unusual move are a significant drop in the number of active on-chain addresses (down about 14.49% from the previous day to 490,239), which weakened network liquidity and reduced the market’s ability to absorb trades. At the same time, whales (1k-10k ETH accounts) continuously reduced positions before and after the anomaly window, strengthening near-term sell pressure and making the already fragile market structure more sensitive to large sell orders.
In addition, fund flow data show that both ETH inflows and outflows on major trading platforms increased, highlighting intensified tug-of-war between both sides of the market. Some inflows went into stablecoins, suggesting that some investors carried out hedging or arbitrage activities. Also, in the options market, the Put/Call ratio is below 0.8, indicating that extreme panic has not yet appeared, but short-term risk premium has clearly risen. In the derivatives market, declining open interest and passive stop-losses for some long positions intensified the synchronized effect of an overall decline in risk appetite.
Currently, we need to be alert to liquidity risks and the potential for short-term sell pressure to be concentrated and released. If the number of active addresses continues to decline or funds keep flowing out, ETH price may face further adjustment pressure. It is recommended to monitor on-chain fund dynamics, derivatives risk indicators, and whale position changes, and remain alert to related abnormal signals. For more market updates, please continue to follow.
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