ETH short-term price increase of 0.62%: on-chain capital inflow and derivatives positions jointly drive the upward movement

From 03:00 to 03:15 (UTC) on 2026-04-01, the ETH price achieved a +0.62% return. The candlestick range was 2088.43–2106.93 USDT, with a 0.89% intraday swing, indicating that the market was active in the short term and that volatility had increased somewhat. During this period, network attention rose, and a more active trading atmosphere drove users to keep following along.

The main drivers behind this sudden move are the significant increase in on-chain trading volume and network activity. Combined with high-frequency capital inflows, this directly pushed up the ETH spot price. According to on-chain data, ETH’s daily trading volume reached a new 17-month high; daily active addresses remained elevated. From 03:00 to 03:15, trading volume for smaller time windows continued to expand, and the momentum of the long side’s active buying was evident. In addition, the market’s total market capitalization grew by 2.11% on a daily basis. Coupled with real-time on-chain indicators, this reflects that capital inflows were sustained, becoming a key foundation for the uptrend.

Meanwhile, derivatives market open interest increased noticeably within this time window. Some funds added positions through futures products on certain major exchanges and other platforms, creating a coordinated “spot vs. derivatives” resonance. The high open interest in the derivatives market and the incremental capital further supported the spot price and amplified short-term gains. Large on-chain transfers did not show extreme concentration, but overall capital flows remained highly active, which intensified price volatility. In addition, sustained high Gas consumption and an increase in the number of transactions strengthened market long-short contention and fueled chase-buying sentiment.

What needs to be wary of is that the recent price increase was mainly driven by short-term capital pushing prices and rising positions. If, going forward, capital withdraws or on-chain activity declines, there is a risk of a technical pullback in the ETH price. Changes in the derivatives position structure could also trigger localized liquidations, further amplifying volatility. It is recommended to closely monitor key spot support levels, total derivatives open interest, on-chain capital inflows and outflows, and macro risk events. For more ETH market updates, please continue to follow our subsequent tracking reports.