2026-04-14 13:30 to 13:45 (UTC), ETH achieved a return rate of +0.66% within 15 minutes, the K-line price range was 2373.72 to 2395.56 USDT, and the amplitude reached 0.92%. During this period, market attention rose rapidly, showing characteristics such as increased user participation and amplified volatility. Active trading, on-chain fund flows, and signals related to technical upgrades triggered a wave of high-frequency market tracking and trading activity.
The main driver of this price deviation is a significant increase in on-chain user activity and fund flows. During this period, the number of active addresses on the ETH network rose to about 420,690, up 6% month-over-month from the previous cycle. Daily transaction volume hit a new all-time high at 2,800,000 transactions. Before and after the event, whale wallets transferred a single 238 ETH to exchanges, driving the exchange supply share up by 25%. Short-term liquidity surged sharply, directly pushing prices higher. In addition, the total amount of ETH staking is high; staking accounts for about 30% of circulating supply. ETFs and corporate combined holdings are 10.3%. After the Fusaka upgrade, the annualized burn rate increased to 1.32%, on-chain supply continues to contract, and price elasticity is strengthened.
Furthermore, the Fusaka upgrade significantly improves processing capacity and user experience on the ETH Layer 2 network, lowers transaction costs, and unleashes new network effects. Smart contract call volume, DeFi and RWA activity have reached new highs. Over the past year, DeFi sector TVL grew by 26%, and stablecoin trading volume expanded in tandem, forming a basis for the spread of ETH capital demand. At the same time, 76% of global institutions plan to increase their allocation of crypto assets, and 60% have already invested 5% or more of funds into the market. Adjustments to Federal Reserve liquidity policy are also a key external push that raises risk-asset preference. Multiple factors converging have amplified ETH short-term price volatility and increased institutional participation.
At present, attention should be paid to the increase in exchange inflow funds for ETH. A rise in exchange supply share combined with frequent large transfers from whale wallets may exacerbate volatility in the short term. Changes in the on-chain burn rate and the holdings structure will continue to affect the supply-demand relationship. After the Fusaka upgrade, on-chain activity and behaviors remain key observation points. Investors should be highly vigilant about volatility risk, closely track on-chain indicators, large transfers, supply contraction, and macro liquidity news, and it is recommended to monitor the latest market data in real time to obtain first-hand updates.
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