2026-04-14 16:45 to 2026-04-14 17:00（UTC）, ETH recorded a return of -0.72% within the 15-minute window. The price fluctuated between 2329.63 and 2351.42 USDT, with an amplitude of 0.93%. During this period, market capital outflows noticeably accelerated, volatility intensified, market sentiment turned cautious, and attention surged rapidly.
The main drivers of this abnormal move were on-chain large-amount addresses (whales) concentrating ETH deposits into exchanges, signaling large-scale sell orders. Net outflows of the main funds reached as high as -$61.80 million. Retail funds simultaneously recorded net outflows of -$203.40 million, indicating that institutions and large holders clearly reduced exposure during this time frame. As funds pulled away, a sell-pressure resonance formed in both spot and futures markets in the short term. Futures ETH long positions continued to decline, and some long holders were forced to cut losses and exit, further amplifying spot sell pressure.
In addition, active addresses on the ETH chain and spot trading volume temporarily surged during this period, pointing to a market dominated by concentrated large transactions and active sell orders. The Crypto Fear & Greed Index dipped to 5 on April 14, placing it in an extreme fear range, with investors’ risk appetite shrinking sharply. Some whales also exited in sync as technical funds, after key support levels were broken, followed suit—partly due to enlarged unrealized losses. Multi-factor confluence pushed the price to break downward, and increased volume amplified the magnitude of the volatility.
Current risk-control signals should focus on changes in whale capital flows, large orders, and the direction of main funds. If the market cannot stabilize quickly, there may be further stop-loss selling and risk of additional position reductions. Clearly monitoring ETH’s support zone, on-chain fund migration, and whether trading volume can improve in tandem will be key to judging short-term direction. It is recommended to continuously track related capital dynamics and on-chain behavior, watch out for short-term risks as volatility increases, and promptly obtain more real-time market information.
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