2026-04-11 16:30 to 16:45 (UTC), ETH’s return rate over 15 minutes is +0.70%, and the price range is 2246.84 - 2273.89 USDT, with a swing of 1.20%. During this period, market attention increased, and on-chain activity and trading volume rose in tandem, with the magnitude of volatility amplified in the short term.
The main driving force behind this abnormal move is passive stop-loss liquidation by shorts in the derivatives market. Data across the entire network shows that the funding rate is -0.002%, indicating that short positions have the upper hand; however, the liquidation amount of ETH short contracts ($8.894 million) is significantly higher than that of long positions. Only through the liquidation effects within these 15 minutes, the passive buying force generated quickly lifted spot prices. When leverage levels are relatively high, this forced liquidation phenomenon creates a direct upward momentum for price.
At the same time, on-chain DeFi ecosystem activity and fund flow direction show a resonance-amplified effect. The share of Gas consumption for mainstream DeFi protocols such as Uniswap rises, and on-chain DEX trading volume remains at high levels. In the short term, major capital pushes up ETH demand through large buy orders via DEX. In addition, ETF funds continue to flow in, driving spot buying pressure; improving institutional holdings further enhances the market structure. A rebound in macro liquidity and a warming risk appetite form external support. Multiple factors accumulate and amplify the magnitude of this abnormal move.
Currently, due to liquidations and on-chain capital driving the price, volatility risk has not been fully released. Going forward, investors should guard against the possibility of short-term pullbacks. Investors need to pay attention to whether the negative funding rate turns positive, the direction of large on-chain fund flows, the net inflow situation for DeFi and ETFs, and changes in overall positioning structure. In a short-term high-leverage environment, liquidity shocks and major players’ active redeployment may still intensify market volatility, so it is recommended to continue monitoring relevant market news and changes in core indicators.
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