From 13:30 to 13:45 on 2026-04-14 (UTC), ETH achieved a +0.66% return 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 capital flows, and signals related to technical upgrades sparked a surge in high-frequency tracking and trading activity.
The main driver behind this price movement is a significant increase in on-chain user activity and capital flow. During this period, the number of active addresses on the ETH network rose to about 420,690, up 6% quarter-over-quarter from the previous cycle. Daily transaction volume hit an all-time high of 2,800,000 transactions. Before and after the event, a whale wallet transferred 238 ETH to exchanges in a single transaction, boosting the exchange supply share by 25%, sharply increasing short-term liquidity, and directly pushing prices upward. In addition, the total amount of ETH staked remains high: staking accounts for about 30% of circulating supply; ETF and corporate combined holdings are 10.3%; after the Fusaka upgrade, the annualized burn rate increased to 1.32%. Ongoing on-chain supply contraction continues to tighten supply, enhancing price elasticity.
Furthermore, the Fusaka upgrade significantly improves processing capacity and user experience for the ETH Layer 2 network, lowers transaction costs, and releases new network effects. Smart contract call volume, DeFi, and RWA activity all hit new highs. Over the past year, the DeFi segment’s TVL grew by 26%, while stablecoin trading volume expanded in tandem, forming a foundation for the spread of ETH capital demand. Meanwhile, 76% of global institutions plan to increase their allocation to crypto assets, and 60% have already invested 5% or more of their funds into the market. Changes to the Federal Reserve’s liquidity policy are also a key external force driving higher risk-asset preference. The simultaneous impact of multiple factors amplified ETH short-term price volatility and institutional proactive participation.
At present, it is important to watch for an increase in exchange-inflow capital for ETH. The rise in the 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 holding composition will continue to affect supply-demand dynamics. After the Fusaka upgrade, on-chain activity and on-chain behavior remain key areas to monitor. Investors should be highly alert to volatility risks, 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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