ETH jumps 1.92% in a 15-minute surge: major holders accumulate in bulk and exchange liquidity dries up in tandem to drive the rise

2026-04-07 22:45 to 2026-04-07 23:00 (UTC), the ETH spot price gained +1.92% within 15 minutes, rising from 2176.26 USDT to 2219.85 USDT, with a peak-to-trough amplitude of 2.00% during the period. Market attention increased in the short term, and volatility intensity noticeably intensified. The current unusual move rapidly drew broad attention to on-chain and exchange-based capital activity.

The main drivers behind this unusual move are concentrated net buying by top whale addresses and exchange balances falling to historical lows, jointly lifting price elasticity. Data shows that whale wallets added more than 80,000 ETH in net holdings on April 7 alone— the largest since April—while the frequency of short-term large transfers increased, amplifying off-exchange capital inflows. In addition, ETH exchange balance share fell to 11%, continuing the decline trend since 2022, indicating that available liquidity has clearly dried up. As a result, the effect of incremental buy pressure on price increases is extremely sensitive.

Meanwhile, the combined effect of multiple secondary factors amplified the volatility of this round. The daily average number of addresses holding newly added ETH is 292k, and on-chain activity remains steady with an upward trend, indicating that an expanding user base has strengthened the liquidity foundation. ETF-related capital inflows have continued to net flow in, and the subscription volumes of related products in early April were higher than those of BTC, providing medium- to long-term structural support for spot prices. After the network upgrade, gas fees have remained below 1 dollar for the long term, providing technical support for efficient deployment of large funds and centralized operations. On a macro level, the Federal Reserve maintains a loose policy, mainstream coins show limited relative volatility, and ETH’s rise exhibits independent driving characteristics.

The market should be cautious about short-term pullbacks and the risk of a liquidity vacuum. If subsequent capital inflows stall, overly low exchange-available liquidity may cause drawdowns to be amplified; if whale capital begins to take profits in a concentrated manner, the price could also face rapid downside pressure. At the same time, the future key observation indicators are the pace of ETF subscriptions and redemptions and the continuity of on-chain capital flows. It is recommended to closely track support levels at the mainstream level and the dynamics of large holders’ on-chain addresses, and to follow real-time market news briefings to respond to rapidly changing market conditions.