2026-04-12 22:00 to 22:15 (UTC), ETH showed a clear downward move in a highly liquid environment; the candlestick chart indicates a return rate of -0.66%, with price fluctuations from 2186.76 to 2211.25 USDT, and an amplitude of 1.11%. Market attention rose rapidly, short-term sentiment became cautious, and volatility intensified.
The main drivers behind this abnormal movement are a sharp increase in exchange net inflows and concentrated selling by short-term holders. On-chain data shows that the net inflow of ETH into exchanges within 24 hours was 9,567.65 ETH, indicating that a large amount of capital flowed to the sell side in a short period. Combined with whale wallet transfers to exchanges, this forms a typical sell-pressure resonance. HODL Waves monitoring shows that the share of short-term users holding less than 1 month decreased from 6.9% to 5.3% during this window; it did not shift to medium- or long-term holding, suggesting panic capitulation exits.
In addition, the transfer loss volume surged to 223,782.64 ETH, indicating that many holders cut losses and left the market at prices lower than the previous transfer price, further aggravating localized market panic. From a technical perspective, the “bear flag” pattern formed by ETH and the breakdown of a key resistance level led some technical traders to stop-loss and exit in the same direction. Although ETF funds saw a return, they were unable to form strong support within an extremely short cycle. Multiple factors stacked together amplified short-term volatility.
Be alert to the risks of continuous outflows of short-term funds and emotion-driven actions by short-term holders. If exchange net inflows continue to remain high and key support levels are not defended effectively, the price may face further adjustment pressure. Keep monitoring on-chain large transfers, changes in short-term holdings, and trends in macro news, and be cautious of sudden market volatility. For more market updates, please stay tuned for subsequent monitoring.