Between 2026-04-10 01:30 and 2026-04-10 01:45 (UTC), the BTC price rose from 71,863.2 USDT to 72,383.6 USDT. In 15 minutes, the return was +0.60%, with a range (amplitude) of 0.72%. Market volatility was significant during this period. Short-term buy orders on major exchanges were active, attention quickly heated up, and it showed a rapid price reaction driven by capital inflows.
The main driver behind this abnormal move was that in early April, whale wallets cooperated with a short-term, concentrated transfer to trading platforms totaling 42,000 BTC. This is the highest level since the beginning of this year, and it created the potential for a 7-day high selloff. On-chain data shows that transfer transactions involving large holders and long-term holders (2+ years) were active, increasing selling pressure. At the same time, the net inflow amount of US spot ETFs reached $120 million in the first week. Ongoing ETF fund inflows during the period provided support for market buying, directly offsetting the concentrated release pressure from large holdings.
In addition, April saw adjustments in the derivatives market positioning structure. CME futures OI fell to 123,000 BTC, reflecting that some institutional funds shifted from derivatives into spot ETFs. Both spot trading volume and exchange BTC balances showed an upward trend. The market is currently in a low-liquidity environment, where trading is dominated by institutions and large capital players, and retail participation rates remain low. With ETF net inflows and whale wallet transfer activity overlapping, a resonance formed between capital inflows and sell pressure, worsening short-term volatility and amplifying the impact of price changes.
At present, whale selling and ETF capital inflows are in a dynamic game of give-and-take. Because market liquidity is fragile, the price has become more sensitive to capital anomalies. In the short term, it’s important to closely monitor whether ETF net inflows can remain at elevated levels, as well as changes in the frequency of whale wallet transfers and exchange BTC balances. With volatility risk increasing, users are advised to focus on monitoring on-chain large fund flows, changes in ETF product capital, and key support and resistance zones, while maintaining close attention to the dynamic market conditions.
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