From 20:15 to 20:30 (UTC) on March 24, 2026, the ETH spot market achieved a 0.99% return within 15 minutes, with the price range between 2120.44 and 2154.45 USDT, and a volatility of 1.60%. During this fluctuation, on-chain trading activity and market attention increased simultaneously, significantly boosting spot market liquidity.
The main driver of this movement was an inflow of approximately 12,000 ETH into the ETH spot ETF on that day, indicating increased institutional buying pressure and pushing the spot buy-side upward. Meanwhile, bullish sentiment in the derivatives market also warmed: open interest in ETH perpetual contracts grew about 4% between 20:00 and 20:30, with funding rates rising from 0.01% to 0.03%, showing a clear increase in leveraged long positions, which directly contributed to the price movement.
Additionally, on-chain data showed active addresses increased from about 726,000 to 732,000 during this period, with a slight rise in the number of transactions, reflecting expanded market participation. Large holders transferred at least two transactions of over 5,000 ETH into major exchange wallets, while some large wallets experienced net outflows of ETH, moving to cold wallets or DeFi protocols, reducing short-term selling pressure. The positive market structure and bullish sentiment resonated, amplifying the price fluctuation.
Caution is advised regarding potential risks such as large holders’ concentrated position fluctuations, insufficient ETF net inflows, and changes in funding rates in the derivatives market that could trigger pullbacks. Future focus should be on ETF net inflow/outflow data, large wallet movements and holdings, as well as derivatives positions and funding rate changes to grasp market trends and manage short-term volatility risks. For more market insights, continue monitoring market developments.
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