ETH 15-minute short-term rally up 0.74%: On-chain large fund inflows and longs adding to positions resonate to drive the move

Between 00:45 and 01:00 (UTC) on April 27, 2026, ETH experienced a short-term surge of 0.74% within 15 minutes, with the price range between 2371.16 and 2391.55 USDT, and an amplitude of 0.86%. On-chain transaction data shows that spot trading volume increased by 12% compared to the previous period, with large capital inflows concentrated, market participation significantly increased, and sentiment tilted towards bullishness.

The main driver of this anomaly was the inflow of large on-chain funds into the spot market. Etherscan data indicates multiple transfers exceeding 10,000 ETH during this period, with some funds flowing into centralized exchange deposit addresses, showing institutional or large holder fund movements directly pushing the price upward.

Secondly, the derivatives market saw long positions increasing, amplifying the rally. The perpetual contract long-short ratio on Deribit rose from 1.02 to 1.10, with contract trading volume expanding by approximately 15% week-over-week, and open interest increasing by about 8%, with no signs of large liquidations, indicating that the long side actively added positions. Meanwhile, the number of active addresses increased by 7% to around 15,200, reflecting higher market participation and not dominated by a single large holder. Some funds flowed into DeFi protocols to increase short-term buying demand, resonating with the spot and futures markets and further amplifying volatility.

Going forward, attention should be paid to the sustainability of capital inflows; if on-chain fund inflows slow down, upward momentum may weaken. The leverage ratio in the futures market increased with open interest, posing a risk of forced liquidations on the long side if prices pull back. Key indicators to watch include large on-chain transfer movements, changes in open interest, and fluctuations in the holdings of the Top 100 addresses, to be alert to short-term pullbacks caused by large holders reducing their positions.