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ETH 15-minute short-term surge of 0.71%: On-chain activity spikes in tandem with exchange fund outflows
From 02:30 to 02:45 (UTC) on May 4, 2026, ETH’s return rate within 15 minutes reached +0.71%. Its price ranged from 2363.66 to 2383.42 USDT, with an amplitude of 0.84%, and there was a clearly abnormal surge in the short term.
The main driver behind this abnormal move was the resonance between a spike in on-chain activity and exchange capital outflow pressure. Glassnode data shows that during this period, the number of active ETH addresses jumped sharply to 17,535. In 10 minutes, the total transfer volume was approximately $420k. On-chain transfer volume and active addresses rose in sync, reflecting market participants concentrating on asset transfers or trading activities. At the same time, over the past 24 hours, ETH saw a total net outflow of 15,200 ETH from centralized exchanges. Exchange liquidity declined, causing a mismatch between buy and sell orders, which directly pushed the price up in the short term.
Second, whale accounts’ concentrated actions amplified this rally. On-chain monitoring indicates that the whale account “pension-usdt.eth” currently has unrealized profits of over $16 million across multiple tokens. Recently, it has also been carrying out large leveraged trades and asset transfers. Meanwhile, one major exchange recorded a net outflow of 1,334.72 ETH, while another platform saw a net inflow of 13,300 ETH. Rapid capital migration between exchanges triggered arbitrage behavior, further intensifying short-term price volatility. In terms of network activity, the average monthly number of newly added addresses is higher than the average over the year, indicating that users’ trading willingness continues to strengthen, which aligns with on-chain data.
Going forward, it’s important to watch for the risk of a short-term pullback. Around $2,360 is a key support level. If it breaks, it may trigger additional sell pressure. It is recommended to monitor changes in on-chain fund flows, exchange net inflow/outflow data, and macro policy developments, and to handle short-term fluctuations with caution.