ETH rises slightly by 0.18% in 15 minutes: active addresses hit new highs and spot funds flow in, jointly driving a short-term rebound

On May 4, 2026, from 14:00 to 15:00 (UTC), ETH experienced a slight fluctuation, with a return of +0.18%, a price range of 2327.62 to 2341.96 USDT, and an amplitude of 0.61%. Against the backdrop of a record high in active addresses, market attention has rebounded, but overall volatility remains limited, and prices show a mild rebound trend.

The main drivers of this fluctuation are a significant increase in network activity and net capital inflow into the spot market. According to on-chain data, active addresses during this period surpassed 590k, setting a new record and indicating a substantial rise in user participation; meanwhile, derivative market funds showed an outflow trend, with open interest decreasing from an average of $5.31 billion to $4.99 billion, as some funds withdrew from the derivatives market and flowed into the spot market, providing short-term support for prices.

Additionally, this volatility exhibits clear structural differentiation. First, whale holdings remain stable, with no large increases or decreases; approximately 4,000 daily transfers over $100k are far below historical highs, indicating that the fluctuation is mainly driven by small and medium investors rather than large players. Second, Gas fees remain low at around $0.01, with no network congestion, and ongoing technical upgrades continue to provide positive support. Third, ETF funds have experienced a net outflow of $82 million over the past three weeks, with some investors taking profits, but the inflow of funds into the spot market acts as a hedge.

Risk reminder: The current market shows a structural divergence with spot inflows and derivatives outflows occurring simultaneously. Short-term holders have realized a 4.7% profit, while long-term holders are still at a loss. If large-scale liquidations occur in the derivatives market or ETF fund outflows intensify, prices may face short-term pullback pressure. It is important to monitor trends in active addresses, changes in open interest, and ETF fund flows, and it is recommended to set stop-loss orders to prevent volatility risks.