ETH short-term surge of 0.54%: whale large-scale buying and withdrawal activities create short-term price support

Between May 7, 2026, 06:30 and 06:45 (UTC), ETH yield increased by 0.54%, with a price range of 2323.59-2336.99 USDT, and an amplitude of 0.58%, showing a slight upward movement in the short term, with market attention clearly heating up.

The main drivers of this anomaly are large whale buy-ins and withdrawal activities. On-chain data shows that the address thomasg.eth has accumulated approximately $19.5 million worth of ETH this week, with a maximum single-day purchase of $3 million, indicating a strong willingness to increase holdings; simultaneously, anonymous whales withdrew $9.37 million worth of ETH from exchanges to self-custody wallets, temporarily reducing circulating supply available for sale and indirectly easing selling pressure. The combined effect of these actions formed short-term price support, pushing the yield upward.

Additionally, exchange and cross-chain fund flows are neutral to slightly bullish. SignalPlus data indicates that during this period, ETH net inflow into exchanges was about $1.03 billion, increasing market liquidity but also bringing potential selling pressure, though whale withdrawal activities offset some of this pressure. The net outflow trend of ETH across cross-chain bridges had already significantly slowed in early May. The derivatives market did not experience extreme liquidations, with open interest remaining stable, indicating that this round of anomaly was mainly driven by spot and on-chain fund flows. On the macro level, ETF weekly net inflow was about $27 million, the Federal Reserve maintained interest rates in the 3.5%-3.75% range, and overall market risk appetite remained stable, providing some support for the price.

Short-term risks to watch include: if whales or institutions do not continue buying, exchange liquidity could turn into selling pressure; if on-chain monitoring detects large whale transfers back to exchanges, a price decline should be anticipated. Operationally, it is recommended to focus on the $2320 support level and the $2350 resistance level, and be cautious of the risk of cascading liquidations in leveraged products, with rational assessment of position risks.