ETH 1-hour increase of 0.72%: Spot ETF capital inflows and on-chain activity drive short-term strength

From 2026-04-01 06:00 to 2026-04-01 07:00 (UTC), the ETH price range was between 2122.69 and 2143.2 USDT. The 1-hour return was recorded at +0.72%, with a range of 0.97%. Against a backdrop of intensifying volatility and rising market attention, various on-chain activity indicators and institutional capital dynamics have led to the concentrated deployment of short-term funds, making spot trading activity significantly more active.

The main drivers behind this anomaly are the continued net inflows of ETF funds in the spot market and the expansion of on-chain demand. In late March 2026, the ETH spot ETF saw a net inflow of $479 million for the week, lifting assets under management to $20.42 billion, indicating that institutional buy orders have continued to strengthen. On-chain transaction counts remained at a high level of activity, with daily on-chain transactions averaging 2,276,000. Active addresses and newly created wallet numbers also remained at historical highs, providing solid support for spot prices. In the derivatives market, the total 8-hour funding rate across the network was 0.0004%, and major platforms were also below their normal levels, showing that long and short positions are highly balanced, excluding risks of leverage liquidations and short squeezes. Short-term volatility is mainly driven by spot buying.

In addition, some whale groups began to slightly reduce their holdings after late March, and recent net inflows to exchanges have increased significantly (68,432.81 ETH), causing some large holders’ chips to shift to within the exchange, increasing potential selling pressure. At the same time, on-chain Gas fees fell to a low of $0.15 per transaction. After the network expansion and upgrade, the activity of applications such as DeFi and NFTs rebounded, further amplifying the resonance of multiple positive factors. With multiple factors reinforcing each other and spot liquidity flowing in, ETH has been propelled to push higher in the short term.

It should be noted that whale selling signs and the increase in exchange net inflows together pose a potential selling pressure risk. If spot buying force weakens in the future, the price will face pullback pressure. It is recommended to focus on key indicators such as ETF fund flow dynamics, on-chain large transfers, and changes in active addresses, to capture the timing of short-term market moves and stay alert to volatility risks brought by shifts in market sentiment. Stay timely and monitor the latest market news to obtain clear signals about subsequent price action.