2026-04-01 16:30 to 16:45 (UTC), the ETH spot price oscillated and moved upward. The 15-minute interval return recorded +0.66%. The price moved narrowly between 2133.04 and 2152.23 USDT, with a swing of 0.90%. Market activity remained persistently high; the number of active on-chain addresses reached approximately 420,690 within 10 minutes. Increased volatility sparked short-term attention.
The main driving force behind this move came from changes in the derivatives market structure. From the end of March 2026 to the beginning of April, the ETH options market saw the largest historical scale of expiry events. After more than 50% of open interest expired on March 26, some institutions carried out rolling operations, extending large positions into early April. This caused buying and selling forces to be redistributed in the short term. Resetting derivative positions, combined with institutions’ hedging actions around the biggest pain-point range, created a clear disturbance to spot prices. At the same time, continued net inflows into the ETF amplified upward momentum. From March to early April, the ETH spot ETF’s average daily inflow reached as high as 13,642 ETH, driving sustained increases in spot demand.
In addition, overall market sentiment was driven by two factors: improved ecosystem activity and stronger on-chain demand. By early April, the locked-in amount of ETH on-chain DeFi protocols had risen to $6.5 billion. Major protocols such as Lido, Aave, and EigenLayer showed stable locked-in distribution, boosting liquidity and capital flows on-chain. On-chain data shows that there was no concentrated sell-off or large-scale withdrawals. The positioning structure remained relatively stable. ETF inflows, institutional position adjustments, and the simultaneous surge in on-chain activity and DeFi demand amplified the magnitude of ETH’s short-term volatility.
Monitor potential turning risks in the derivatives market and changes in the structure of active on-chain funds. After options expiry, short-term volatility was somewhat compressed; however, the Put skew indicator suggests that downward pressure still exists, though overall capital is flowing toward ETH options and ETF flows. Going forward, watch resistance around 2150 USDT, shifts in on-chain fund movement, and ETF subscription activity. Users are advised to continue monitoring market structure changes, guard against short-term volatility risks, and get more real-time market news updates.
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