On March 22, 2026, from 22:15 to 22:30 (UTC), ETH recorded a +0.81% return within 15 minutes, with a price range of $2,041.49 to $2,064.99 USDT and an amplitude of 1.15%. Market attention quickly increased, with significant volatility during the session, as some investors focused on large on-chain transfers.
The main driver of this movement was whale wallets withdrawing approximately $155 million worth of ETH from major exchanges within 48 hours, significantly reducing available liquidity on exchanges. On-chain data shows some large ETH inflows into cold wallets or new addresses, reducing short-term selling pressure. Market sensitivity to buy orders increased, pushing ETH higher in the short term. Meanwhile, spot trading volume within this period also expanded, indicating that whale accumulation directly contributed to the price rally.
Additionally, ETH-related ETF products experienced continuous net outflows in early March, with the largest single-day outflow exceeding $38 million, reflecting institutional capital withdrawal pressure. Despite the potential selling pressure from ETF outflows, whale accumulation on-chain showed a hedging effect, leading to a clear market structural divergence. Furthermore, on-chain holdings are becoming more dispersed across new wallets and cold storage, further easing short-term selling shocks.
The risk of volatility due to decreased ETH market liquidity remains a concern. Attention should be paid to whale position changes and potential fund reflows to exchanges. Key support levels, derivatives market interactions, and ETF capital flows are also important points for future observation. Users should remain vigilant about the risk of price corrections caused by sudden liquidity drops and stay updated on large on-chain transfers and market structural changes.
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