In the past 48 hours, Ethereum (ETH) has recorded a sharp spike in inflows to derivative exchanges. One inflow exceeded 80,000 ETH, raising attention among analysts and traders.
Such a movement may mark a change in sentiment as heavy flows into derivatives exchanges often occur prior to bouts of greater price volatility or short term downside pressure.
Political remarks from former U.S. President Donald Trump set off the inflows to DeFi, analyst Amr Taha noted. Trump stated that he has
“no intention of firing Fed Chair Jerome Powell.”
This was seen by market participants as evidence that the Federal Reserve will not be swayed by the machinations of politics.
While the statement provided some calm, ETH traders now face conditions that suggest more movement is likely, particularly as derivatives activity picks up.
Ethereum Price Holds Support as Market Watches Key Range
Ethereum traded at $1,800.65, up 1.56% in 24 hours and 13.85% over the past week. Price has returned to a key range between $1,750 and $2,100.
Market analyst @DaanCrypto noted that ETH has turned the $1,756 level into support after acting as resistance for months. He said,
“This is a change in market dynamics by ETH as it’s something it has not done in months.”
Traders are watching the $1,750–$2,100 zone closely, with resistance expected near $2,103.14 and $2,166.43—levels that held as support earlier in the year before the drop.
Traders are now watching whether ETH can maintain this support and challenge the higher end of the range. If breaching $2,100 has a clean break and close, it will then setup for new gains.
BTC Transfer to Exchanges Sparks Correction Concerns
On April 23, over $600 million worth of BTC was transferred from whale wallets to exchanges.
This movement is the largest one-day BTC inflow in recent weeks. Large transfers of this type are rarely random and are often linked to market timing. This move came after a price rally that already liquidated many short positions.
Traders are now questioning whether the inflow will lead to real sell pressure. Amr Taha stated,
“If this BTC inflow turns into real sell pressure, it could trap late long positions and spark a retracement.”
The concern is that the market could face a short-term correction, especially if liquidity below current levels becomes a target. Analysts are monitoring long positions added after the breakout, many of which now rest just below the current market price.
Open Interest Metrics Show Moderate Speculation in ETH
As Ethereum’s price remains steady, the Open Interest to Market Cap Ratio is at 0.21%, which is in line with its 30-day average. This ratio measures how much speculative interest exists in futures markets compared to ETH’s total market capitalization.
A 30‐day high of 0.23% was reached on March 2, 2025, and the metric was valued at a low of 0.20% on March 3, 2025. The historical data indicates that the bigger the value you have in this ratio the more likely that volatility will increase.
However, the levels are still quiet compared to the peaks of 2021 and the middle of 2022. This suggests that Ethereum’s recent price movements are being driven more by spot market activity rather than excessive speculative leverage in derivatives markets.
Whale BTC transfers, ETH derivative inflows, and key price levels may signal a short-term market move.
Source: https://www.thecoinrepublic.com/2025/04/26/ethereum-inflows-surge-as-600m-btc-moves-signal-market-shake-up/