Between 13:30 and 13:45 (UTC) on March 28, 2026, the intra-day yield of BTC reached +0.71%, trading from 66458.1 to 67150.7 USDT, with a volatility of 1.04%. During this period of abnormal movement, large transfers surged, and the inflow of funds to exchanges expanded in a timely manner, increasing market attention and short-term liquidity.
The primary driving force behind this anomaly was the large-position accounts that have been continuously distributing chips since the end of 2025, accelerating the transfer of BTC to mainstream exchanges in early 2026, resulting in significant short-term selling pressure. On the derivatives market level, the funding rate for BTC perpetual contracts remained negative, with low futures positions dominated by short sellers. Some shorts were passively liquidated when prices did not break support, leading to short covering that pushed prices up.
At the same time, overall liquidity in the BTC spot market was relatively weak, with an ETF net outflow of $462 million over three days, and no significant increase in active addresses or stablecoin inflows, limiting buying support. Against a backdrop of multiple factors, the on-chain large transfer activities and the flow of funds into exchanges resonated, amplifying the impact of large trades on prices, while short covering and short-term funds jointly pushed up the current price.
Caution is warranted: the concentrated transfer and dominant distribution of whales have not yet ended, the derivatives funding rate remains negative, and the short-term market structure is still fragile, with large trades potentially causing severe price shocks. Pay attention to the BTC balances on exchanges, on-chain large fund flows, ETF dynamics, and changes in derivatives positions and liquidation rhythms to grasp market anomalies and short-term risks. For more market insights, please continue to follow subsequent tracking.
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