BTC 15-minute rise of 0.49%: ETF fund net inflows and short squeeze liquidations drive gains together

Between 22:15 and 22:30 (UTC) on March 22, 2026, Bitcoin experienced significant volatility within a short-term range. The 15-minute candlestick recorded a +0.49% gain, reaching 68,371.1 USDT, with a low of 67,861.4 USDT. The overall amplitude was 0.75%. Short-term market activity was active, market attention increased, trading volume expanded noticeably, and active capital flow drove this round of fluctuation.

The main drivers of this movement were continuous net inflows into US spot ETFs and net outflows of BTC from exchanges. Specifically, on-chain data shows that after 22:00, major ETFs began a new round of net inflows at 15:00 UTC, strongly boosting institutional buying and quickly strengthening spot demand. Meanwhile, Glassnode data indicates that around the fluctuation period, exchange net outflows totaled -239.73 BTC, with selling pressure significantly easing. Investors tended to transfer BTC off exchanges to on-chain or cold wallets, increasing holding willingness and directly boosting market buying demand.

Additionally, derivatives market structure intensified the resonance of the fluctuation. Cryptoquant data shows that the 30-day percentile of BTC perpetual contract funding rates dropped to 6%, with short positions dominating. Santiment added that bearish sentiment was strong, with most funding rates negative. As prices temporarily surged, some short positions were forced to close, creating a “reverse liquidation” environment, leading to short-term buying surges and further amplifying volatility. Meanwhile, the combined trading volume of spot and derivatives markets increased by 15% over four hours, driving the price acceleration through resonance. On-chain active addresses remained generally declining, indicating that the main factors were capital flow and structural liquidations rather than increased active participation.

It is important to note that the current BTC market still exhibits high leverage and a bearish sentiment background. The continuation of the trend heavily depends on the future ETF capital flows and position structure changes. Short-term support levels are around 67,500–67,800 USDT, with resistance at 68,400–68,700 USDT. If ETF inflows slow down or market sentiment cools, prices may revert to consolidation. Users are advised to closely monitor exchange capital flows, ETF subscription and redemption data, and derivatives position dynamics, and to stay updated with more real-time market information.