Matrixport: Funding rates for Ethereum perpetual futures hit their highest level since May 2024

The latest report from Matrixport shows that the funding rate for Ethereum perpetual futures has soared to an annualized 18%, the highest level since May 2024. This shows that the market sentiment is shifting, with traders aggressively long ETH ahead of the US Presidential Election. After the price of Ethereum fell back from $3,800 to $2,500, traders are now buying ETH at a more attractive price. In addition, BlackRock CEO Larry Fink hinted that the blockchain role of Ethereum could be significantly enhanced, reflecting the shift in market focus. BlackRock is not only focusing on Bitcoin at the moment, but also sees Ethereum as an important alternative to digital assets.