The US Presidential Election May Become a Key Catalyst for the Crypto Market
Matrixport has released the latest chart, indicating that South Korea is known for its active altcoin trading, but current trading volumes remain sluggish, and the likelihood of a significant rebound in altcoins is low. The funding rate for Bitcoin has historically aligned with the trading volume trends in South Korea, with higher funding rates typically attracting hedge funds to purchase ETFs for arbitrage.
However, the current Bitcoin funding rate, South Korean trading volume, and the purchase volume of Bitcoin spot ETFs are all below the levels seen in March 2024, as the crypto market continues to await a 'shot in the arm.' Next week's US presidential election may become a key catalyst for igniting new momentum in the market.
