On October 15, Matrixport unveiled a significant report indicating that the **Ethereum perpetual futures funding rate** has surged to an annualized rate exceeding **18%**, marking the highest level observed since May 2024. This escalation reflects a palpable shift in market sentiment as traders position themselves heavily long on **ETH** ahead of the upcoming US presidential elections. Following a notable price correction from **$3,800** to approximately **$2,500**, many investors are seizing this opportunity to acquire **ETH** at more favorable price points.
Moreover, insights from BlackRock’s CEO **Larry Fink** suggest that the potential role of **Ethereum’s blockchain** could see substantial enhancement, further indicating a strategic shift in market focus. BlackRock’s investment strategy appears to be broadening, emphasizing that the firm is not solely concentrated on **Bitcoin**; instead, it acknowledges **Ethereum** as a pivotal digital asset alternative worthy of attention in the evolving cryptocurrency landscape.
Source: https://en.coinotag.com/breakingnews/ethereum-surges-as-perpetual-futures-funding-rate-hits-18-market-sentiment-shifts-ahead-of-us-elections/