According to Odaily Planet Daily, Matrixport released the latest chart saying that the funding rate of Ethereum perpetual futures has soared to an annualized 18%+, the highest level since May 2024. This shows that market sentiment is shifting and traders are heavily long ETH before the US presidential election.

After the price retreated from $3,800 to $2,500, traders are now buying ETH at a more attractive price. In addition, BlackRock CEO Larry Fink hinted that Ethereum’s blockchain role may be significantly improved, which reflects the shift in market focus. BlackRock is currently not only focusing on Bitcoin, but also sees Ethereum as an important digital asset alternative.