Matrixport data shows Korean crypto volumes dropping from $16 billion to $2-4 billion.
Bitcoin funding rate hovers at 5-15%, down from a high of nearly 90% in early 2024.
The U.S. election could act as a catalyst for increased trading in the crypto market.
The crypto market is in a holding pattern, with Korean crypto trading volumes dropping and Bitcoin funding rates remaining low. As Bitcoin hovers above $68,000, market participants are keeping a close watch on the upcoming U.S. presidential election, hoping it might stimulate renewed trading activity.
Data from Matrixport shows a sharp decline in Korean crypto trading, a region traditionally active in altcoin markets. Trading volumes in Korea, which once reached $16 billion earlier this year, now sit between $2 billion and $4 billion. This decrease has weakened altcoin rally potential, slowing momentum across the broader crypto market.
#Matrixport Today 
– Oct 28: Crypto Market Awaits Spark as #Korean Volumes Lag and U.S. Election Looms#cryptomarket #MarketTrends #MarketInsights #CryptoInvesting #BTC #BTCETF #USElection2024 pic.twitter.com/0GfmCy0Pse
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