According to PANews, Matrixport's latest report indicates that South Korea, known for its active altcoin trading, is currently experiencing low trading volumes, making a significant rebound in altcoin prices unlikely. Historically, Bitcoin's funding rates have aligned with South Korean trading volume trends, with higher funding rates typically attracting hedge funds to purchase ETFs to profit from price differences.
However, at present, Bitcoin's funding rates, South Korean trading volumes, and Bitcoin spot ETF purchases are all below the levels seen in March 2024. The cryptocurrency market is still awaiting a significant catalyst to boost activity. The upcoming U.S. presidential election next week could potentially serve as a key trigger for renewed market momentum.
