Most traders expect ETH quotes to recover
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Johny Smith
2024/11/13
3 mins read
News of the rapid growth of the Ethereum futures market ahead of the US presidential election is fueling the interest of trading participants. According to the latest data from researchers at Matrixport, the interest rate for perpetual contracts on Ethereum (ETH) has suddenly skyrocketed to 18% year on year, a record high since May 2024. Market participants are actively buying ETH amid a correction in its price, which fell from $3,800 to $2,500, expecting a possible increase in the run-up to the US presidential election.
This behavior, according to analysts, clearly indicates a change in market sentiment: investors are willing to bet on Ethereum as a major asset, hoping for future rallies and recovery. The activity highlights ETH’s growing role in the cryptocurrency space, especially as major asset manager BlackRock has also signaled its increasing interest in the blockchain. According to the organization’s CEO Larry Fink, Ethereum can significantly strengthen its position thanks to its technological architecture, offering the best solutions for digital asset markets.
Such words and actions of major participants in the segment indicate the widespread adaptation of blockchain technologies among global companies such as BlackRock. This contributes to the emergence of new financial instruments. Interest from institutional investors confirms hopes for ETH’s growth and its long-term importance to financial markets.
Current trends show that Ethereum is seen as an alternative asset, especially given its heavy use in the DeFi and NFT sectors. According to data as of October 15, quotes for the digital coin were around 2615, which is 3.6% higher than yesterday’s values and 7.9% more than a week ago.
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