Many large investors are actively adding ETH to their portfolios
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Johny Smith
2024/10/27
3 mins read
Researchers from Matrixport noted that amid increasing interest in Ethereum (ETH) and increased activity in the futures contract sector, the market is showing signs of preparing for a possible price rally. Analyst data shows that the ETH funding rate has increased, reaching positive values. This indicates an increase in open interest from traders.
With current relatively low ETH prices at around $2,400, experts say traders are starting to accumulate the asset. Many market figures focused on the prospects of the Ethereum blockchain see this as a profitable opportunity for long-term investment.
Futures traders are also actively reviewing their strategies amid strong interest in Solana-based meme cryptocurrencies, which could cause short-term price fluctuations. However, experts note: Ethereum at low levels still remains more attractive for long-term holding than more volatile alternative cryptocurrencies.
“The current situation in the futures market is reminiscent of May 2024, when similar trends led to an increase in rates and an increase in the price of a digital asset. Now, with the increase in open interest for ETH, this could become a catalyst for future growth, especially as large institutional investors gain interest in Ethereum,” the company noted in its latest report.
In addition, the position of large organizations such as BlackRock also plays an important role in supporting ETH prices. Increasing interest in the coin from institutional investors is becoming one of the key factors that can push the price up in the long term. Market participants are watching developments with caution, expecting that Ether could become a key asset in the 4th quarter of 2024.
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