TechFlow news, October 28 — Matrixport released a new chart showing that South Korea, known for its active altcoin trading, still sees weak trading volume, suggesting limited potential for a significant altcoin rebound. Bitcoin funding rates have historically moved in line with South Korean trading activity, and higher funding rates typically attract hedge funds to buy ETFs for basis trading profits.
However, current bitcoin funding rates, South Korean trading volumes, and spot bitcoin ETF purchases are all below levels seen in March 2024. The crypto market is still awaiting a "shot in the arm." Next week's U.S. presidential election could become the key catalyst to ignite new market momentum.
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