Matrixport’s latest report shows that funding rates for Ethereum perpetual futures surged to an annualized rate of 18%, the highest level since May 2024. This signals a shift in market sentiment, with traders heavily longing ETH ahead of the U.S. presidential election, and traders are now buying ETH at more attractive prices after Ethereum prices retreated from $3,800 to $2,500. In addition, BlackRock CEO Larry Fink hinted that Ethereum’s blockchain role may be significantly improved, which reflects the shift in market focus. BlackRock is currently not only focusing on Bitcoin, but also sees Ethereum as an important digital asset alternative.