Low Korean trading volume limits altcoin rally prospects: Matrixport

In its chart of the day shared on X, cryptocurrency service provider Matrixport noted that the chances of a prolonged altcoin rally are low, attributing this to subdued trading volumes in the typically active South Korean market. Matrixport analysts observed that Bitcoin's funding rate, Korean trading volumes and spot Bitcoin ETF purchases are all below their March 2024 levels, indicating that the crypto market lacks a catalyst. However, they speculated that the next week’s U.S. presidential election could potentially provide the needed momentum.