Analysis: Ethereum rises strongly due to Asian buying, institutional allocation, and DeFi rebound

Matrixport stated in today's chart that the recent altcoin market has been driven by the Asian market, with Ethereum (ETH) and Ripple (XRP) showing outstanding performance. Ethereum continues to strengthen under the catalysis of multiple potential positive factors, and market sentiment remains positive even as network gas fees remain low. Currently, the funding rate of ETH has risen to double digits, coupled with the continuous inflow of futures holdings and ETF funds, the market heat is gradually heating up, although the overall level is still in a moderate range. Last week, the institution analyzed the performance of Ethereum during various trading periods worldwide, and since then, the influence of the Asian market has become increasingly significant, driving the strong rise of ETH over the weekend. However, this round of market trend is not only driven by speculative funds and institutional allocation, but the rebound in DeFi activity has also become an important driving force for Ethereum's rise.