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The rapid turnaround in ETH sentiment was visible in futures markets. Within three days, ETH perpetual futures funding rates rose from their lowest point in over a year to a multi-month high. Another indicator, the ETH Cumulative Volume Delta , reveals that the current ETH surge has been broad-based, with substantial net buying in both U.S. and offshore spot markets since May 21, which suggests wider global optimistic sentiment. Notably, until then, offshore exchanges were registering net selling.
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