K33 Research: The perpetual funding rate remains negative, signaling a bottom for Bitcoin

ChainCatcher news, K33 Research analysts indicate that as the correlation between Bitcoin and the S&P 500 index reaches a 23-month high of 0.67, the cryptocurrency market will be significantly influenced by the CPI release on Wednesday and the FOMC meeting on September 18, when the Federal Reserve will make its highly anticipated latest interest rate decision. However, the ongoing bearish sentiment has pushed the average daily funding rate in the perpetual contract market to its lowest level since March 2023.

Analysts point out, "This is the seventh time since 2018 that the 30-day average funding rate has hit negative levels. This provides a compelling reason for a positive price trend in the coming months." According to K33's data, since 2018, after the 30-day average return turned negative, the 90-day average return was 79%, with a median 90-day return of 55%.