K33 Research: Perpetual funding rates are still negative, a signal that Bitcoin has bottomed out

K33 Research analysts say that with the correlation between Bitcoin and the S&P 500 reaching a 23-month high of 0.67, the cryptocurrency market will be more significantly affected by Wednesday's CPI release and the FOMC meeting on September 18, when the Federal Reserve will make its much-anticipated latest interest rate decision. However, persistent bearish sentiment has pushed the daily average funding rate in the perpetual contract market to its lowest level since March 2023. Analysts noted that "the 30-day average funding rate hit negative levels for the seventh time since 2018. This provides a compelling case for positive price action in the coming months." According to K33 data, since 2018, after the 30-day average return turned negative, the average 90-day return was 79%, and the median 90-day return was 55%. (The Block)