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

The 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%.