"In the past, monthly funding rates hitting negative levels have coincided with a market bottom," K33 analysts Vetle Lunde and David Zimmerman wrote. Based on the previous occasions when the metric flipped negative, the average return in the following 90-day period was 79% with the median 90-day return being 55%, the report said.
"Uncertainty around the election will likely weigh on crypto prices until November," said Aurelie Barthere, principal research analyst at Nansen, but today's debate 'could bring a small breather as Harris' lead in the polls might erode somewhat..."
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