CryptoQuant: The 30-day moving average of the funding rate has turned positive, indicating that futures traders are more bullish

Odaily News Julio Moreno, head of research at CryptoQuant, said the 30-day moving average of funding rates has turned positive, indicating that futures traders are becoming more bullish. Moreno noted that the upward trend came after a long period of decline, indicating that market participants may be turning more optimistic. Coinglass data shows that Ethereum's open interest-weighted funding rate has been trending positive since the Federal Reserve cut interest rates on September 18, currently at 0.0089%. QCP Capital analysts have also noticed an improvement in funding rates on major exchanges and believe that this is related to recent interest rate cuts. Since the Federal Reserve cut the federal funds rate by 50 basis points on September 18, the price of Ethereum has risen by more than 17%, outperforming Bitcoin's 10% increase over the same period. (The Block)