CryptoQuant analyst Burak Kesmeci wrote in a report on September 12, “Looking at September 2023 data, we see ETH funding rates hovering between 0.002 and 0.005. This is a fairly low rate for a bull market cycle. Subsequently, as funding rates stabilized above 0.015 (backed by the futures market), we witnessed ETH’s price surge from $1500 to $4000. Now looking at September 2024, we notice that funding rates have been at similar levels for nearly a month starting from August. I can’t claim history will repeat itself, but it certainly has a rhythm. Based on our past experience, the crypto market tends to recover in the last quarter after a calm (and holiday-filled) summer. To see another parabolic rise in ETH, we need positive signals. Support from the futures market played a crucial role in this rebound. We will wait for ETH funding rates to climb above 0.015 to determine if this is the calm before the storm. Funding rates above this level are important for tracking healthy growth during a bull market.”