#ETH Funding rates in the derivatives markets turned negative | Reserve

#ETH
Funding rates in the derivatives markets turned negative for the first time during last 13 months (the last one was before the strong contraction of the shorts, then the price bounced up). This is not a 100% bullish signal, but the overall picture aligns well with potential impulse wave. Now the coin is at 61.8% of the July growth.
One small thing to keep in mind: negative funding can be a result of traders hedging their spot exposure to be delta neutral. This makes sense because of the upcoming ETH2.0 Merge