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Bitcoin bears, or investors betting on the price decline of Bitcoin, have now overtaken bulls in futures markets.
Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC</a>) bears have overtaken the bulls based on futures market funding rates, according to analyst and verified CryptoQuant author Axel Adler.
The analyst <a data-ct-non-breakable="null" href="https://x.com/AxelAdlerJr/status/1833441776692064577/photo/1" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/AxelAdlerJr/status/1833441776692064577/photo/1">wrote</a> in a Sept. 10 X post:
<blockquote>
 “Update on the average Funding Rate. An orange bar has appeared. There are now more bears than bulls. I think we won’t have to wait long for the outcome.”
</blockquote>
 
<figure>
 <img alt="Bitcoin price struggles as bears overtake bulls in futures markets" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191e179-25d9-713b-8451-20f8de56d887">
 <figcaption style="text-align: center;">
 BTC: Futures Perpetual Funding Rate. Source: Axel Adler/X
 </figcaption>
</figure>
However, this doesn’t necessarily mean more downside for Bitcoin’s price, according to Kristian Haralampiev, structured products lead at Nexo.
He told Cointelegraph:
<blockquote>
 “Average funding rates have been consistently on the lower side in the past weeks. BTC Basis APR has been quite stable in spite of the weak price action, suggesting a healthy ratio of leverage in the market and confidence in the bullish end-of-year projections.”
</blockquote>
The price of Bitcoin has been in a downtrend, falling over 4.3% during the past month and unable to rise above the $64,500 resistance. According to Bitstamp data, the world’s first cryptocurrency fell nearly 18% during the past three months.
 
<figure>
 <img alt="Bitcoin price struggles as bears overtake bulls in futures markets" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191e179-9bd3-7f31-a555-81e7b8f65885">
 <figcaption style="text-align: center;">
 BTC/USD, 3-month chart. Source: TradingView
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-major-target-north-korean-hackers-cyvers" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-etfs-major-target-north-korean-hackers-cyvers">Bitcoin ETFs are next major target for North Korean hackers — Cyvers</a>
<h2 id="interest-rate-cuts-could-catalyze-bitcoin-rally-as-long-as-btc-remains-above-50-000">Interest rate cuts could catalyze Bitcoin rally — as long as BTC remains above $50,000</h2>
The long-awaited interest rate cut could catalyze Bitcoin’s parabolic run as long as Bitcoin can remain above the key $50,000 psychological support.
According to Nexo’s Haralampiev, Bitcoin’s continued rally throughout the remainder of 2024 will largely depend on its ability to stay above this key support level. He added: 
<blockquote>
 “A short-term dip below $50,000 would potentially signal further declines and sideways action for Bitcoin. However, if Bitcoin remains stable above $50,000, interest rate cuts could become the driving force for a late 2024 rally.”
</blockquote>
Investors are increasingly expecting an interest rate cut from the United States Federal Reserve at its upcoming meeting on Sept. 18, which could catalyze the next Bitcoin leg up.
<figure>
 <img alt="Bitcoin price struggles as bears overtake bulls in futures markets" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191e17a-26aa-73a9-a767-c87c148426ac">
 <figcaption style="text-align: center;">
 Odds of an interest rate cut. Source: CME FedWatch
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html" rel="nofollow noopener" target="_blank" text="null" title="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">According</a> to the latest data from the CME FedWatch tool, the odds of a 25-basis-point rate cut currently stand at 83%, while the odds of a 50-basis-point rate cut are at 17%.
A potential interest rate cut could be the next major catalyst, added Haralampiev:
<blockquote>
 “If Bitcoin remains stable above $50,000, potential interest rate cuts could drive a significant rally.”
</blockquote>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ether-price-nearing-breakout-whales" rel="" target="_self" text="null" title="https://cointelegraph.com/news/ether-price-nearing-breakout-whales">Ether poised for price breakout after summer slump in crypto markets</a>
<h3 id="bitcoin-etfs-break-the-eight-day-bleeding-streak">Bitcoin ETFs break the eight-day bleeding streak</h3>
After eight days of consecutive net outflows, the Bitcoin exchange-traded funds (ETFs) have started to accumulate once again.
The US ETFs saw their second day of positive inflows on Sept. 10, amassing a cumulative $117 million worth of Bitcoin, according to Farside Investors <a data-ct-non-breakable="null" href="https://farside.co.uk/btc/" rel="null" target="null" text="null" title="null">data</a>.
<figure>
 <img alt="Bitcoin price struggles as bears overtake bulls in futures markets" name="" src="https://s3.cointelegraph.com/uploads/2024-09/0191e17a-9637-7e59-87ad-94e9f3abb069">
 <figcaption style="text-align: center;">
 Bitcoin ETF Flow (USD, million). Source: Farside Investors
 </figcaption>
</figure>
Bitcoin ETF inflows “serve as a strong indicator of investor sentiment” in the crypto market, according to Haralampiev.
ETFs accounted for about <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment" rel="null" target="null" text="null" title="null">75% of new investment</a> into Bitcoin by Feb. 15 as it surpassed the $50,000 mark. Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-price-all-time-highs-donald-trump-election-sec-gary-gensler-felix-hartmann-hall-of-flame/" rel="null" target="null" text="null" title="null">Bitcoin will ‘start ripping’ as Trump’s polls improve: Felix Hartmann, X Hall of Flame</a>

Bitcoin price struggles as bears overtake bulls in futures markets

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