QCP: Improved Funding Rates Signal Potential for Further Market Gains

According to BlockBeats, QCP Capital’s daily report suggests that the recent shift in U.S. Vice President Kamala Harris's stance on cryptocurrency could have a positive impact on the market. During a fundraiser last weekend, Harris pledged support for the development of the cryptocurrency industry, marking a significant move to attract crypto voters. This comes after Anthony Scaramucci and other prominent crypto advocates helped shape pro-crypto policies for her campaign.QCP notes that Harris's pro-crypto attitude, combined with favorable macroeconomic conditions, has set the stage for a promising week in the crypto market. Over the past week, nearly $60 million in short positions were liquidated, contributing to Bitcoin's recent 12% rebound from its low of $57,500, just shy of the 13.8% increase QCP predicted earlier.The report highlights that funding rates on major centralized exchanges (CEX) are showing signs of improvement, and yields are becoming more attractive as interest rates decline. The normalization of front-end put skew and an influx of high buyers and low sellers suggest that the market could continue its upward momentum. QCP remains optimistic about the near-term prospects for Bitcoin and the broader crypto market.