đ Bitcoin Cash Whale Activity Explodes 122% â Is BCH Primed to Flip Bitcoin?
Whales are betting big on Bitcoin Cashâand the numbers donât lie. With a staggering 122% surge in large transactions, BCH is making waves while Wall Street still tries to figure out what a 'blockchain' is.
### The Whale Watch: Big Money Moves In
When cryptoâs deep-pocketed players start shifting stacks, markets listen. Bitcoin Cash just saw its highest whale activity in monthsâfueling speculation that it could challenge Bitcoinâs throne.
### The Flippening 2.0?
Bitcoin maximalists wonât like this narrative, but BCHâs scalability edge and lower fees are attracting real-world use cases. Meanwhile, BTC remains a digital gold ETF for hedge funds who think 'HODL' is an investment strategy.
### The Bottom Line
Donât count Bitcoin out yetâbut with transaction volumes like these, the 'other Bitcoin' might finally have its moment. Just donât tell the bankers; theyâre still waiting for their 'blockchain, not crypto' bets to pay off.
Speculation Outpaces Fundamentals: Is Confidence in BCH Misplaced?
On July 4, analytics firm IntoTheBlock reported a 122.45% increase in large whale transactions involving over $100,000 in BCH, totaling $482 millionâa clear sign of accumulation.
Coinglass data also shows BCH Open Interest has soared to levels unseen since its mid-2024 run to $690, climbing 167% since the mid-April market bottom to hit $503 million.
Speculators are increasingly active in BCH price moves, but a negative funding rate of -0.009% signals growing demand for short positionsâtraders are betting on a price decline.
This bearish sentiment reflects weak on-chain fundamentals.
Daily active BCH addresses have hit a six-year low, underscoring that the recent rally is being driven more by speculation than real network adoption.
With over 81% of Bitcoin Cash holders in profit, this speculative environment raises the risk of a sell-off and the formation of a local top if traders move to realise gains.
Bitcoin Cash Price Analysis: Can BCH Continue to Outpace the Market?
While Bitcoin Cash remains far from flipping Bitcoin in market cap, the formation of a 15-month falling wedge could set the stage for mid-term outperformance.
BCH now approaches a key confluence zone where an ascending channel forming since the mid-April market bottom meets the wedgeâs resistanceâa potential breakout setup.
In this bullish scenario, immediate resistance at $530 stands as the gateway to a projected technical target of $990, representing a 96% upside in line with the 2.618 Fibonacci extension.
However, momentum indicators urge caution. The RSI is nearing the overbought threshold at 65âa push above 70 could invite selling pressure as buyers risk exhaustion.
Meanwhile, the MACD lineâwhile still positiveâshows weak demand as it moves in close parallel with the signal line, raising the risk of a bearish crossover if bulls lose control.
If the breakout fails, a corrective move could see bitcoin Cash fall back to retest lower supports, with the worst-case scenario pointing to a 50% drop toward the mid-April bottom at $246.
More likely support may be found around the 0.5 Fibbonnaci levelâa common bottom marker for correctionsâaround $388.
As several top-ranking altcoins eye fundamental catalystsâmost notably multiple spot ETF decisions expected by year-endâresilience to macro FUD alone may not be enough to keep Bitcoin Cash in the spotlight.
Bloomberg ETF analysts updated their latest odds of approval for crypto spot ETFs with Baskets/Index funds, #Litecoin still leading the pack at 90% chance of approval for a spot ETF
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