Bitcoin Cash flashes thanks to whales

While attention remains focused on Bitcoin and Ethereum, Bitcoin Cash (BCH) stands out as the summer surprise of the market. In three months, the crypto jumped 75 %, reaching 526.5 dollars per 1^er July, an unprecedented summit for months. This surge, unexpected for many analysts, is accompanied by an intensification of large bearers movements and a rare technical configuration. Between coordinated speculation and bullish signals, the return of the BCH triggers as much enthusiasm as questions about the real nature of this dynamic.

Whales and bull signals: visible catalysts of the rally

The renewed interest in Bitcoin Cash has accelerated in recent days, in particular with the explosion of the volume of large -scale transactions on the network, while Bitcoin has just crossed the CAP of $ 109,000. On July 4, the Intotheblock analysis company has observed An increase of 122.45 % of transactions greater than $ 100,000, with 957,440 BCH exchanged, a value of around $ 482 million.

These massive movements, which coincide with former February, May and June peaks, are interpreted by several analysts as signals announcing major fluctuations to come. Significant BCH transfers observed this week evoke behavioral patterns already noted before major increases in the price.

This outbreak is also supported by a series of technical signals and market data which reflect a clear return of speculative appetite to the active. Among the trigger elements identified:

• A Golden Cross detected at the end of June on the BCH hourly graph: the 50 -day mobile average has crossed the 200 -day one, a historically bullish signal;
• Open interest on BCH derivative products climbed 27.4 % in a week, reaching $ 578 million;
• The daily trading volume has tripled, exceeding 120,000 cryptos exchanged in 24 hours;
• A capital rotation is observed, while some investors seek alternatives to major assets in a context of global rebound in the crypto market.

These factors, although encouraging momentum, reflect above all an opportunistic logic, rather than a recovery carried by solid fundamentals.

The fundamentals at half mast and alert signals

If the market seems euphoric, on-chain data temper enthusiasm. The actual activity on the BCH network is clearly declining. Indeed, the number of daily active addresses has reached a lower for six years, which suggests that the current rally is not based on increased adoption of the network, but of a speculative dynamic disconnected from the real use. This rally is more supported by speculation than by growth in network utility.

Another event drew the attention of analysts: a single transaction of 10,000 BCH, or about $ 5 million, was spotted just before the spectacular trip of 80,000 Dormant BTCs (more than $ 8.5 billion).

Some experts believe that this transfer may have served as a private key or portfolio test for this historic operation, the most important of its kind in more than ten years.

Although the Bitcoin Cash Foundation has announced, the 1^er July, the publication of Knuth V0.68.0, an update of the NODE software to improve UTXO efficiency, no announcement of notable adoption or institutional integration came to strengthen the fundamentals of the network. Roger Ver's efforts, an emblematic figure of BCH, remain visible, but without a large -scale concrete support.

This situation fuels doubts about the sustainability of current upward dynamics. If the technical zone between 478 and 508 dollars could play a support role, the weakness of the real use indicators limits the prospects of a structural rebound. Developments around technology or community, such as micropament projects or NFTs, remain marginal at this stage. The risk of a fall in the BCH is real, for lack of solid anchoring in the current crypto ecosystem, more and more oriented towards Layer 2 solutions and real applications.