Bitcoin Cash (BCH) surged to $519.10 this week, marking its highest price level in seven months amid intensified whale accumulation. The cryptocurrency recorded a 15% weekly gain and 29% monthly increase, notably outperforming Bitcoin during this period.
Substantial whale transactions initially fueled BCH’s rally, with average transaction sizes escalating from $10,000 in early April to approximately $75,000 by late June. This accumulation pattern suggested strong institutional interest driving price momentum.
Recent blockchain data indicates potential exhaustion in buying pressure, showing a stark decline in whale engagement. Metrics reveal nearly 90% reduction in both whale transaction count and average value since late-June peaks.
Market analysts note technical indicators aligned with the rally but caution about emerging headwinds. Support is now centered around the $460-$470 range, with sustained stability potentially enabling another upward push toward $600.
The abrupt decline in whale activity has traders monitoring whether retail demand can sustain momentum as institutional accumulation wanes.