Bitcoin Cash $BCH$: Onchain Overview

Surging Open Interest

The surge in open interest for BCH futures contracts is a strong indicator of the growing market sentiment towards the cryptocurrency. Open interest refers to the number of unsettled futures contracts and can indicate new money flowing into the market or existing participants increasing their allocation. Data shows that BCH open interest skyrocketed from $75 million to over $400 million within a week. The majority of this trading interest originated from Binance, where traders opened $240 million worth of BCH long or short positions.

Retail Trader Attention and Social Dominance

The surge in BCH's price and trading activity has attracted the attention of retail traders. Social discussions about BCH have reached their highest levels in three years, indicating a growing interest and engagement with the cryptocurrency. Retail traders have taken notice of the sudden price movement and the potential for profit. Additionally, trading volumes for BCH this year have hit record levels, further emphasizing the increased retail trader participation.