Bitcoin Cash (BCH) dropped roughly 10% over the past day, with increased whale activity across both spot and perpetual markets. The Open Interest Weighted Funding Rate turned sharply negative at -0.0244%, suggesting whales predominantly opened short positions in BCH’s perpetual market, which holds approximately $356 million. Conversely, the Spot Netflow reached -$3.45 million, indicating traders are buying heavily from centralized exchanges into private wallets, signaling long-term holding intentions. A liquidation cluster of over $4 million is positioned near $208, which could attract price during volatile moves. The behavior of spot buyers will be critical in determining BCH’s next price direction.
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