Whales Suddenly Interested in Bitcoin’s Fork, Bitcoin Cash: Details

According to WhaleStats, the Bitcoin fork, Bitcoin Cash (BCH), is suddenly seeing whale interest. This comes as it ranks in the top 10 assets in terms of trading volume among the 100 biggest BSC whales in the last 24 hours.

JUST IN: $BCH now in the top 10 by trading volume among the 100 largest #BSC whales in the last 24 hours 🐳

Check out the top 100 whales here: https://t.co/0SYnjw0xQs

(and hodl $BBW to see data for the top 4000!)#BCH #whalestats #babywhale #BBW pic.twitter.com/838RoZloJt

— WhaleStats – top 1000 BSC richlist (@WhaleStatsBSC) 1 September 2022

While the reason for the sudden interest in the asset remains unknown, the simplest logic remains that whales usually use periods of decline or underperformance to accumulate tokens cheaply.

Santiment’s MVRV indicates the sentimental sentiment surrounding an asset at any given time, and extracts the probability of future price movement based on probability. “Neutral” refers to average MVRV divergences that fall between -50% and +50%, meaning they are less than halfway toward either the “opportunity zone” or the “danger zone”. Negative MVRV assets in the “opportunity zone” are underbought, while those with high MVRV values ​​in the “danger zone” are overvalued.

A recent Santiment analysis indicates that for most assets, including BCH, 30-day trading returns continue to point to intermediate losses for the average portfolio. The further into negative territory an asset’s MVRV goes, the lower the risk of further downside.

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At the time of publication, BCH was trading at $115.76, marginally down in the last 24 hours. While sharing a significant positive correlation of 93% with BTC, Bitcoin Cash (BCH) has been affected by the general market decline.

At current prices, Bitcoin Cash is still down 97.35% from its all-time high of $4,355 reached on December 20, 2017, and is ranked as the 29th largest cryptocurrency by market capitalization.

BCH Advocate Roger Ver Stirs Up Crypto Twitter

Roger Ver posted a tweet about buying BTC: “Buying BTC isn’t like buying stock in the early internet, it’s like buying stock in Myspace in the early internet.”

Purchase #BTC is not like buying stocks in the early internet, it’s like buying stocks in #my seat on the early internet.

— Roger Ver (@rogerkver) 31 August 2022

One Twitter user asked in response: “So what is buying BCash comparable to then? Shares in what.”

Roger Ver was nicknamed “Bitcoin Jesus” for proselytizing about the world’s largest cryptocurrency, Bitcoin, in its early days. He has invested in several Bitcoin-related startups and has become one of the most vocal proponents of Bitcoin Cash.