Crypto Whales Again Push Bitcoin Cash (BCH) Price Up

The crypto whales have again succeeded in pushing Bitcoin Cash (BCH) up to the top gainer chart. This phenomenon is similar to the previous bullish price rally that saw BCH rise to an annual peak of US$329 in June 2023.

BCH price managed to breakout above the US$250 mark this week. Meanwhile, on-chain data shows that a group of crypto whales historically known for being astute in predicting prices, holding between 100,000 to 1 million BCH, has been one of the main driving factors behind this rally.

As depicted below, this whale acquired 150,000 BCH between September 21st and October 3rd.

This group of crypto whales spent the last week of September to increase their BCH balances. At the current price of US$240, the 150,000 BCH coins they just acquired are worth around US$36 million.

Then, what is noteworthy, this group of whales have accurately determined the timing of the June 2023 rally. They bought as much as 420,000 BCH between June 20 and July 6, when the price of BCH skyrocketed by more than 150%.

However, it remains to be seen whether whales will continue to buy Bitcoin Cash in October or choose to diversify into other altcoins with smaller capitalization as the bull market matures.