Cryptokits are buying up Bitcoin Cash (BCH)
This week, the price of BCH crossed the $250 mark. Online data show that the driving force behind this growth was a group of cryptocats who own 100,000 to 1 million coins.
As shown in the chart below, between September 21st and October 3rd, they purchased 150,000 Bitcoin Cash worth about $36 million.
Interestingly, this cohort of whales timed the start of the June 2023 rally quite accurately. Between June 20 and July 6, when the price of BCH soared by more than 150%, they bought 420,000 coins.
However, it is still unclear whether large investors will continue to buy Bitcoin Cash or move to smaller-cap altcoins.
