Bitcoin Cash weakened significantly over the past 24 hours, falling 12.55% to $363.75, making it one of the worst-performing crypto assets of the day. Along with the price decline, trading volume increased, reaching $435 million, a 92% increase from the previous day.
Whale holdings have decreased significantly.
According to on-chain data platform Nansen, the holdings of the top 100 BCH addresses decreased by 61.92% in the past 24 hours. This change indicates that large holders are reducing their exposure, further increasing market pressure.
Besides whales, ordinary investors and medium- to long-term holders also showed similar activity. CoinGlass data shows that approximately $985,000 worth of BCH flowed into exchanges in the past 24 hours. Typically, increased inflows into exchanges indicate that some holders may be preparing to sell.
Short positions are dominant.
Sentiment in the derivatives market was also weak. Data shows that the BCH long/short ratio fell to 0.7886, indicating that short positions currently dominate. The combination of selling pressure in the spot market and bearish sentiment in derivatives has made the market cautious about future price movements.
From a technical perspective, BCH has fallen below the $380 area. This level has been a key support level since May 2025, and its breach indicates a weakening short-term structure.
$305 becomes the key support level.
If prices continue to trade below $380, the market will focus on support around $305, meaning BCH may still face further downward pressure. Only if prices regain and stabilize above $380 will the aforementioned bearish structure be alleviated.
However, trend strength indicators do not yet show that the downtrend has fully strengthened. The Average Directional Movement Index (ADX) is currently at 18.64, below the 25 level typically used to judge trend strength, indicating that while a decline has formed, the momentum is not yet strong.
Overall, BCH remains under short-term pressure. The market will focus on two key factors going forward: whether whales continue to reduce their positions, and whether buying pressure can absorb selling pressure at lower support levels.
