Bitcoin Cash drops 10% as whales shift positions
Bitcoin Cash (BCH)
Editor:
Eugene Serbin
ambcrypto.com reports that Bitcoin Cash [BCH] fell approximately 10% in the last day, with whale-sized orders dominating both Spot and perpetual markets. The Futures Average Order Size reached 164.47, while the Spot Average Order Size stood at 152.51 during this decline. In the futures market, increased order size aligned with growing selling pressure, pushing the Open Interest Weighted Funding Rate to a negative -0.0244%.
This rate suggests that most of the roughly $356 million in capital is held by sellers, indicating whales likely opened short positions. Conversely, the Spot market saw active buying, with Spot Netflow reaching -$3.45 million over 24 hours. This negative netflow implies heavy buying from centralized exchanges as traders moved assets into private wallets for holding.
A one-month Liquidation Heatmap shows over $4 million in liquidity near $208, which could attract price during volatility. Spot trader activity remains critical, as increased selling could weaken the structure and push prices lower. The negative funding rate reflects aggressive short positioning, while spot outflows counter this bearish sentiment.
How the market reacted
Whalio's own Binance spot order flow for BCH, measured when this story was written up on 12 September 2026. Not the outlet's figures.
BCH is trading at $228.20 with a 1-hour buy ratio of 54.8%, which is higher than the 4-hour ratio of 52.4% and the 24-hour ratio of 50.3%. This indicates that buying pressure is currently building in the short term compared to the longer view. The Volume Delta shows positive inflows, with +$6,811 in the last hour, +$66,996 over four hours, and +$168,747 over 24 hours. The Cumulative Volume Delta (CVD) for the 24-hour close matches the total delta at +$168,747. Net buying occurred in 11 of the last 24 hours, with a total spot volume of $20,149,304 across 134,331 trades.
The latest daily buy ratio of 52.0% sits at the 60th percentile of the last 324 days, against a median of 50.8% - ordinary for this coin.
Was that an ordinary day?
The same Binance spot measurements for BCH, averaged over the days leading up to the story.
Over the preceding week, the average buy ratio was 49.1%, making the latest 24-hour ratio of 50.3% slightly higher by 1.2 points. Trading volume was 1.54 times the weekly average, indicating significantly higher activity than usual. Net buying occurred on 4 of the 7 days, while the price dropped 8.1% over the 8-day period. The total Volume Delta for the week was -$2,732,606, contrasting with the positive 24-hour delta. This suggests that while today shows stronger buying than the weekly average, the broader weekly trend remains bearish with outflows.