#数字资产市场洞察 Bitcoin Cash has experienced significant volatility supported by derivatives. On December 19th, it saw a single-day increase of 10%, driven mainly by the hot perpetual contract trading. According to on-chain data, long positions surged by $184 million on that day, with open interest approaching $786 million. The funding rate turned positive from negative to 0.0044% — meaning that long traders are continuously paying shorts.

The problem lies here: the spot market’s enthusiasm is not keeping up. On the same day, approximately $3.93 million worth of BCH flowed into exchanges ready to sell, and over the week, there was a net outflow of nearly $4.88 million, indicating clear selling pressure.

From a technical perspective, BCH is oscillating within a bullish symmetrical triangle. To break upward, it needs to overcome the key resistance at $598-$606 and the downward trendline. The Money Flow Index also broke above the 50 midline, indicating a short-term bullish bias. However, there is a subtle contrast: derivatives are inflating the price, while the spot market is quietly offloading. Momentum and genuine buying confidence do not seem fully aligned.