Coinspeaker
Bitcoin Cash (BCH) Open Interest Hits Highest Level in 3 Years, Here’s Why

Bitcoin Cash (BCH) is currently seeing a surge in open interest, and the reasons may not be far-fetched. On Thursday, open interest in Bitcoin Cash futures perpetual contracts soared to levels not seen since May 2021, reaching an impressive $708.75 million all-time high in the process.

The surge signals an 18.26% rise within 24 hours, and a 165% bump over the last seven days, per Coinglass data. Similarly, BCH price has picked up pace, surging 6.05% in the past 24 hours to stand at $578 as of press time.

Why Bitcoin Cash Is Seeing Record-Breaking Open Interest

The second-ever Bitcoin Cash halving is only a few days away. According to projections, the event, which will cut block rewards in half, is scheduled to take place on April 4. However, traders and investors appear to have already entered a race to secure good positions in anticipation of potential price movements.

A positive takeaway is that the surge in open interest indicates Bitcoin Cash is now more appealing than ever. This is because halving usually brings scarcity – a general recipe for increased v...