Coin almost everyone forgot is extremely popular among whales, but there’s a silver lining
The number of whale-tier transactions is an important metric that can be useful when tracking the performance of a certain asset. Although we usually see a downward trend in the total number of transactions as the asset consolidates its placement on the market, this coinbase data shows that whales tossed the coin heavily around this day.
According to IntoTheBlock’s data, Bitcoin Cash is one of the most actively transferred cryptocurrencies among whales as the overall number of large transactions on it reaches 14,427 in comparison to Bitcoin’s 6,428.
Other on-chain and market metrics for bitcoin cash are similar to bitcoin, including percentage of holders in profit, holder composition, and overall price performance. However, the volume and number of whale-tier transactions is what really sets Bitcoin Cash apart from its competitors.
As the data suggests, more than $27.3 trillion worth of transactions greater than $100,000 have been made on the Bitcoin Cash network, easily beating Bitcoin’s $35 billion. Such a large difference may be the result of a funds distribution or any other operation that would synthetically increase the transaction volume on the network.
However, the answer to the unusually large whale-tier transaction volume may be found in the percentage of large BCH holders. About 70% of the network is owned by whales, who conduct almost every transaction on their respective blockchains. In Bitcoin, on the other hand, only 9% of whales control the network.
At press time, Bitcoin Cash is trading at $101 with an insignificant 0.03% price change in the last 24 hours.
