BCH price metric chart shows that most whales have not sold out their positions

The crash in the price of BCH is not due to a dump or a massive sell-out by some whales as most of us might have thought. But it's due to the general market factors which largely depend on the behavior and movement in the BTC price. Speculation has it that most of the BCH whales sold out their BCH holding positions which leads to the crash in price. But the BCH metric chart shows something otherwise, most of the top holding wallets have not been moved for a long time now.

It's worth noting that 62% of the total Bitcoin-Cash supply hasn't moved in over a year. Since the BCH fork, 45% of the total supply has remained in dormant wallets. Many BCH whales have not moved or sold their coins since the recent price drop because they believe the price is undervalued.

According to the BCH metric chart, 71% of the BCH in circulation has not moved in 6 months, 82.5% in 3 months, and 92% in the last month. This shows that the current position of the BCH price is not due to whale dumping, as most of the BCH market participants are either holding on to their coins or at least have not liquidated or dumped their coins in the last 3 months.

Besides, the cryptocurrency market behavior in the past 6 months is relatively unstable, as the BCH price chart shows that most of the whales haven't sold any coins yet. The price of the cryptocurrency is highly dependent on the BTC price and exchange manipulations.

In recent times, only a few long-term BCH holders have been involved in trading. The price action we see on the BCH market is not too different from reality and does not reflect what BCH holders think about the coin. The opposite is the case. The majority of the BCH long-term holders have not changed their belief in the long-term value of the cryptocurrency, and we see that they are still holding on to their coins.

The majority believe that the coin is undervalued at the current price margin, and hence it's better to hold until a favorable time returns.

We might be wondering why people are not stacking up more BCH since they think the coin is undervalued at the current price.

The truth is that, in an illiquid period in the crypto market like we're into at the moment, there are no funds generally to stack more even though the price is cheap.

Most BCH is not in the exchanges, but individual wallets. Exchanges BCH trading activities are only noise and a false representation of the actual BCH market activity, as the exchange markets can simply be manipulated in a manner that would deceive people into believing that the coin is being moved and dumped.

In most cases, exchanges do not store BCH, they do business with the BCH deposited on the platforms by the users, which means they don't have BCH on their own. This is why you often hear about cases of suspension to BCH withdrawal in most exchanges. The effects of this incident lead to naked short-selling in the market. The limited liquidity in the exchanges means that there is no liquidity to meet the demand for BCH if people wanted to withdraw their BCH from the exchanges.

When you check most exchanges, futures trading in BCH are up to millions. Those are not real BCH, but just numbers, and do not match up with the spot trade volume. They do not represent the actual market activities for BCH.

There are millions of BCH in circulation, when we hear one person sells 500k BCH and the price crashes don't mean the majority of the whales will follow the person and dump coins. Remember that when someone sold, someone else bought them. And the metric chart shows that the majority of the long-term holders are still in possession of their coins.

1 million BCH is certainly not an indicator of a market meltdown or a situation where people will suddenly dump coins. People still believe in the mission and vision of BCH becoming a global peer-to-peer, trustless, decentralized, secure money and payment system. They don't think that the best thing is to sell the coins right now.

Isn't it surprising to know that a higher percentage of the wallets holding BCH haven't been moved since the fork? That's five years of holding. Are the owners of those wallets dead or the coins are in Lost wallets?

I think the majority of the people holding on to their coins still think in the long term. People are seeing opportunities to go to a BCH economy in a few years to come. People still hold because they believe in the true mission of the coin.

In conclusion, BCH is not a fad or a cryptocurrency bubble. The price is undervalued and the market is still undervaluing it. People will continue to hold, and the expected long-term appreciation of the coin will manifest.

Please keep in mind that markets go up and down, and if you follow trends and analysis, you will also see that these patterns will eventually be reversed.