Bitcoin 
$88,334.92 Cash (BCH) made one of the most remarkable price movements of the last period on December 19. BCH, which gained nearly 10 percent in value in about 24 hours, stood out with its intense transaction volume, especially in derivative markets. However, this rise was not greeted with the same enthusiasm by all investor groups in the market. While derivative investors took positions more aggressively, the cautious stance of investors in the spot market attracted attention. This situation raised questions about the sustainability of the rally.
Long Appetite Increases in the Derivatives Market
BitcoinCash 
$598.08The main driving force of the rise in was the long positions opened in the futures market. According to CoinGlass data, the capital transferred to BCH perpetual contracts on major centralized exchanges has increased rapidly. With the additional inflow of approximately 184 million dollars, the total open interest reached the level of 786 million dollars. This increase indicates that short-term investors’ upward expectations for BCH have strengthened.
Funding rates also supported this picture. Funding rates moving into positive territory showed that long position holders were paying short investors. This rate, measured at approximately 0.0044 percent, revealed that the buying pressure in the market was increasing. On the other hand, the picture was not very encouraging for investors who took short positions. Approximately 2.54 million dollars of short liquidation took place in the last 24 hours, revealing how sharp the rise was.
Spot Investors Insist on Selling
In contrast to the optimism in the derivatives market, spot investors are taking a more reserved stance towards Bitcoin Cash. Spot exchange net flows show that BCH is being sent back to exchanges and selling pressure is increasing. On December 19 alone, approximately $3.93 million worth of BCH was transferred to exchanges and sold. This situation reveals that the limited purchasing trend at the beginning of the month has completely reversed.
Looking at the weekly data, it is seen that the selling pressure continues. While a net outflow of approximately 4.88 million dollars was recorded in the last week, this figure increased to 53.58 million dollars in the week starting December 8. According to experts, the latest price increase encourages investors who want to sell at higher levels rather than long-term accumulation.
On the technical analysis front, BCH moves in a symmetrical triangle formation with upward potential. Although the price briefly approached the $651 level, the downtrend resistance and horizontal resistance in the $598–606 range must be overcome. Although the Money Flow Index exceeding the 50 level indicates that the capital entering the market is increasing, it is critical to maintain this momentum.
Such a situation recently occurred in Litecoin. 
$77.50 It happened on the front. In Litecoin, increasing long positions in derivative markets created a short-term price jump, but sales by spot investors limited the rise. This chart once again shows that derivative-driven rallies in major altcoins can be fragile if they do not receive sufficient support from the spot market.
