Bitcoin Cash (BCH) is experiencing a powerful resurgence in market activity, as open interest in its perpetual futures contracts has surged to its highest level in three years. On Thursday, open interest climbed to an all-time high of $708.75 million, marking an 18.26% increase over the past 24 hours and a staggering 165% rise in just seven days, according to data from Coinglass.
At the same time, BCH’s price has followed suit, gaining 6.05% in 24 hours to trade at $578 at the time of writing. This momentum isn’t random—it reflects growing anticipation around a major network event: the upcoming Bitcoin Cash halving.
The Halving Effect: Scarcity Fuels Market Excitement
The second-ever Bitcoin Cash halving is scheduled for April 4, 2025, just days away. During this event, the block reward for miners will be cut in half—from 6.25 BCH per block to 3.125 BCH. This programmed reduction is a core feature of Bitcoin-based networks, designed to control inflation and increase scarcity over time.
Historically, such events have preceded significant price movements in major cryptocurrencies. As rewards decrease, mining becomes less profitable for less efficient operators, potentially leading to a supply squeeze. Traders and investors are well aware of this pattern, and many are positioning themselves early.
👉 Discover how market cycles respond to supply shocks before major crypto events.
The surge in open interest suggests that traders are not only watching closely but actively building leveraged positions in anticipation of post-halving volatility. This kind of forward-looking behavior often amplifies price action, creating momentum that can last weeks or even months after the event.
Miner Activity Signals Strong Network Confidence
One of the most telling signs of market health is miner behavior. In the lead-up to the halving, Bitcoin Cash has seen a surprising spike in hash rate—the total computational power securing the network. According to a recent observation by crypto analyst DavidShares on X, the Bitcoin Cash network hash rate has doubled over the past week.
This is counterintuitive at first glance. Normally, miners begin to exit networks ahead of a halving due to reduced profitability. However, the rising hash rate indicates strong confidence among miners that:
- The post-halving price of BCH will compensate for lower block rewards.
- Network security remains a priority, suggesting long-term commitment.
- Upgrades or improvements may have made mining more efficient.
Increased hash rate also enhances network stability and resistance to attacks, which can further boost investor confidence. When miners invest in infrastructure despite upcoming reward cuts, it sends a bullish signal to the broader market.
Why Open Interest Matters in Crypto Markets
Open interest refers to the total number of outstanding derivative contracts—such as futures or options—that have not been settled. Unlike trading volume, which resets daily, open interest reflects sustained market participation.
A rising open interest alongside increasing prices (as seen with BCH) typically indicates new money entering the market, rather than just short-term speculation. This combination often signals a healthy bull run phase.
Conversely, if prices rise while open interest falls, it may suggest short covering or profit-taking—less sustainable momentum.
In this case, the parallel growth in both price and open interest points to strong conviction among traders who believe BCH is poised for further gains.
Market Sentiment: Still Playing Catch-Up to Bitcoin
Despite these positive developments, Bitcoin Cash continues to face challenges in public perception and market adoption.
With a current market cap significantly below that of Bitcoin (BTC), BCH often struggles to escape comparisons. Critics still label it a “Bitcoin fork” or “wannabe,” overlooking its unique value proposition: larger block sizes (32MB) enabling faster and cheaper transactions compared to BTC’s base layer.
While BTC prepares for its fourth halving on April 21, 2025, BCH is still far from its all-time high of $4,355 reached in December 2017. Yet, this gap may represent opportunity. Lower market cap assets with strong fundamentals often see outsized returns during broader crypto bull markets.
Moreover, renewed trading activity and growing derivatives interest suggest that institutional and professional traders are beginning to reassess BCH—not just as a legacy asset, but as a live network with real economic activity.
👉 See how derivative markets shape price trends before major crypto milestones.
FAQ: Understanding Bitcoin Cash’s Current Momentum
Q: What is open interest, and why is it important for Bitcoin Cash?
A: Open interest measures the total number of active futures contracts. A rising open interest alongside price growth suggests new capital is entering the market, indicating strong trader confidence in future price movements.
Q: When is the Bitcoin Cash halving happening?
A: The 2025 Bitcoin Cash halving is expected on April 4, 2025. It will reduce block rewards from 6.25 BCH to 3.125 BCH per block.
Q: How does halving affect Bitcoin Cash’s price?
A: Halvings reduce the rate of new coin issuance, increasing scarcity. Historically, such supply shocks have preceded price increases in various cryptocurrencies, including BTC and BCH.
Q: Is Bitcoin Cash still relevant in today’s crypto market?
A: Yes. While overshadowed by Bitcoin and newer smart contract platforms, BCH maintains active development, merchant adoption for payments, and now growing derivatives interest—signs of enduring relevance.
Q: Why is the hash rate increasing before the halving?
A: Despite lower future rewards, miners may be upgrading equipment or anticipating higher prices post-halving. A rising hash rate reflects confidence in network security and long-term value.
Q: Can BCH reach new all-time highs after the halving?
A: While not guaranteed, historical patterns suggest halvings create favorable conditions for price appreciation. Combined with rising open interest and hash rate, the setup could support significant upward momentum.
Final Thoughts: A Quiet Comeback Underway?
Bitcoin Cash may not dominate headlines like Ethereum or Solana, but the data tells a compelling story. With record open interest, doubling hash rate, and growing trader participation, BCH is showing signs of a quiet but powerful comeback.
The upcoming halving acts as both a catalyst and a stress test. If history repeats itself—even partially—BCH could see substantial price action in Q2 2025.
For traders and investors alike, this moment offers a chance to reevaluate an often-overlooked asset with real utility and growing market attention.
👉 Monitor real-time futures data and prepare for the next market shift.
Core Keywords:
- Bitcoin Cash halving
- BCH open interest
- Bitcoin Cash price prediction
- BCH futures
- Cryptocurrency halving 2025
- Bitcoin Cash hash rate
- BCH market momentum
- Crypto derivatives trading