Bitcoin Cash Among Top Weekly Gainers Amid Exciting News

Bitcoin Cash is in the limelight after an impressive performance last week, earning it a spot among to top gainers .

Moreover, the cryptocurrency may be headed for some interesting times ahead courtesy of a recent New York bill.

Last week brought forth a bullish relief and Bitcoin Cash turned out to be one of the top gainers in the top 50 list by marketcap.

The cryptocurrency benefited from a robust wave of liquidity inflow, allowing it to outshine the likes of its bigger brother Bitcoin.

To put things into perspective, Bitcoin Cash rallied by as much as 43.59% from its lowest price point to its highest during the week. It was still sitting on a healthy 37% upside at its $346.9 press time price tag.

Bitcoin cash price action/ source: TradingView

This was BCH’s biggest weekly recovery so far since December. Its MFI signaled an aggressive spike in liquidity inflows similar to its previous bullish attempt in March.

It is also worth noting that the bulls made a strong comeback after retesting a key price level that previously demonstrated strong support last year.

Bitcoin Cash on-chain metrics reveal strong whale involvement

Bitcoin Cash saw significant whale outflows in the last 3 months. Whale holdings dipped from 3.45 million BCH (17.38% of supply) on 1 January 2025 to as low as 3.17 million coins on 15 March.

It has since then bounced back slightly to 3.2 million coins (16.09%) as of 12 April. Large holder netflow data confirmed the presence of strong demand from whales.

Large holder netflows surged to 104,220 BCH on 12 April, marking the highest wave of whale demand since 8 February.

Bitcoin Cash Large holder netflows/ source; IntoTheBlock

Whale inflows were about 8.3 times higher than outflows according to IntoTheBlock data.

In addition, spot flows on Coinglass recorded a massive spike on 12 April, during which spot inflows surged to $8.4 million.

The whale activity spike was the highest observed in the last 9 months. It was also backed by strong spot demand, with positive spot flows prevailing for the last 6 consecutive days. This confirmed a strong wave of accumulation.

Bitcoin cash spot flows/ source: Coinglass

These observations underscore the strong demand responsible for the aggressive BCH rally.

But the big question now is whether the cryptocurrency can maintain the momentum or will it retreat in favor of short term profit-taking?

BCH holder data revealed that long term holders have been accumulating the cryptocurrency at lower prices since early February.

Cruiser and retail address data showed robust outflows during the same period. In other words, the latest rally was aided by long term holder and whale accumulation.

Is Bitcoin Cash finally receiving the recognition it deserves?

Bitcoin Cash has for the most part been overshadowed by its more popular counterparts.

Nevertheless, some analysts still believe that it is still an attractive for reasons similar to those of Bitcoin, including the fact that it also operates on a proof of work consensus algorithm and has a very low circulating supply.

New York legislators appear to be warming up to Bitcoin Cash judging by a bill they recently introduced.

The bill proposed that the state agencies in New York will accept fees, fines and taxes to be paid in cryptocurrencies. Litecoin, Bitcoin, Bitcoin Cash and Ethereum were listed as the acceptable cryptocurrencies.

Source: X

This form of recognition by a state government emphasizes the possibility that the trend may continue with other states.

Perhaps this could even pave the way for Bitcoin Cash ETFs further down the road.

This development signals that BCH could turn out to be one of the most interesting and overlooked coins that may deliver a surprising performance.