#BTC资金流动性 December 19th Bitcoin Cash( BCH) experienced a daily increase of about 10%, with the main driving force coming from enthusiastic participation in the derivatives market. According to on-chain data, bullish funds surged by 184 million USD in a single day, with the total open interest approaching 786 million USD. The financing rate also shifted from negative to positive at 0.0044% — indicating that more traders are turning bullish, and to maintain their long positions, they need to pay increasing fees to short investors.

However, this enthusiasm is not as evident in the spot market. On December 19th, approximately 3.93 million USD worth of BCH flowed back into major exchanges for sale. Over the weekly period, net outflows approached 4.88 million USD, and the selling pressure on the spot side is quite apparent. This reflects an interesting phenomenon: contract traders are celebrating, while spot holders are watching cautiously.

From a technical perspective, BCH is oscillating within a bullish symmetrical triangle. To break through, it needs to stabilize above the key zone of 598-606 USD and break through the descending resistance level to have a chance to reach new highs. The money flow index has also broken above 50, indicating a short-term bullish trend, but the selling pressure in the spot market remains.

Overall, this rally is more of a self-celebration in the derivatives market, while spot investors' confidence has not fully caught up, and there is still a significant momentum gap between bulls and bears.