Bitcoin Cash (BCH) surged again today, once exceeding the $300 mark. The market and the media tried their best to explain the reasons behind the surge in BCH, including: EDX Markets, halving, PoW, etc. narratives and analysis , although no one is 100% sure of the logic behind this rise, what is certain is that South Korea’s cryptocurrency market has provided a lot of momentum for this wave of BCH rises. According to transaction data from South Korean exchange Upbit, the trading volume of BCH/KRW in the past 24 hours reached 577.6 billion won (approximately US$438 million), accounting for approximately 21.9% of the total BCH trading volume on the entire network. Even Binance, which has the largest market share, BCH/USDT trading volume is only $280 million. It is worth mentioning that the BCH trading volume on Upbit is still 3.4 times that of BTC.
However, despite BCH's continued gains, the Air Force in the contract market still seems not optimistic about the sustainability of BCH's rising momentum and is determined to go short. According to data from CoinGlass, the funding rate for the BCH contract has been almost negative in the past few days, with the highest rates being by Bybit and dydx, which is equivalent to charging about 1% of the opening amount per day.