$BCH ONCHAIN
Figure 1 – “Futures Volume Bubble Map”
Market heat is not yet extreme. Most bubbles are currently Neutral to Mild Heating, indicating controlled participation rather than aggressive speculation.
At the same time, volume has not expanded explosively, while price is trending upward in a stable manner — a structure more consistent with healthy markup than distribution.
Figure 2 – “Futures Retail Activity Through Trading Frequency Surge”
Only a limited amount of retail participation is observed (blue zones).
This suggests retail FOMO has not kicked in yet, and the market is not overheated at this level.
Conclusion
There are no clear signs of major distribution at the moment.
$BCH appears to be in the “Early–Mid Markup” phase.
In other words, $BCH still has upside potential, but it is no longer as structurally safe as in 2022–2023, so a well-defined risk management plan is required.
