On-chain data has revealed a surprising 122% surge in whale activity for Bitcoin offshoot Bitcoin Cash (BCH).

According to data from on-chain analytics firm IntoTheBlock, the volume of large transactions — defined as transactions over $100,000 — has more than doubled in the past 24 hours.

Large transaction volume, a metric that denotes whale activity, has skyrocketed 122.45%, coming in at $481.97 million, or 957,440 BCH, according to IntoTheBlock data.

This uptick has drawn attention from traders and analysts alike, raising questions about what could be driving this sudden move by the market’s largest holders.

Bitcoin Cash recently reached a seven-month high above $520, with analysts attributing the spike to whale activity rather than retail traders.

Since January, Bitcoin Cash has experienced occasional spikes in large transaction volume, most notably on Feb. 21, when large transaction volume jumped to 3.93 million BCH, per IntoTheBlock data.

A repeat is also seen on May 8 and June 25, when large transaction volumes rose to 2.9 million BCH and 2.06 million BCH, respectively, coinciding with Bitcoin Cash price increases.

Given this context, whales may be stockpiling or repositioning before the next significant price move.

BCH price action

Bitcoin Cash has profited from capital rotation into mid-cap majors, rising to a high of $528 on July 1 before falling.

At press time, Bitcoin Cash was down 2.88% in the last 24 hours to $485, in line with the latest market drop that resulted in $170 million in liquidations.

Despite the drop, a golden cross has emerged on the Bitcoin Cash hourly chart, raising hopes of renewed bullish momentum.

If bullish momentum returns, BCH could attempt to flip $500 into long-term support, with the potential to test $600 — a move that might alter the macro structure heading into Q3.