Driven by active on-chain activity and bullish futures positions, Bitcoin Cash (BCH) price surged 20%, reaching a high of $544 intraday. Between February 1 and 17, the number of trades increased from 9,769 to 14,240, with BCH transfer volume reaching $119.76 million, indicating active whale trading. In the derivatives market, positive funding rates and approximately $1.5 million in short liquidations (far exceeding long liquidations) suggest a strong bullish bias. However, declining hash rate and $1.1 million in spot selling could pose potential resistance to this rally.