Cold wallet data shows that buyers on coinbase are accumulating hundreds of thousands/millions of BCH with no outflow.
Sure the price is $100 for now, but how many coins can be sold at this price? It is estimated there are only around ~10 million BCH that have moved since the 2017 BCH fork.
With 15% of the total BCH in circulation since 2017, unmoved for years in coinbase cold storage, how long until it continues to increase, to 20% – 25% – 30% – 50%?
It will happen simply over time if this pattern of accumulation at cheap prices continues.
Just relax and watch these market forces collide as they have these past few years. It seems the might of US investors has been quietly absorbing BCH selloffs and liquidations, and although the price is still low, it would seem unlikely to stay this way once sellers run out of assets to sell off. BCH is scarce but sellers seem to think there is an unlimited supply and have panic dumped for quite some time.
Coinbase cold wallet old address from 2021 ~500k BCH in Jan 2021: https://bitinfocharts.com/bitcoin%20cash/address/1JBHhm7Z6i5i65epVg2fA676PCE7WVQyv1-full
Coinbase cold storage new wallet 1.3M+ Coins in 2023: https://bitinfocharts.com/bitcoin%20cash/address/1PUwPCNqKiC6La8wtbJEAhnBvtc8gdw19h
Obviously many people self custody and withdraw from coinbase in addition to the coinbase cold storage data.
This post is speculative for this subreddit community and is not investment advice.