Bitcoin Cash (BCH) surged nearly 10% in the past 24 hours, reaching $587, marking its most significant daily gain in over a week. The increase was accompanied by an 18% rise in futures open interest to $773.29 million, alongside positive funding rates. A notable transaction involved a large wallet associated with Erik Voorhees, which exchanged $13.4 million in ETH for BCH. The price jump coincides with the launch of the Cashinals protocol, a new token initiative akin to Bitcoin's Ordinals, which has fueled optimism for increased network activity and speculative interest in BCH.