Bitcoin Cash (CRYPTO:BCH) is witnessing a notable upswing in trading volume and open interest, as the crypto community gears up for its second halving event scheduled for April 4, highlighting the market's growing enthusiasm and speculative interest.

The open interest in BCH futures perpetual contracts has soared to a record-breaking $708 million, surpassing the previous high set in May 2021, driven by traders eagerly positioning themselves to capitalize on the anticipated halving impact.

The ramp-up to the halving has also seen a significant shake-up in the market, with a substantial volume of liquidations occurring on March 28, affecting both short and long positions, reflecting the heightened volatility and trading fervor surrounding the event.

Concurrently, Bitcoin Cash’s hash rate has doubled, showcasing an increase in mining activities as miners intensify their efforts to accumulate BCH ahead of the halving, which traditionally impacts miner incentives and can influence network security.

This pivotal moment for Bitcoin Cash not only captures the market's optimistic outlook but also underscores the critical role of halving events in shaping the economics of cryptocurrency, potentially setting the stage for BCH's price trajectory and mining dynamics in the aftermath.