I dont know where the BCH being sold off are from, but western exchange orderbooks are completely empty. The price is being dragged down by Binance which was even $5 below coinbase price.

Expand the order books, and there's barely BCH listed for sale. The price is being pulled down by Binance which was up to $5 lower than Coinbase price.

Gemini: https://exchange.gemini.com/trade/BCHUSD

Kraken:https://pro.kraken.com/app/trade/bch-usd

You cant naked short western exchanges, so the orderbooks are empty, and the prices are higher on spot exchanges, compared to naked short exchanges.