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Bitcoin Slips Toward $84,000 as Forks Bitcoin Cash and Bitcoin SV Surge
Bitcoin pulled back Wednesday, sliding toward $84,000 after touching a seven-month high near $87,250 earlier in the week, while traders rotated into two of its forks. Bitcoin Cash jumped as much as 30% after CME Group said Monday it will launch Bitcoin Cash futures on Oct. 19, pending regulatory review, making BCH the exchange's tenth single-asset crypto contract with Uniswap as the eleventh; standard contracts will represent 250 BCH and micro versions 25 BCH. Grayscale added fuel by filing to convert its Bitcoin Cash Trust into a spot ETF for NYSE Arca listing, briefly pushing BCH's weekly gain past 50% as it tore through $340 and touched $358. Bitcoin SV rode the same current, gaining roughly 20% and extending its climb toward $21, an annual high, with open interest in BSV derivatives climbing alongside the price. Spot Bitcoin ETFs pulled in $715 million on Tuesday even as the coin's own price stalled.
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BCH · Demand · Positive Bitcoin Cash surged as CME announced BCH futures and Grayscale filed to convert its BCH Trust into a spot ETF.
BTC · · Negative Bitcoin pulled back toward $84,000 as traders rotated into its forks, despite strong spot ETF inflows.
BSV · Demand · Positive Bitcoin SV rode the rotation into Bitcoin forks, gaining roughly 20% toward an annual high with rising derivatives open interest.
CME · Demand · Positive CME Group will launch Bitcoin Cash futures on Oct. 19, expanding its single-asset crypto contract lineup.
Grayscale Investments · Regulation · Positive Grayscale filed to convert its Bitcoin Cash Trust into a spot ETF for NYSE Arca listing.