Bitcoin Forks Surge Amid New Futures Launches
Bitcoin dipped toward $84,000 on September 23 after reaching a seven-month high earlier in the week. Meanwhile, its forks Bitcoin Cash (BCH) and Bitcoin SV (BSV) surged sharply amid renewed interest from traders. The rally was triggered by CME Group's announcement of upcoming BCH futures contracts set to launch October 19, pending regulatory approval. CME’s move marks a significant institutional development for BCH, which could trade in standard or micro sizes on the exchange. Grayscale also filed to convert its Bitcoin Cash Trust into an ETF, further boosting adoption narratives around BCH and BSV. Both tokens saw substantial gains—BCH rose over 30% initially while BSV neared $21, a yearly high. Despite these developments, such surges are typically short-lived for lower-market-cap assets like forks of Bitcoin. Open interest in derivatives climbed alongside prices, suggesting new positions were being added rather than just shorts covered.
Tickers: $CME
Topics: Bitcoin Bitcoin Cash (BCH) Bitcoin SV (BSV) CME Group crypto futures