Key facts
- Bitcoin Cash (BCH) jumped as much as 30% this week.
- Bitcoin SV (BSV) gained roughly 20% and touched an annual high near $21.
- Bitcoin itself slipped toward $84,000 on Wednesday.
- CME Group will launch Bitcoin Cash and Uniswap futures on Oct. 19.
- Grayscale filed to convert its Bitcoin Cash Trust into a spot ETF.
Bitcoin Cash and Bitcoin SV, forks of the original Bitcoin blockchain, experienced significant price surges this week, driven by the announcement of new futures contracts and institutional adoption news, while Bitcoin itself saw a slight decline.
Bitcoin Cash, which split from Bitcoin in August 2017 over block size disputes, jumped as much as 30% after CME Group stated it would launch BCH futures on October 19. The exchange will offer standard contracts representing 250 BCH and micro versions for smaller traders. CME's global head of cryptocurrency products, Giovanni Vicioso, noted these contracts provide institutions with regulated tools to manage digital asset price risk. Grayscale also contributed to the positive sentiment by filing to convert its Bitcoin Cash Trust into a spot ETF, potentially increasing institutional adoption.
Bitcoin SV, which forked from Bitcoin Cash in 2018 during the 'Hash War' over block size, followed suit, gaining approximately 20% and reaching an annual high near $21. Open interest in BSV derivatives also increased, indicating growing trader interest.
Despite these gains in its forks, Bitcoin itself pulled back toward $84,000 on Wednesday, after reaching a seven-month high near $87,250 earlier in the week. This pattern of forks outperforming Bitcoin during short, sharp bursts is not uncommon, often due to their smaller market capitalization leading to increased volatility.