Bitcoin

Up to the fork, 1.5 million bitcoin cash had been deposited on exchanges

Bitcoin Cash (BCH) hodlers are struggling to get their coins public before the fork, which is expected on November 15th.

according to Chain analysis, Nearly $ 140 million worth of BCH flooded the stock exchanges last week aloneThis brings the total for November to $ 300 million. More than 1.56 million BCH have been transferred to exchanges since the beginning of the month.

As, BCH’s inflows to exchanges over the past 12 days accounted for nearly 6.4% of Bitcoin Cash’s total capitalization and supply.

Bitcoin cash flows to exchanges since August: chain analysis
Up to the fork, 1.5 million bitcoin cash had been deposited on exchanges
Up to the fork, 1.5 million bitcoin cash had been deposited on exchanges

While some onlookers have concluded that the sizable tributaries indicate this Bitcoin Cash holders want to sell before the fork, Chainalysis data shows that the intensity of bitcoin cash trading has remained largely unchanged from late October.

The November 15th fork is expected heralds the Bitcoin Cash Node (BCHN) domain, a community-driven implementation of BCH that emerged as internal tensions within the Bitcoin Cash community, increased over the year.

In August, Amaury sixth, the leading developer of the historically dominant implementation of Bitcoin Cash, Bitcoin ABCannounced that the protocol update planned for November would include a new “currency base rule” that requires miners to divert 8% of the newly minted BCH to a development fund they control.

The BCHN implementation was quickly created out of protest, Pledge to maintain the Bitcoin Cash protocol without forcing the miners to encourage development. The nodes running BCHN have mined 83.6% of Bitcoin cash blocks in the past seven days. This suggests that the future of Bitcoin Cash is firmly in the hands of BCHN.

The futures markets also support the BCHN to appear as the dominant implementation on November 15th., with BCHN contracts trading on CoinEX for 0.96 BCH. Vice versa, BCHA futures, contracts speculating on the price of a post-fork Bitcoin ABC, trade at 0.047 of a BCH.

While BCH has seen a large sideways trend against the dollar since May, Bitcoin Cash has hit new all-time lows compared to Bitcoin (BTC) in the past few days.

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