Bitcoin Cash surges 30% on CME futures listing and Grayscale ETF filing

Decrypt+2 · 4 hours ago
Bitcoin Cash surges 30% on CME futures listing and Grayscale ETF filing
  • Bitcoin slid toward $84,000 on Wednesday after touching a seven-month high near $87,250 earlier in the week, with traders rotating into Bitcoin's two biggest forks.
  • CME Group 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 represent 250 BCH and micro contracts 25 BCH.
  • Bitcoin Cash jumped as much as 30% to briefly touch $358 after the CME news, and Grayscale's filing to convert its Bitcoin Cash Trust into a spot ETF for NYSE Arca listing pushed the weekly gain past 50%.
  • Bitcoin SV gained roughly 20% in sympathy, touching an annual high near $21, with open interest in BSV derivatives climbing alongside the price.
  • Spot Bitcoin ETFs pulled in $715 million on Tuesday, a solid inflow day even as the flagship coin's price stalled.
  • Thirty-eight of the 100 CoinDesk 100 constituents were lower on the day, with bitcoin cash up 32% over 24 hours on the CME futures listing.