Over the past week, Bitcoin Cash (BCH) holders have moved more than 1 million coins (~$255 million) to cryptocurrency exchanges ahead of the upcoming November 15 hard fork in the network.
Over 1 million Bitcoin Cash has been sent to exchanges in the last seven days ahead of the hard fork on 15 November, driving the BCH price relative to BTC even lower.
Track daily BCH exchange inflows here: https://t.co/kxrZt6Jvai pic.twitter.com/SobmbY1eRK
— Philip Gradwell (@philip_gradwell) November 11, 2020
The chart below shows a clear intensification of the trend of sending Bitcoin Cash to exchanges, beginning in mid-October. The seven-day average pace of these inflows over the last seven days was almost twice the pace typical for a 180-day period. According to the latest data, BCH inflows to exchanges over the last 12 days accounted for nearly 6.4% of the entire supply of the cryptocurrency.
BCH flow dynamics to exchange wallets. Source: Chainalysis.
15 ноября в сети Bitcoin Cash состоится запланированный хардфорк, в результате которого с большой долей вероятности появится новая цепь Bitcoin Cash Node (BCHN). В течение последней недели она является доминирующей, уверенно опережая по количеству нод крупнейший клиент Bitcoin Cash ABC.
Source: Coin Dance.
Futures markets also support BCHN as the dominant chain after November 15. Contracts BCHN are trading at 0.96 BCH, BCHA — 0.047 BCH.
Lead developer Amaury Séchet announced a network upgrade in August this year. By November 15 all nodes must update the software, otherwise they will remain on the alternate chain.
The upgrade will introduce a new difficulty-adjustment algorithm called ASERT. It is expected that, together with it, the issue of delays in block formation will disappear.
Another innovation is the implementation of the Coinbase Rule. It will reject all blocks that do not allocate 8% of the rewards to the Bitcoin Cash development fund. This aspect sparked the main controversy – a substantial portion of the community disagreed with the proposal, releasing a BCHN client without support for this option in response.
Earlier, the founder of Bitcoin.com and one of the main supporters of Bitcoin Cash, Roger Ver stated that on November 15 Bitcoin ABC and its lead developer Amaury Séchet will part ways with Bitcoin Cash.
These words suggest that the Bitcoin Cash community will fight over which fork has the right to claim the Bitcoin Cash brand — Bitcoin ABC or BCHN.
Poloniex, which ahead of the BCH and BSV hard forks had supported futures on both coins, has this time done the same by launching pre-fork trading.
What will happen with the #Bitcoin #Cash fork this month?
Take your guess in our pre-fork markets 🍴$BCHN/USDT: https://t.co/gxVPPPcTnt$BCHA/USDT: https://t.co/UhlmwW432H$BCHN/BTC: https://t.co/MnKikNFCXv$BCHA/BTC: https://t.co/3OxcPQo6kr
Learn more: https://t.co/luCxpXKQ96 pic.twitter.com/6Ack5h5U7j
— Poloniex Exchange (@Poloniex) November 2, 2020
Other major trading platforms will support the chain only with the highest hashrate. This may explain the tendency of many users to sell the asset ahead of the hard fork.
Binance has already announced that it will support the longer chain and credit the forked coins on a 1:1 basis. Deposits in BCH will be suspended on November 15 at around 10:00 UTC, with the hard fork expected to occur around 12:00 UTC.
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