Bitcoin Cash (BCH) hodlers are scrambling to get their coins on the exchanges ahead of the hard fork expected on Nov. 15.
According to Chain analysis, has nearly $ 140 million in BCH flowed on the stock markets in the past week, bringing the November total to $ 300 million. More than 1.56 million BCH have moved to exchanges since the beginning of the month.
As such, BCH inflows to exchanges over the past 12 days have equated to nearly 6.4% of Bitcoin Cash’s total capitalization and supply.
While some spectators have deduced the significant inflows to indicate that Bitcoin Cash holders want to sell before the split, Chainalysis data shows that Bitcoin Cash’s trading intensity has largely remained flat as of late October.
The November 15 fork is expected to usher in the dominance of Bitcoin Cash Node (BCHN), a community-driven implementation of BCH that emerged as internal tensions within the Bitcoin Cash community escalated throughout the year.
In August, Amaury Sechet, lead developer of the historically dominant implementation of Bitcoin Cash – Bitcoin ABC, announced that the planned upgrade to the protocol in November would include a new ‘coinbase rule’ requiring miners to pay 8% of the newly minted BCH to a development treasury under his control. .
The BCHN implementation quickly came to the fore in protest, pledging to maintain the Bitcoin Cash protocol without forcing miners to sponsor development. Nodes with BCHN have been mined 83.6% of Bitcoin Cash blocks in the past seven days, suggesting that the future of Bitcoin Cash is firmly in the hands of BCHN.
Futures markets are also backing BCHN to emerge as the dominant rollout comes on November 15, with BCHN contracts trading for 0.96 BCH on CoinEX. In contrast, BCHA futures – contracts for speculation on the price of a post-fork Bitcoin ABC – are traded 0.047 of a BCH.
While BCH has been largely sideways against the dollar since May, Bitcoin Cash broke in new lows ever against Bitcoin (BTC) in recent days.