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Before the hard fork, more than 1.5 million BCH were transferred to the trading platform, or there may be selling pressure

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With the Nov. 15 Bitcoin Cash (BCH) hard fork looming, BCH holders have deposited more than $300 million worth of BCH onto exchanges since the start of the month.

Original source: Cointelegraph Chinese

Original author: SAMUEL HAIG

BCH holders are scrambling to get their coins onto exchanges ahead of the November 15th hard fork.

According to Chainalysis data, in the past week alone, nearly 140 million USD worth of BCHinflows to trading platforms, bringing November's total inflows to $300 million. Since the beginning of the month, more than 1.56 million BCH have been transferred to exchanges.

Thus, the BCH that has flowed into exchanges over the past 12 days is equivalent to nearly 6.4% of the total BCH market capitalization and total supply.

More than 1.5 million BCH were transferred to the exchange before the hard fork, or there may be selling pressure

BCH inflows into trading platforms since August: Chainalysis

While some onlookers have speculated that the large inflow of BCH indicates that BCH holders are looking to sell before the fork, Chainalysis data shows that from the end of October, BCH The transaction intensity is basically the same.

The fork on November 15th is expected to be dominated by BCHN (Bitcoin Cash Node), and the new team BCHN was born in February this year. A team formed by Bitcoin Unlimited and Electron Cash.

The cause of the fork is an Infrastructure Funding Program (IFP). In August, Amaury Sechet, the main developer of Bitcoin ABC, announced that the BCH network is expected to undergo a hard fork protocol upgrade on November 15, 2020. This upgrade includes a new calculation difficulty adjustment algorithm and block reward adjustment. Among them, the BCHABC client support in the upgrade agreement sends 8% of each block reward to developers.

The Opponent developed and released the IFP-free BCHN 22.0 node version by BCHN, promising to maintain the BCH protocol without forcing miners to sponsor development. Nodes running BCHN have mined 83.6% of BCH blocks in the past 7 days, showing that the future of BCH is firmly in the hands of BCHN .

The futures market also supports BCHN. BCHN futures are trading at 0.96BCH on CoinEX. In comparison, BCHA futures are trading at 0.047 BCH.

Since May, the USD price of BCH has largely moved sideways, while BCH hits all-time lows against BTC in recent days.