Bitcoin Cash hard fork results in $300 million BCH deposited on exchanges
As we draw closer to the Bitcoin Cash (BCH) hard fork there is an increased activity of BCH deposited on exchanges. Analytics firm Chainalysis revealed that over $130 million worth of BCH had been transferred to exchanges in the past week.
This increased flow has seen the total amount currently on exchanges has hit the $300 million mark as holders prepare for the BCH hard fork. The past day there was a surge in transfers of 12.2% with 165K BCH in total. This was 18K more than the day before.
Bitcoin Cash dispute
The Bitcoin Cash fork as noted is due to the recent dispute that occurred in August when Amaury Sechet, lead developer of Bitcoin ABC revealed a scheduled update on the network that caused controversy.
According to him the update would include a rule that would divert 8% of the newly minted BCH to a treasury under the control of Bitcoin ABC. This quickly sparked controversy with BCHN implementation group taking the opposite side.
Led by Roger Ver, BCHN pledged to maintain the Bitcoin Cash protocol without putting pressure on miners to sponsor developments. Since then there has been a shift with nodes operating on BCHN minting over 80% of Bitcoin Cash blocks in the last seven days.
This has generated a positive shift from exchanges who are backing BCHN to emerge as the dominant chain on November 15 when the hard fork is expected to occur. At the time of publication BCHN contracts are trading for 0.945 BCH on supported exchanges.
The general Bitcoin Cash price has been relatively stable during this period despite the uncertainty on its blockchain. Consequently the flow of funds towards exchanges shows that the Bitcoin Cash community is anticipating the hard fork.