Bitcoin pulls back toward $84,000 as traders pivot to Bitcoin Cash and Bitcoin SV, spurred by new CME futures contracts and Grayscale's spot ETF filing.
Bitcoin Cash surged up to 30% after CME announced futures and Grayscale filed for a spot ETF, pushing weekly gains past 50%.
Bitcoin SV gained roughly 20% alongside BCH, reaching an annual high near $21 with rising open interest.
Bitcoin pulled back from a seven-month high, sliding toward $84,000 as traders rotated into forks.
Uniswap will be the eleventh single-asset crypto contract on CME, providing regulated futures exposure.
CME Group announced it will launch Bitcoin Cash futures, expanding its crypto derivatives offering and potentially increasing trading volumes.
Bitcoin retreated from seven-month highs near $87,250 on Wednesday as market participants shifted capital into Bitcoin Cash and Bitcoin SV. The rally in these forks was fueled by CME Group's announcement of upcoming Bitcoin Cash futures and a spot ETF filing from Grayscale. While Bitcoin cooled, BCH surged 30% and BSV climbed 20% as institutional interest in alternative digital assets intensified.
The rally is primarily driven by CME Group's plan to launch Bitcoin Cash futures and Grayscale's filing to convert its Bitcoin Cash Trust into a spot ETF, which has attracted institutional attention.
CME Group's Bitcoin Cash and Uniswap futures contracts are scheduled to launch on October 19, pending regulatory review.