Bitcoin Cash (BCH) deposits on exchanges have increased over the past week.
A potential chain split (or fork) on November 15 appears to be driving deposit growth.
Price data suggests that many depositors are selling their coins.
Bitcoin Revolution is coming in large numbers to cryptocurrency exchanges. Over a million BCH coins have landed on the trading platforms in the last seven days alone.
A hard fork, scheduled for November 15, threatens to divide the Bitcoin Cash network . The two opposing factions include those who wish to see a development fund implemented as part of the miners rewards and those who do not.
Bitcoin Cash accumulates in crypto exchanges
BCH holders have sent an average of more than 154,000 coins per day to exchanges over the past week. Chainalysis data , brought to BeInCrypto’s attention by the company’s chief economist, Philip Gradwell, shows a sudden surge in deposits.
Over a million Bitcoin Cash was sent to exchanges in the last seven days leading up to the Hard Fork on November 15, pushing the price of BCH down further against BTC.
As Gradwell suggests, the deposits appear to be pushed by the hard fork, or split, earlier this month. Many companies and industry watchers expect a division of the chain that will create two implementations.
The two potential versions are called Bitcoin Cash ABC and Bitcoin Cash Node. The first includes the proposed change to the mining reward.
Carriers sell before the fork?
The title of the chart in the tweet above indicates that Bitcoin Cash investors are selling their positions ahead of the hard fork. Indeed, the decline in asset prices seems to have accelerated during this recent period of increased deposits.
Measured in bitcoin (BTC), the price of BCH has followed a general downward trend since the end of October. The sixth most popular digital currency by market cap is now trading at around 0.0165 BTC, up from 0.019 BTC on October 31.