Bitcoin Cash Soars 30% on CME Futures Launch, Grayscale ETF Filing

Bitcoin Cash (BCH) and Bitcoin SV (BSV) both saw significant gains this week, despite Bitcoin's price pullback. BCH surged by as much as 30% to reach $358, while BSV rose around 20% to touch its highest level in a year.

The catalyst for BCH's jump was the announcement from CME Group that it will launch Bitcoin Cash futures contracts on October 19, pending regulatory review. The listing makes BCH CME's tenth single-asset crypto contract. Standard contracts will cover 250 BCH, with micro versions covering 25 BCH for smaller traders.

Grayscale also added to the momentum by filing to convert its Bitcoin Cash Trust into a spot ETF for listing on NYSE Arca. This news pushed BCH's weekly gain briefly past 50%. BSV rose alongside the news as well, with open interest in BSV derivatives climbing alongside the price.