Bitcoin Forks Bitcoin Cash and BSV Soar on CME Futures Plans

Bitcoin's retreat to $84,000 on Wednesday didn't stop its forks from flying high. Bitcoin Cash and Bitcoin SV, two tokens that split off from Bitcoin years ago, posted sharp gains despite the broader market cooling.

The catalyst for Bitcoin Cash was CME Group's announcement that it will launch Bitcoin Cash futures on October 19, pending regulatory review. This move gives institutions 'broader, regulated tools to navigate evolving digital asset related price risk,' according to Giovanni Vicioso, CME's global head of cryptocurrency products.

Bitcoin Cash jumped as much as 30% in the hours after the news, briefly touching $358 before cooling into Wednesday's session. Grayscale added fuel by filing to convert its Bitcoin Cash Trust into a spot ETF for NYSE Arca listing, giving BCH an institutional-adoption story on top of the futures pitch.

Bitcoin SV rode the same current as BCH, gaining roughly 20% alongside it and extending its climb toward $21, an annual high. Open interest in BSV derivatives climbed alongside the price, a sign traders were adding fresh positions rather than just covering shorts.