Bitcoin's Forks Surpass It in Price Gains

Bitcoin's price retreated to around $84,000 on Wednesday after reaching a seven-month high of nearly $87,250 earlier in the week. However, two of its forks, Bitcoin Cash and Bitcoin SV, have been gaining momentum. CME Group announced that it will launch futures contracts for Bitcoin Cash ($BCH) and Uniswap on October 19, pending regulatory review.

Bitcoin Cash jumped as much as 30% in the hours following the news, briefly touching $358 before cooling off. The token's price has been volatile, but its weekly gain is now over 50%. Grayscale filed to convert its Bitcoin Cash Trust into a spot ETF for NYSE Arca listing, giving $BCH an institutional adoption story.

Bitcoin SV, which trades as $BSV, also rode the same wave, gaining around 20% alongside $BCH and extending its climb toward $21, an annual high. Open interest in $BSV derivatives climbed alongside the price, indicating that traders were adding fresh positions rather than just covering shorts.