Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnWeb3SquareMore
Trade
Spot
Buy and sell crypto with ease
Margin
Amplify your capital and maximize fund efficiency
Onchain
Going Onchain, without going Onchain!
Convert
Zero fees, no slippage
Explore
Launchhub
Gain the edge early and start winning
Copy
Copy elite trader with one click
Bots
Simple, fast, and reliable AI trading bot
Trade
USDT-M Futures
Futures settled in USDT
USDC-M Futures
Futures settled in USDC
Coin-M Futures
Futures settled in cryptocurrencies
Explore
Futures guide
A beginner-to-advanced journey in futures trading
Futures promotions
Generous rewards await
Overview
A variety of products to grow your assets
Simple Earn
Deposit and withdraw anytime to earn flexible returns with zero risk
On-chain Earn
Earn profits daily without risking principal
Structured Earn
Robust financial innovation to navigate market swings
VIP and Wealth Management
Premium services for smart wealth management
Loans
Flexible borrowing with high fund security
Bitcoin Cash Sees Largest Bets in 2 Years as BCH Doubles in a Week

Bitcoin Cash Sees Largest Bets in 2 Years as BCH Doubles in a Week

CoindeskCoindesk2023/06/29 15:02
By:Shaurya Malwa

Technical improvements and a listing on EDX Markets have likely fueled trading interest in bitcoin cash tokens.

Open interest in futures tracking Bitcoin Cash (BCH) tokens has surged to May 2021 levels as the Bitcoin offshoot network experiences a revival of activity and value.

BCH prices have , data shows, becoming one of the top-performing tokens above a $1 billion market capitalization. Bitcoin (BTC) and ether (ETH) added 13% and 8% respectively in this period.

Data shows BCH open interest, or the number of unsettled futures contracts, surged to over $400 million on Monday from just $75 million the week prior. Most of the trading interest arose from the crypto exchange Binance, where traders opened $240 million worth of BCH long or short positions.

CoinDesk - Unknown

Rising open interest either means that new money is flowing into the market or existing participants are increasing their allocation. The metric can be used as an indicator to determine market sentiment and the strength behind price trends.

A network upgrade and an influential exchange listing have likely served as two key catalysts for the sudden trading interest in BCH.

Bitcoin Cash underwent a network hard fork in May which improved the security and privacy of the fledgling network and introduced plans for “CashTokens” – a scaling system that would allow developers to build decentralized applications directly on the Bitcoin Cash blockchain.

Other improvements were the introduction of smaller transaction sizes – which help speed up transactional times – and smart contracts functionality that will allow Bitcoin Cash-based applications to offer recurring payments, derivatives trading, and crowdfunding opportunities, among other uses, to Bitcoin Cash users.

Elsewhere, BCH has also likely benefited from , according to crypto research firm Santiment.

The new exchange is backed by traditional finance heavy-weights Fidelity Digital Assets, Charles Schwab and Citadel Securities, and opened trading last Tuesday, supporting BCH along with bitcoin (BTC), ether (ETH) and litecoin (LTC).

The sudden price move has attracted retail trader attention, with social discussions about the token rising to their highest in three years and trading volumes this year hitting a record, Santiment last week.

Edited by Parikshit Mishra.

49

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

VIPBitget VIP Weekly Research Insights

Stablecoins have recently emerged as a key focus for central banks and financial institutions, with the potential to reshape global payment systems and financial infrastructure. According to data from Chainalysis, stablecoins have surged to a monthly trading volume of trillions of dollars, accounting for 60% to 80% of total cryptocurrency trading volume. This explosive growth has attracted significant attention from traditional financial players, who are accelerating their integration into the digital economy by issuing stablecoins, contributing to blockchain network development, and offering related financial services. In the U.S., financial giants such as JPMorgan Chase, Bank of America, Citigroup, and Wells Fargo are exploring the potential of jointly issuing stablecoins. At the same time, regulatory discussions surrounding stablecoins and the proposed GENIUS Act are gaining significant momentum in mainstream media. In the Web2 world, traditional companies like Stripe have entered the space by acquiring Bridge to build out stablecoin payment capabilities. Meanwhile, Circle has emerged as one of the most influential crypto firms in the U.S. stock market, second only to Coinbase, driven by the success of its USDC stablecoin. In the DeFi space, Yield-Bearing Stablecoins (YBS) are drawing substantial capital inflows with their innovative interest-generating mechanisms.

Bitget VIP2025/07/24 11:00
Bitget VIP Weekly Research Insights

VIPBitget VIP Weekly Research Insights

Real World Assets (RWAs) bring real-world financial instruments such as bonds, real estate, and credit onto the blockchain, enabling tokenization, programmability, and global accessibility of traditional financial assets. With U.S. interest rates peaking, monetary policy turning dovish, and ETFs paving the way for institutional capital to enter the crypto space, RWAs have emerged as a leading theme capturing growing institutional attention.

Bitget VIP2025/07/04 09:33
Bitget VIP Weekly Research Insights

VIPBitget VIP Weekly Research Insights

The Base chain has recently seen several major strategic developments: Coinbase has integrated DEX routing for Base on its main app, bridging the gap between CeFi and DeFi liquidity; Shopify has partnered with Base to expand real-world applications and user access points. At the same time, Circle and Coinbase stocks have surged by over 700% and 50% respectively, creating a wealth effect that may spill over into the Base ecosystem—boosting both its TVL and token prices. Recommended projects include: 1) AERO (Aerodrome)—The leading DEX on Base, showing strength despite market downturns; well-positioned to benefit from Coinbase integration. 2) BRETT—A flagship memecoin on Base with over 840,000 holders; likely to lead the next Base memecoin rally. 3) New tokens on Bitget Onchain—Offer early access to emerging Base memecoins while helping users avoid high-risk tokens.

Bitget VIP2025/06/27 10:33
Bitget VIP Weekly Research Insights