CME’s BCH futures enter their first full trading week; price spikes to $288, then gives back gains
TL;DR: After FalconX and GSR completed the first block trade on 10-20, CME’s BCH futures began their first full trading week. On 10-23, BCH briefly rose about 4.5% to $287.70, then gave back its gains as risk appetite waned. The price remains below the 200-day moving average. The futures launch expands trading tools; it does not mean money is flowing into spot BCH.
◆ Launch and spike: CME standard contracts are for 250 BCH and micro contracts for 25 BCH; on 10-23, BCH rose about 4.5% to $287.70 (financefeeds 10-23), with an intraday high of $288.50 (Investing.com 10-23).
◆ Why it gave back gains: On 10-22, U.S. spot Bitcoin ETFs saw net outflows of about $635 million for the day, and risk appetite waned. BCH fell from around $288 to $277.99, with a market cap of about $5.59 billion (Investing.com 10-23).
◆ Key levels: BCH failed to reclaim the 200-day moving average at around $290–$291; support is at $277–$279, with resistance at $291 and $300–$310 (financefeeds 10-23).
◆ Baseline: BCH is still down about 54% year to date (financefeeds 10-23); Grayscale’s spot BCHG ETF is still awaiting SEC approval.
Worth noting: CME futures are cash-settled, so no one needs to buy spot BCH. The first-week gain was more likely driven by event trading. Whether it can continue depends on whether the price can decisively move above the $291 area.
#BCH #比特币现金 $BCH
These are personal views only and do not constitute investment advice.
TL;DR: After FalconX and GSR completed the first block trade on 10-20, CME’s BCH futures began their first full trading week. On 10-23, BCH briefly rose about 4.5% to $287.70, then gave back its gains as risk appetite waned. The price remains below the 200-day moving average. The futures launch expands trading tools; it does not mean money is flowing into spot BCH.
◆ Launch and spike: CME standard contracts are for 250 BCH and micro contracts for 25 BCH; on 10-23, BCH rose about 4.5% to $287.70 (financefeeds 10-23), with an intraday high of $288.50 (Investing.com 10-23).
◆ Why it gave back gains: On 10-22, U.S. spot Bitcoin ETFs saw net outflows of about $635 million for the day, and risk appetite waned. BCH fell from around $288 to $277.99, with a market cap of about $5.59 billion (Investing.com 10-23).
◆ Key levels: BCH failed to reclaim the 200-day moving average at around $290–$291; support is at $277–$279, with resistance at $291 and $300–$310 (financefeeds 10-23).
◆ Baseline: BCH is still down about 54% year to date (financefeeds 10-23); Grayscale’s spot BCHG ETF is still awaiting SEC approval.
Worth noting: CME futures are cash-settled, so no one needs to buy spot BCH. The first-week gain was more likely driven by event trading. Whether it can continue depends on whether the price can decisively move above the $291 area.
#BCH #比特币现金 $BCH
These are personal views only and do not constitute investment advice.