The Bitcoin Cash network again split into two, and $ 2.3 billion in BTC was withdrawn from crypto exchanges in a month

Bitcoin Cash network again split into two

On November 15, a hard fork took place on the Bitcoin Cash network — the network split into Bitcoin Cash Node (BCHN) and Bitcoin Cash ABC (BCHA).

Earlier, the BCHA developers proposed an updated version of the protocol, according to which 8% of miners’ profits will go to finance the development of the network. The update was opposed by the BCHN community, which removed the “miner tax” from the source code of their network.

As of the evening of November 15, the computing power of the BCHN blockchain was 1.12 EH/s, and BCHA — 0.094 EH/s, that is, 11 times lower. Most major exchanges have indicated they will support the longer chain, i.e. Bitcoin Cash Node.

$2.3 billion in BTC was withdrawn from exchanges in a month

From October 15 to November 15, exchange reserves in bitcoins fell from 2.5 million to 2.355 million coins — the lowest level since August 2018.

During this time, users withdrew about 145,000 BTC worth of $2.35 billion, according to the CryptoQuant portal. During the same period, miners mined about 27,000 BTC, which is 5 times less than the amount withdrawn from the exchanges.

“This aggressive accumulation trend seen in the Bitcoin market shows that investors anticipate a prolonged post-halving uptrend,” said Cointelegraph analyst Joseph Young.