Miners Sell BCH for BTC after Halving as Bitcoin Futures Open Interest Allows U-Turn

Bitcoin Cash had its halving case on April 8, cutting the reward of miners from 12.5 to 6.25 by 50 per cent.

Following its halving, the investors and followers of Bitcoin Cash's hope and anticipation appear shattered as the cryptocurrency struggled to show a substantial rise in value. Citing the impact of past halving events, some analysts believed the lingering pandemic was an underlining factor preventing the cryptocurrency from surging.

Nevertheless, recent data on Bitcoin Cash hash rate shows that the cryptocurrency could be devouring the halving rather than having positive results.

As the esteemed analyst Matis Greenspan reported, data shows miners are already dumping the Bitcoin Cash network for Bitcoin. This follows on from the former's halving case this month.

Bitcoin Cash had its halving case on April 8, cutting the reward of miners from 12.5 to 6.25 by 50 per cent. Until halving, the hash rate of Bitcoin Cash had plummeted from 5EH / s in February to 3.5 EH / s on the day of halving as the price of the 5th largest cryptocurrency also fell from $492 in February to $165 in March.

After halving, however, the BCH hash rate had seen a nosedive. Within only one day it fell from 3.5 EH / s to 1.4 EH/.

As a result, Mati Greenspan said miners switching to the Bitcoin network are no longer lucrative for mine as Bitcoin Cash is.

Bitcoin Cash hash rate capitulation. After the halving on April 8th, it’s no longer profitable to mine BCH causing many miners to switch over to BTC”, Mati stated.

On the other side, after BCH halving case, Bitcoin hashrate has been rising, an attestation that miners are switching to Bitcoin. The hashrate of Bitcoin soared from 105 EH / s on April 7 to 118 EH / s on April 11.

Bitcoin Open Interest Futures Back on the rise

Bitcoin futures open interest is now back on the rise following the dip witnessed in mid-March, data obtained from Skew tracking platform confirms.

About one month after the eventful fall Bitcoin futures open interest saw, its chart is visible back on the rise, surpassing $2 billion volume.

On March 13, the open interest fell by 40% in just one day. The fall dropped the volume of the open interest from over $3.5 billion to less than $2 billion. This is at a time the entire cryptocurrency market plunged under the influence of the bear.

While Bitcoin and altcoins are now gradually recovering, Bitcoin futures open interest is also replicating with a slow but steady upsurge.

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