More than 1.5 million BCH were transferred to exchanges before the hard fork, which may have caused selling pressure

Ahead of the upcoming Bitcoin Cash (BCH) hard fork on November 15, BCH holders have deposited more than $300 million worth of BCH into exchanges since the beginning of the month.

BCH holders are scrambling to move their tokens to exchanges ahead of the November 15 hard fork.

According to Chainalysis, nearly $140 million worth of BCH flowed into exchanges in the past week alone, bringing the total inflows in November to $300 million. Since the beginning of the month, more than 1.56 million BCH has been transferred to exchanges.

Therefore, the BCH inflows into exchanges over the past 12 days are equivalent to nearly 6.4% of the total BCH market value and total supply.

BCH inflows to exchanges since August: Chainalysis

While some onlookers have theorized that large inflows of BCH indicate that BCH holders are looking to sell ahead of the fork, Chainalysis data shows that BCH transaction density has remained roughly flat since the end of October.

The fork on November 15 is expected to be dominated by BCHN (Bitcoin Cash Node). The new team BCHN was born in February this year. It is a team mainly composed of Bitcoin Unlimited and Electron Cash.

The cause of the fork was an infrastructure financing plan (IFP). In August, Amaury Sechet, the main developer of Bitcoin ABC, announced that the BCH network is expected to undergo a hard fork protocol upgrade on November 15, 2020. This upgrade includes a new computing difficulty adjustment algorithm and block reward adjustment. The upgraded protocol supports the BCHABC client to send 8% of each block reward to developers.

Opponents developed and released the IFP-free BCHN 22.0 node version by BCHN, promising to maintain the BCH protocol without forcing miners to sponsor development. Nodes running BCHN mined 83.6% of BCH blocks in the past 7 days, indicating that the future of BCH is firmly in the hands of BCHN.

The futures market also supports BCHN. BCHN futures are trading at 0.96 BCH on CoinEX. In comparison, BCHA futures are trading at 0.047 BCH.

While the BCH price has been moving sideways against the U.S. dollar since May, the BCH price against BTC has broken new all-time lows in recent days.