Bitcoin cash bears are lining up.
There are now almost twice as many open short positions betting that the price of bitcoin cash (BCH) will fall as there are longs betting on a rise in its price. According to data from crypto exchange Bitfinex, which allows margin trading for multiple cryptocurrencies, there are currently 89,457 open BCH short positions and 53,322 longs.
This is, perhaps no coincidence, since there is a network update scheduled for bitcoin cash set to take place on Nov. 15. Under one possible outcome, BCH will split into two chains – centered around the Bitcoin ABC and Bitcoin SV code implementations – resulting in two distinct cryptocurrencies (and what is effectively a doubling of one's holdings).