As announced in our previous post, Bitcoin Cash will undergo a hard fork on 15 November 2020. Two BitMEX contracts (BCHUSD and BCHZ20) and two BitMEX indices (.BBCH and .BBCHXBT) will be impacted and will follow one side of the fork only. These markets will be open during the fork and the contract and index names will remain the same. After the fork is completed, these products and indices will follow the Bitcoin Cash Node.
This is consistent with the approach BitMEX took during the Bitcoin ABC and Bitcoin SV split in November 2018. The Bitcoin Cash / XBT contracts were settled based on the Bitcoin ABC price at the time and did not reflect the price of Bitcoin SV.
Impact on the BitMEX Indices
The BitMEX .BBCH and .BBCHXBT indices are currently constructed using the following constituent exchanges and weights:
|
Index |
Binance |
Bitstamp |
Coinbase |
Huobi |
Kraken |
OKEx |
|
.BBCH |
18.25% |
64.83% |
16.92% |
|||
|
.BBCHXBT |
37.80% |
4.91% |
23.79% |
33.50% |
Exchanges that plan to suspend their BCH spot markets will be removed from the indices according to their published schedule. After the fork is completed, the constituents’ prices for Bitcoin Cash Node will be included into the indices as the markets start trading and the price feeds stabilise. Please refer to the individual BitMEX Index page for the constituents in use.
Prior to the publication of this blogpost, Huobi and OKEx both announced that they will suspend spot trading during the fork while Binance and Kraken both announced that their spot markets would remain open during the fork. Bitstamp and Coinbase have not yet explicitly announced whether spot trading will continue during the fork.
Please be aware of the potential for increased volatility during this time. Traders should manage their risk accordingly. BitMEX retains discretion to adjust and update the impacted indices at short notice to protect market stability and integrity.
BitMEX Research has established ForkMonitor.info to assist stakeholders monitoring events on the day of the expected split.
Please contact Support if you have any questions regarding this issue.