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Bitcoin Cash jumps 32.79% as Bitcoin retreats below $87,000

Momentum shifts toward institutionally-backed altcoins as Bitcoin faces technical pressure at upper resistance levels Bitcoin Cash achieved a strong price jump of 32.79%, driven by the CME Group's announcement setting October as the launch date for the coin's futures contracts. This expansion in institutional derivatives has boosted risk appetite for the coin, leading it to top the gainers list alongside Socean Staked Sol, which rose by 36.12%. This development reflects a broader institutional trend to diversify crypto assets available for regulated trading, pushing the price to achieve strong gains during the current session and outperforming most major altcoins in the market. Bitcoin's price retreated to close at $86,038 after failing to break the $87,000 barrier, despite initial positive momentum and record ETF inflows. Current price action is influenced by the anticipation of Bitcoin and Ethereum options expiry with a total value of $18.1 billion, leading to increased volatility mid-session. In a related context, XRP open interest recorded a record high as the price surpassed the $1.62 level, indicating a clear divergence in liquidity flows between leading coins and high-momentum altcoins. Institutional expansion in the European market continued with Bitwise launching an ETP for the LIT token in Germany, and Raiffeisen Bank expanding its services across 11 markets. Ethereum funds also recorded positive inflows of $270 million led by BlackRock, which mitigated the impact of pressures resulting from the transfer of $75 million in Ethereum from FTX and Alameda wallets to Wintermute. These data points reinforce confidence in the sustainability of long-term institutional demand despite operational challenges faced by some platforms such as BitMEX, which recently ended its trading operations.