BITCOIN FUTURE

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<ul>
 <li>Hong Kong’s CSOP Asset Management will launch Asia’s first crypto-linked inverse ETF, allowing investors to bet against Bitcoin.</li>
 <li>Bitcoin’s recent volatility, influenced by US political developments, has seen its price drop below $54,000 and rebound to $67,234.</li>
 <li>CSOP aims to collect $50-$100 million in assets for the inverse Bitcoin ETF, with a management fee of 1.99% and traders predicting Bitcoin hitting $100,000.</li>
</ul>
<p>Hong Kong is set to launch Asia’s first cryptocurrency-linked inverse exchange-traded fund (ETF). On Tuesday, CSOP Asset Management will introduce the CSOP Bitcoin Futures Daily (-1x) Inverse Product.</p>
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   <p lang="en" dir="ltr">BREAKING: HONG KONG SET TO LAUNCH ASIA'S FIRST BITCOIN FUTURES INVERSE PRODUCT, CSOP BITCOIN FUTURE DAILY (-1X) INVERSE ON JULY 23</p>— BSCN Headlines (@BSCNheadlines) <a href="https://twitter.com/BSCNheadlines/status/1815317087855804462?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 22, 2024</a>
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<p>This launch is an important step in Hong Kong’s efforts to <a href="https://cryptonewsland.com/hong-kong-enhances-crypto-investment-with-innovative-spot-etfs/" target="_blank" rel="noopener noreferrer nofollow">strengthen its position</a> in the global crypto financial ecosystem. The product’s primary objective is to give investors a way to profit from or hedge against future dips in the price of Bitcoin.</p>
<p>Bitcoin has recently seen significant volatility. In early July, its value fell below $54,000 before rising to $67,234. This rebound has been mostly attributed to optimism over Donald Trump’s potential return to government, following President <a href="https://cryptonewsland.com/sec-chair-gary-gensler-expected-to-resign/" target="_blank" rel="noopener noreferrer nofollow">Joe Biden’s decision</a> not to seek reelection.</p>
<p>The launch of the inverse ETF is yet another move in Hong Kong’s ambition to position itself as a crypto-friendly hub, competing with cities such as Singapore and Dubai. Asset managers such as Harvest Global Investments Ltd. have already introduced Bitcoin and Ethereum ETFs in the city.</p>
<p>Ding Chen, the CEO of CSOP, expressed optimism regarding the new product. He claimed that it is achievable to collect between $50 million and $100 million in assets for the inverse <a href="https://bitcoin.org/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> ETF over the course of a few years. CSOP will impose a 1.99% management fee for the product.</p>
<p>On a global level, inverse crypto exchange-traded products have garnered almost $106 million. The Short Bitcoin Strategy ETF from <a href="https://www.proshares.com/" target="_blank" rel="noopener noreferrer nofollow">ProShares</a> is the largest of these funds, with assets totaling $62.5 million and a management fee of 1.33%.</p>
<p>Hong Kong’s launch of Asia’s first crypto-linked inverse ETF signals a step towards becoming the world’s leading crypto hub. The project has the potential to attract the interest of serious investors and influence the course of crypto trading in the region.&nbsp;</p>
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<p>The post <a href="https://cryptonewsland.com/hong-kong-to-launch-asias-first/" rel="noopener noreferrer nofollow">Hong Kong to Launch Asia’s First Crypto-Linked Inverse ETF Amid Bitcoin Market Volatility</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Hong Kong to Launch Asia’s First Crypto-Linked Inverse ETF Amid Bitcoin Market Volatility

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