Bitcoin

First Bitcoin

Daily

On July 23, Hong Kong will launch Asia’s first <a href="https://coinmarketcap.com/currencies/bitcoin/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> futures inverse product, the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK).
This new exchange-traded fund (ETF) by CSOP Asset Management, one of China’s largest asset managers, aims to provide investors a way to profit from declines in Bitcoin’s price.
The introduction of this inverse ETF follows the successful launch of the CSOP Bitcoin Futures ETF (3066.HK) in December 2022, marking another step in the firm’s expansion in the Asia-Pacific region.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product is crafted to offer investment results that closely mirror the inverse daily performance of the S&amp;P Bitcoin Futures Index.
This is achieved through a futures-based replication strategy, which involves direct investment in spot-month Chicago Mercantile Exchange Bitcoin Futures.
As per a CSOP announcement on July 22, the product will be listed on the Hong Kong Stock Exchange (HKEX) at approximately 7.8 Hong Kong dollars per unit.
Tristan Frizza, Founder of Zeta Markets, told Cointelegraph that the launch of the inverse Bitcoin ETF underscores the “increasing sophistication of crypto financial products” globally.
“By enabling bets against the market, financial instruments like this have the potential to balance speculative activities and contribute to long-term market stability, which is crucial for the maturation of the crypto sector and the acceptance of crypto as established investment assets.”
READ MORE: <a href="https://www.cryptointelligence.co.uk/wazirx-launches-bounty-program-to-recover-235-million-in-stolen-cryptocurrency-assets/" data-wpel-link="internal" rel="noopener noreferrer nofollow">WazirX Launches Bounty Program to Recover $235 Million in Stolen Cryptocurrency Assets</a>
Since late 2022, HKEX has been trading spot crypto ETFs, starting with CSOP’s Bitcoin Futures ETF and Ether Futures ETF.
Both products track BTC futures and Ether futures cash-settled contracts traded on the CME, and were followed by Samsung Asset Management Hong Kong’s Bitcoin future ETF in January 2023.
Together, these three futures products have garnered HK$1.3 billion ($170 million) in assets under management as of April 29.
On July 5, the Hong Kong Securities and Futures Commission (SFC) issued warnings about seven crypto exchanges operating illegally in the region.
These exchanges were flagged for providing services without operational licenses and listed under “Suspicious virtual asset trading platforms” on the SFC’s alert list.
The SFC’s goal is to mitigate fraud and scams by maintaining public records of registered, unregistered, and illegal crypto trading entities.
To submit a <a href="https://www.cryptointelligence.co.uk/category/press-releases/" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto press release (PR)</a>, send an email to <a href="mailto:sales@cryptointelligence.co.uk" rel="noopener noreferrer nofollow">sales@cryptointelligence.co.uk</a>.

Asia’s First Bitcoin Futures Inverse ETF Launches in Hong Kong

Crypto Intelligence

Altri articoli pubblicati su 23 lug 2024

$235M WazirX Exchange Hack Has Implications For India’s Crypto Industry

New Memecoin Pepe Eats Solana (PEPEATS) Will Rally 19,000% Before Exchange Listings, As Shiba Inu...

Solana Meme Showdown: Bonk (BONK) vs Dogwifhat (WIF). Can Either Derail The Rollblock (RBLK) Loco...

ETH Not a Security: SEC Implicitly Confirms with Approval of Spot Ether ETFs

While BTC Is Heading To New All-Time High, Now Is The Perfect Moment To Buy The Dip

Bitcoin Up By 50% This Year, MicroStrategy Up Over 160%!

Iscriviti alla nostra newsletter gratuita per aggiornamenti giornalieri sulle criptovalute!