You can also find out more about the following: Hong Kong Stock Exchange (HKEX), the largest exchange traded fund in Asia, is set to launch Asia’s very first Bitcoin inverse ETF (Exchange Traded Fund) tomorrow.
JUST IN: 🇭🇰 Asia’s first inverse #Bitcoin ETF is going live tomorrow in Hong Kong. pic.twitter.com/HSV28BZd2l
— Bitcoin Magazine (@BitcoinMagazine) July 22, 2024
The CSOP Bitcoin Futures Daily Inverse Product -1x will be available for trading starting on 23rd July. This ETF will take short positions in Bitcoin contracts that are traded on the Chicago Mercantile Exchange. The ETF gives investors exposure to daily inverse performances of the Bitcoin Futures Index.
Shorting Bitcoin futures allows traders to hedge their risk and speculate on price movements that are going down. This new tool offers an alternative to directly shorting Bitcoin or purchasing put options.
The inverse ETF, managed by CSOP Asset Management with HSBC acting as trustee is administered by CSOP Asset Management. The inverse ETF charges a fee of 1.99% per year and hopes to bring in $50-100 million worth of assets in two years.
It has been a big hit as it is a way to trade Bitcoin’s volatility. Inverse trading is controversial for some. Bitcoin ETFs The global adoption of cryptocurrency is increasing. ProShares Short Bitcoin ETF in the U.S. manages over 70 million dollars.
The CSOP will be Asia’s first product of this kind, allowing Hong Kong’s $54 trillion stock exchange to have inverse Bitcoin exposure. The CSOP product is yet another step towards mainstream Bitcoin adoption.
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Source: bitcoinmagazine.com