On July 23, Hong Kong is set to introduce Asia’s first inverse Bitcoin exchange-traded fund (ETF), marking a significant milestone in the crypto financial product domain. This development was reported by the South China Morning Post.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product, managed by CSOP Asset Management, will be officially registered with the symbol 7376.HK.
This product allows investors to profit from declines in Bitcoin prices, reflecting a maturing market that offers innovative ways to diversify within the crypto sector.
The inverse ETF aims to achieve the inverse of the daily performance of the S&P Bitcoin Futures Index.
This is achieved through a futures-based replication strategy, involving short positions in spot-month Bitcoin futures contracts on the Chicago Mercantile Exchange. Essentially, the product enables investors to benefit from Bitcoin price drops.
Scheduled to list on the Hong Kong Stock Exchange at approximately 7.8 Hong Kong dollars per unit, the inverse ETF is designed for investors seeking sophisticated investment options in the cryptocurrency market.
However, CSOP Asset Management has cautioned about the high risks involved, including the potential for extreme price volatility that could result in significant losses, with values potentially dropping by more than 20% in a single day.
This development aligns with Hong Kong's broader efforts to integrate with the crypto industry. Recently, ZA Bank, the largest virtual bank in the country, announced plans to offer reserve bank services to stablecoin issuers.
This follows the launch of a stablecoin licensing regime, requiring crypto stablecoin operators to deposit reserve assets with local banks.
BTC price is moving upwards on the 1-hour chart. Source: BTC/USDT onTradingView.com
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JinseFinanceIf the plan can be realized, it does mean that mainland residents can purchase BTC and ETH ETFs.
JinseFinanceGolden Weekly is a weekly blockchain industry summary column launched by Golden Finance. The content covers key news of the week, mining information, project trends, technology progress and other industry trends.
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