HONG KONG, Friday, July 26, 2024-Hong Kong introduced Asia’s first Bitcoin futures inverse product on July 23, offering investors a way to profit from declines in the cryptocurrency’s price.
The CSOP Bitcoin Futures Daily (-1x) Inverse Product, issued by China Southern Asset Management Co., will track the inverse daily performance of the S&P Bitcoin Futures Index.
The ETF will be listed on the Hong Kong Stock Exchange.
The product is the latest in a series of cryptocurrency-linked ETFs launched in Hong Kong. The city has emerged as a hub for digital asset trading, with several Bitcoin and Ether futures ETFs already listed.
While Bitcoin futures ETFs have attracted significant assets, inverse products have seen more modest inflows globally.
The launch of the inverse Bitcoin ETF comes amid increased regulatory scrutiny of the cryptocurrency industry worldwide. Hong Kong, however, has positioned itself as a crypto-friendly jurisdiction, aiming to attract digital asset businesses and investors.
The new product is expected to appeal to investors seeking to hedge their Bitcoin exposure or profit from potential price declines.
