Hong Kong’s CSOP Asset Management stated it’ll launch the CSOP Bitcoin Futures Daily (-1x) Inverse Product on town’s inventory trade on Tuesday morning.
The ETF is anticipated to make the most of rising demand to revenue from the risky buying and selling of cryptocurrencies. After the primary batch of spot crypto ETFs went public in Hong Kong in April, Bitcoin had a bumpy second quarter, dropping greater than 12 p.c.
“The first futures-based inverse Bitcoin product listed in Hong Kong creates alternatives for buyers to achieve from draw back actions in bitcoin,” stated Ding Chen, CEO of CSOP Asset Management in an announcement.
Bitcoin has been probably the most erratic amongst main world belongings within the final ten years, with volatility as excessive as 38.3 p.c in 2023, surpassing crude oil and the Nasdaq 100, the corporate added.
Bitcoin rebounded strongly up to now few weeks on elevated expectations that Republican presidential nominee Donald Trump would regain the White House. It was up barely and traded at round $67,400 (roughly Rs. 56.3 lakh) on Monday following U.S. President Joe Biden’s determination to give up the presidential race.
CSOP’s inverse Bitcoin product goals to supply a return that intently matches the one-time inverse day by day efficiency of the S&P Bitcoin Futures Index, the agency stated.
CSOP launched Asia’s first Bitcoin futures ETF in Hong Kong in 2022. The market worth of the ETF grew to greater than $100 million (roughly Rs. 836 crore) as a result of world crypto value rally earlier this 12 months, however had dropped to about $58 million (roughly Rs. 485.2 crore) as of Friday.
© Thomson Reuters 2024
