As a seasoned crypto investor with a decade of experience in this volatile market, I’m thrilled to see CSOP Asset Management’s latest offering: the CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK). Having navigated numerous price swings and market cycles, I appreciate the importance of having diverse investment tools at my disposal. This new ETF provides a unique opportunity to profit from Bitcoin price drops, an aspect that’s crucial for any well-rounded crypto investor’s portfolio.
Beginning July 23, Hong Kong will introduce the first Bitcoin futures inverse product in Asia, named CSOP Bitcoin Future Daily (-1x) Inverse Product (7376.HK). This means that investors can now bet against the price movements of Bitcoin in this particular financial instrument.
CSOP Asset Management, a prominent Chinese asset manager, recently introduced a new exchange-traded fund (ETF). This ETF allows investors to capitalize on price decreases in Bitcoin.
On the Hong Kong Stock Exchange (HKEX), the product will be priced approximately at HKD 7.8 per unit for trading. This financial instrument employs a replication technique based on futures contracts to generate returns that mirror the daily inverse performance of the S&P Bitcoin Futures Index. By directly investing in Chicago Mercantile Exchange Bitcoin Futures with a spot month maturity, it achieves this outcome.
As a researcher studying the financial market trends, I can tell you that CSOP Asset Management’s expansion in the Asia-Pacific region has entered a new stage following the successful debut of the CSOP Bitcoin Futures ETF (3066.HK) towards the end of 2022.
According to Tristan Frizza, the founder of Zeta Markets, financial products like these have the ability to curb excessive speculation and foster long-term market stability. Such stability is crucial for the growth of the cryptocurrency sector and the recognition of digital currencies as viable investment options.
After the introduction of Bitcoin and Ether Futures ETFs by CSOP towards the end of 2022, Hong Kong Exchanges and Clearing (HKEX) initiated trading for spot cryptocurrency ETFs. These new financial instruments track cash-settled contracts based on Bitcoin and Ether futures, which are transacted on the Chicago Mercantile Exchange (CME).
In January 2023, the Bitcoin futures ETF managed by Samsung Asset Management Hong Kong followed closely behind. By April 29th, the total assets these three futures products administered amounted to approximately 1.3 billion Hong Kong dollars ($170 million). This figure underscores the growing interest and financial commitment towards cryptocurrency-based ETFs in the region.
On July 5, the Hong Kong Securities and Futures Commission (SFC) identified seven unauthorized cryptocurrency exchanges for breaking the law. The SFC included these platforms in its “List of Suspected Virtual Asset Trading Platforms” due to their lack of required licenses. This action is part of the SFC’s initiative to maintain records of crypto trading businesses and minimize fraudulent activities.
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2024-07-22 19:50