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Crypto Bosss
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Hong Kong is introducing a new Bitcoin exchange-traded fund that allows investors to bet against the cryptocurrency, even as the market reaches near 6-week highs. Ding Chen, CSOP Asset Management’s CEO, told Bloomberg that the company will debut the CSOP Bitcoin Futures Daily (-1x) Inverse Product in Hong Kong on Tuesday morning. This will be the first crypto-linked inverse ETF in the Asia-Pacific region. A bitcoin inverse ETF is a financial tool created to yield returns that are opposite to bitcoin’s performance. When bitcoin’s price drops, the value of the inverse ETF goes up. This setup lets investors potentially make money from bitcoin’s price drops without having to directly short the asset.
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