The Inventory Change of Hong Kong (HKEX) will reportedly launch Asia’s first-ever Bitcoin inverse product later this month.
Dubbed CSOP Bitcoin Futures Day by day (-1x) Inverse Product (7376:HK), the fund is designed to offer inverse publicity to BTC’s worth motion.
Key Particulars of the Fund
In response to well-known Chinese language reporter Colin Wu, the upcoming Bitcoin inverse product will launch on July 23, 2024, making it the primary of its variety in Asia.
Unique: On July 23, the Hong Kong Inventory Change will launch Asia’s first Bitcoin inverse product, named CSOP Bitcoin Futures Day by day (-1x) Inverse Product (7376 HK), which straight invests within the nearest expiring month-to-month Bitcoin futures traded on the CME. The trustee is HSBC…
— Wu Blockchain (@WuBlockchain) July 19, 2024
Notably, the product will straight put money into the closest expiring month-to-month Bitcoin futures contracts traded on the main international derivatives market, the Chicago Mercantile Change (CME).
Underneath this initiative, traders can speculate on the worth actions of nearest-to-expiry Bitcoin future contracts with out really holding the cryptocurrency.
Moreover, Colin Wu revealed that the Asia arm of HSBC Institutional Belief Companies Restricted will function the trustee for the fund’s oversight.
7376:HK Will Monitor S&P Bitcoin Futures Index
In the meantime, in keeping with Bloomberg, the upcoming fund is designed to trace the inverse every day motion of the S&P Bitcoin Futures Index earlier than accounting for charges and bills.
This means that when the worth of the S&P Bitcoin Futures Index surges by a selected proportion on a given day, the worth of the 7376:HK fund will lower by roughly the identical price, and vice versa.
Upon the fund’s launch, Bloomberg would observe the fund’s worth motion through its market information platform. Within the meantime, the market information for 7376:HK is marked as “pending” in anticipation of its upcoming itemizing.
Institutional Shoppers Acquire Extra Oblique Publicity to BTC in Hong Kong
The event marks one other important step in the direction of offering Hong Kong-based institutional shoppers with oblique publicity to cryptocurrencies.
Recall that Hong Kong welcomed six spot-based Bitcoin and Ethereum exchange-traded funds in April 2024. Three Chinese language corporations Bosera Asset Administration, China Asset Administration, and Harvest International Investments, issued the spot crypto ETFs on the Hong Kong Inventory Change.
Within the meantime, Bitcoin’s worth has revisited the $65,000 territory after rallying 1.02% within the every day charts. At press time, Bitcoin is buying and selling at $65,302, reflecting a weekly surge of 12.96%.
Bitcoin Day by day Chart