💥💥💥 #bitcoin☀️ Bears' Big Break: #HongKong Launches Inverse ETF
Hong Kong Launches Asia's First Inverse #BitcoinETF💰💰💰 Amid Crypto Market Developments
As the crypto world buzzes with the introduction of spot Ether ETFs in the US, Hong Kong has made waves with the launch of Asia’s first inverse Bitcoin ETF. Managed by CSOP Asset Management, one of China’s largest asset managers, this new fund allows investors to profit from declining Bitcoin prices.
Tristan Frizza, founder of Zeta Markets, commented on the significance of such financial instruments: “By enabling bets against the market, financial products like this can help balance speculative activities and contribute to long-term market stability. This is crucial for the maturation of the crypto sector and for the acceptance of crypto as a legitimate investment asset,” he told Cointelegraph.
In other news, some exchanges are making a comeback. Bitforex, which was flagged as “suspicious” by the SFC in March 2024 and subsequently froze withdrawals, has reappeared after a five-month hiatus.
On July 19, Bitforex announced on X that their team had been detained and investigated by Chinese authorities, which had rendered the platform and users' assets inaccessible. The exchange indicated that it has been authorized to “reopen soon,” though initially, services will be restricted to withdrawals.
Source - cointelegraph.com
