Hong Kong will launch a new type of bitcoin exchange-traded fund that will allow investors to bet on the original cryptocurrency, despite U.S. President Joe Biden's decision to give up his re-election bid, Golden Finance reported. According to Chen Ding, CEO of Southern East Asset Management Co., Ltd., the company will launch the first cryptocurrency-linked inverse ETF in the Asia-Pacific region, the Southern East Bitcoin Futures Daily (-1x) inverse product, in Hong Kong on Tuesday morning. Chen Ding said in an interview that raising $50 million to $100 million in assets for the inverse bitcoin ETF in a few years is absolutely achievable. The company will charge a management fee of 1.99%. Chen said some traders believe that the optimism caused by Trump could "soon" push the price of bitcoin to $100,000. She added that investors need to "either control the risk or take other positions," but this may be challenging with the products currently available. Chen said CSOP is also working to launch an inverse Ethereum ETF.

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