Asia's first inverse Bitcoin futures product will launch in Hong Kong on July 23, a new exchange-traded fund (ETF) from China Southern Asset Management Co designed to allow investors to profit from the decline in the price of Bitcoin.

The CSOP Bitcoin Futures Daily Inverse Product (-1x) will be listed on the Hong Kong Stock Exchange (HKEX) at an initial price of approximately Hong Kong Dollars (HKD) 7.8 per unit and is intended to provide investment results that accurately reflect the inverse daily performance of the Bitcoin Futures Index S&P

This is achieved through a futures-based replication strategy, which involves direct investment in monthly Bitcoin futures traded on the Chicago Mercantile Exchange (CME).

Ms Ding Chen, CEO of CSOP Asset Management, said in a statement: “As an ETF issuer respected by investors in the APAC region, CSOP has always been committed to offering comprehensive and diversified investment products. We are currently the leading provider of leveraged and inverse products in Hong Kong with a market share of 99%. ”

She added that the introduction of the first inverse Bitcoin futures product in Hong Kong provides opportunities for investors to profit from the decline in Bitcoin's value.

The launch follows a volatile period for Bitcoin investors, as the cryptocurrency's value fell below $54,000 in early July before rebounding amid optimism surrounding pro-crypto sentiment, including those surrounding the potential political future of Donald Trump.

Products traded on reverse cryptocurrency exchanges have raised about $106 million globally to date, according to data reported by Bloomberg. The largest of these is the Short Bitcoin Strategy ETF from ProShares Advisors LLC, which has collected $62.5 million in assets and charges a management fee of 1.33%.

In Hong Kong, the total assets held by the six Bitcoin and Ether ETFs now stand at $362 million. Meanwhile, spot Bitcoin ETFs launched in the US in January have collectively accumulated $60.7 billion in assets