比特幣ETF熱蔓延，中國黃金ETF溢價飆升

在市場波動的情況下，中國投資者紛紛湧向黃金股票ETF，將溢價推高至前所未有的30%，導致交易暫停。這一激增歸因於比特幣 ETF FOMO（害怕錯過），因為投資者尋求躲避經濟不確定性並探索另類資產。中國缺乏比特幣 ETF 放大了這種需求，分析師表示，比特幣 ETF 的推出可能會激發中國投資者的廣泛熱情。

China's Gold ETF Premium Soars Amid Bitcoin ETF Fever

比特幣ETF熱潮中中國黃金ETF溢價飆升

In an unprecedented surge of trading activity, domestic investors in China have pushed the premium of a gold stock exchange-traded fund (ETF) to an astonishing 30%, triggering a temporary halt in trading. Bloomberg analyst Eric Balchunas has attributed the phenomenon to a widespread fear of missing out (FOMO) on Bitcoin ETFs.

在前所未有的交易活動激增中，中國國內投資者將一檔黃金股票交易所交易基金（ETF）的溢價推高至驚人的30%，引發交易暫時停止。彭博社分析師 Eric Balchunas 將這一現象歸因於人們普遍擔心錯過比特幣 ETF (FOMO)。

Chinese Investors Flee Domestic Economy for Safe Havens

中國投資者逃離國內經濟尋求避風港

In a recent social media post, Balchunas highlighted the desperation among Chinese investors to diversify their portfolios away from a struggling domestic economy and stock market. "Investors there are so desperate to buy things that are not linked to their own economy/stock [market], which has been in the gutter," Balchunas wrote.

在最近的社群媒體貼文中，巴爾丘納斯強調了中國投資者迫切希望將投資組合多元化，以擺脫陷入困境的國內經濟和股市。巴爾丘納斯寫道：“那裡的投資者非常渴望購買與本國經濟/股票[市場]無關的東西，而這些市場已經陷入困境。”

This sentiment reflects a growing appetite for assets perceived as less correlated with local economic conditions. The absence of Bitcoin ETFs in China has further amplified this trend. "For those wondering, buying Bitcoin ETFs is not allowed there," Balchunas noted.

這種情緒反映出人們對與當地經濟狀況相關性較低的資產的興趣日益增長。中國缺乏比特幣ETF進一步放大了這個趨勢。 「對於那些想知道的人來說，那裡不允許購買比特幣 ETF，」巴爾丘納斯指出。

FOMO Drives Gold ETF Premium to Record High

FOMO 推動黃金 ETF 溢價創歷史新高

"If it were my guess is they'd be going gaga for them given how much FOMO they have been showing for gold and US stocks (btc easily outperforming both)," Balchunas added, emphasizing the potential enthusiasm for Bitcoin ETFs among Chinese investors. This pent-up demand has channeled into gold and US stocks, propelling the gold ETF premium to an unprecedented 30.49%.

Balchunas 補充說：「如果按照我的猜測，考慮到他們對黃金和美國股票表現出的FOMO 情緒（比特幣很容易跑贏兩者），他們會為他們瘋狂。」他強調了中國投資者對比特幣ETF 的潛在熱情。這種被壓抑的需求已流入黃金和美股，推動黃金ETF溢價達到前所未有的30.49%。

Spot Bitcoin ETFs: A Glimmer of Hope

現貨比特幣 ETF：一線希望

Chinese investors may soon gain indirect access to Spot Bitcoin ETFs through mainland fund managers' Hong Kong-based subsidiaries. However, these ETFs will not be directly available to investors residing in mainland China.

中國投資者可能很快就會透過內地基金管理公司的香港子公司間接獲得現貨比特幣 ETF。然而，居住在中國大陸的投資者將無法直接購買這些ETF。

Hong Kong Emerges as Bitcoin ETF Hub

香港成為比特幣 ETF 中心

Hong Kong is poised to become a major hub for Bitcoin ETFs. According to industry reports, hedge fund firms are strategically leveraging their Hong Kong subsidiaries to access Spot Bitcoin ETFs. Harvest Fund and Southern Fund's Hong Kong subsidiaries have already filed applications for Bitcoin ETFs with the Hong Kong Securities Regulatory Commission.

香港有望成為比特幣 ETF 的主要中心。據行業報告稱，對沖基金公司正在策略性地利用其香港子公司來獲取現貨比特幣 ETF。嘉實基金及南方基金香港子公司已向香港證監會提交比特幣ETF申請。

Southern Fund Pioneers Bitcoin ETF Revolution

南方基金開創比特幣ETF革命

Southern Dongying, a subsidiary of Southern Fund, has emerged as a pioneer in the Bitcoin ETF market. It launched the first crypto ETF in Asia and plans to introduce two more Bitcoin and Ethereum futures ETFs in Hong Kong. These initiatives aim to enhance Bitcoin adoption and potentially drive up BTC prices.

南方基金旗下南方東營已成為比特幣ETF市場的先驅。它在亞洲推出了首隻加密貨幣ETF，並計劃在香港再推出兩隻比特幣和以太坊期貨ETF。這些舉措旨在提高比特幣的採用率，並可能推高比特幣的價格。

Conclusion

結論

China's gold ETF premium surge illustrates the intense demand for safe-haven assets among Chinese investors. The absence of Bitcoin ETFs in China has exacerbated this trend, leading to significant FOMO. As Hong Kong positions itself as a Bitcoin ETF hub, Chinese investors may gain indirect access to these products, further fueling the global crypto market revolution.

中國黃金ETF溢價飆升顯示中國投資者對避險資產的強烈需求。中國缺乏比特幣 ETF 加劇了這一趨勢，導致嚴重的 FOMO 現象。由於香港將自己定位為比特幣 ETF 中心，中國投資者可能會間接獲得這些產品，從而進一步推動全球加密貨幣市場革命。