香港比特幣 ETF 流入因美國資金流出而減少

儘管香港推出了比特幣 ETF，但資金流入不足以抵消美國同行的資金流出。本週，來自香港 ETF 的 2.17 億美元淨流入超過了 11 隻美國 ETF 的 2.98 億美元淨流出。 ETF 的機構資金流入先前是比特幣上漲至新高的主要推動力，貢獻了 2 月新增投資的 75%。香港 ETF 首日交易量僅 1,240 萬美元，與美國 ETF 的 46 億美元交易量形成鮮明對比。然而，分析師表示，這些 ETF 的首次亮相可能會為其他司法管轄區樹立先例。

Hong Kong Bitcoin ETFs' Inflows Overshadowed by US Outflows

香港比特幣 ETF 的流入被美國的資金流出所掩蓋

The recent launch of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong has failed to offset the substantial net outflows witnessed in the United States Bitcoin ETF market.

最近在香港推出的現貨比特幣交易所交易基金（ETF）未能抵銷美國比特幣 ETF 市場出現的大量淨流出。

According to research by CoinShares, Hong Kong's ETFs have attracted net inflows of $217 million since their inception, a modest sum compared to the $298 million worth of net outflows recorded by the 11 spot Bitcoin ETFs in the US during the same period.

根據 CoinShares 的研究，香港的 ETF 自成立以來已吸引了 2.17 億美元的淨流入，與同期美國 11 只現貨比特幣 ETF 錄得的 2.98 億美元的淨流出相比，這個數字不大。

The inflows into Hong Kong ETFs have not been sufficient to sustain Bitcoin's recent rally to new all-time highs. Institutional inflows from ETFs have played a significant role in driving Bitcoin's price surge, accounting for approximately 75% of new investment in the cryptocurrency by mid-February.

流入香港 ETF 的資金不足以維持比特幣近期漲勢至歷史新高。 ETF 的機構資金流入在推動比特幣價格飆升方面發揮了重要作用，截至 2 月中旬，約佔該加密貨幣新增投資的 75%。

Fidelity's Wise Origin Bitcoin Fund (FBTC) and Grayscale's GBTC trust have accounted for a significant portion of the outflows, with FBTC selling over $191 million and GBTC selling $167.4 million in Bitcoin on May 1 alone.

富達(Fidelity) 的Wise Origin 比特幣基金(FBTC) 和Grayscale 的GBTC 信託基金佔了資金流出的很大一部分，僅5 月1 日，FBTC 就賣出了超過1.91 億美元的比特幣，GBTC 則賣出了1.674 億美元的比特幣。

The launch of Hong Kong's Bitcoin and Ether ETFs was met with enthusiasm, but trading activity has been underwhelming. On their first day of trading, these ETFs garnered only $12.4 million in volume, a stark contrast to the $4.6 billion traded in US spot Bitcoin ETFs on their first day.

香港比特幣和以太幣 ETF 的推出受到熱烈歡迎，但交易活動卻平淡無奇。這些 ETF 上市首日交易量僅 1,240 萬美元，與美國現貨比特幣 ETF 首日交易量 46 億美元形成鮮明對比。

Despite the low trading volume, analysts believe the Hong Kong ETFs could set a precedent for other jurisdictions. James Wo, founder and CEO of DFG, suggests that these ETFs will open up Asian markets to crypto exposure, potentially driving prices higher in the long run.

儘管交易量較低，分析師認為香港 ETF 可能為其他司法管轄區樹立先例。 DFG 創辦人兼執行長 James Wo 表示，這些 ETF 將打開亞洲市場的加密貨幣敞口，從長遠來看可能會推高價格。

The debut of Hong Kong ETFs has coincided with a dip in Bitcoin's price, falling below the $60,000 mark on May 1. Jag Kooner, head of derivatives at Bitfinex, believes that Bitcoin could revisit the $50,000 level if it loses its current support line at $59,000.

香港ETF 的推出恰逢比特幣價格下跌，5 月1 日跌破60,000 美元大關。的水平。

This potential downturn raises concerns about the impact it could have on Bitcoin's overall trajectory. The majority of Bitcoin investors are short-term holders, with an average inflow price of $59,000. If the price falls below this level, it could trigger a sell-off and send Bitcoin tumbling into the low $50,000 range.

這種潛在的低迷引發了人們對其可能對比特幣整體軌跡產生影響的擔憂。大多數比特幣投資者都是短期持有者，平均流入價格為 59,000 美元。如果價格跌破這一水平，可能會引發拋售，並使比特幣跌至 50,000 美元的低位區間。

While price predictions should be cautiously made, the average ETF buyer cost basis represents a crucial support level for Bitcoin. Losing this support could have significant implications for the cryptocurrency's future value.

雖然價格預測應謹慎進行，但 ETF 買家的平均成本基礎代表了比特幣的關鍵支撐位。失去這種支持可能會對加密貨幣的未來價值產生重大影響。

In summary, the launch of Hong Kong Bitcoin ETFs has not yet had a material impact on Bitcoin's price dynamics. The modest inflows into these ETFs have been overshadowed by the substantial outflows from US ETFs. However, the long-term implications of these developments remain to be seen, as the Hong Kong ETFs could potentially open up new avenues for crypto exposure in Asia.

綜上所述，香港比特幣ETF的推出尚未對比特幣的價格動態產生實質影響。流入這些 ETF 的溫和資金被美國 ETF 的大量資金流出所掩蓋。然而，這些發展的長期影響仍有待觀察，因為香港 ETF 可能會為亞洲的加密貨幣投資開闢新的途徑。