香港與美國加密貨幣ETF大戰激起投資者熱情

隨著新的加密貨幣 ETF 在香港獲得批准，人們對比特幣、以太坊和 XRP 價格大幅上漲的預期不斷上升。這一發展正值香港和美國之間對加密貨幣流入的激烈競爭之際，這對投資者來說是一個潛在的福音。

Hong Kong and U.S. Markets Position for Battle over Crypto ETF Dominance, Fueling Investor Excitement

香港和美國市場爭奪加密貨幣 ETF 主導地位，令投資者興奮不已

Introduction

介紹

Amidst intensifying competition between Hong Kong and the United States for cryptocurrency inflows, the approval of new cryptocurrency exchange-traded funds (ETFs) in Hong Kong has raised expectations for a significant surge in the prices of Bitcoin, Ethereum, and XRP. This development marks a potential boon for investors seeking exposure to the growing digital asset ecosystem.

在香港和美國對加密貨幣流入的競爭加劇的情況下，香港新的加密貨幣交易所交易基金（ETF）的批准引發了人們對比特幣、以太坊和XRP價格大幅上漲的預期。這一發展對於尋求參與不斷發展的數位資產生態系統的投資者來說是一個潛在的福音。

Hong Kong and U.S. ETF Dominance

香港和美國ETF占主導地位

According to a recent report by CoinGape, Bosera Capital, Harvest Global, and China Asset Management have received approval to launch spot Ethereum and Bitcoin ETFs in Hong Kong. Industry analysts believe that this move could trigger a surge in demand for these ETFs, potentially outstripping supply and driving up the prices of the underlying cryptocurrencies, including Bitcoin, Ethereum, and XRP.

根據 CoinGape 最近的一份報告，博時資本、嘉實環球和華夏基金已獲得批准在香港推出以太坊和比特幣 ETF 現貨。產業分析師認為，此舉可能引發對這些 ETF 的需求激增，可能會超過供應並推高基礎加密貨幣（包括比特幣、以太坊和 XRP）的價格。

Demand Outstrips Supply

需求超過供應

In the United States, the Securities and Exchange Commission (SEC) has recently approved a fleet of spot Bitcoin ETFs, which have attracted over $50 billion in assets under management since their inception in January. This unprecedented demand for Bitcoin ETFs has fueled a significant rally in the price of Bitcoin, which had been capped by years of regulatory resistance.

在美國，美國證券交易委員會 (SEC) 最近批准了一系列現貨比特幣 ETF，自 1 月推出以來已吸引了超過 500 億美元的管理資產。對比特幣 ETF 的前所未有的需求推動了比特幣價格的大幅上漲，而多年來的監管阻力一直限制著比特幣價格的上漲。

Wall Street Giants Join the Crypto ETF Race

華爾街巨頭加入加密 ETF 競賽

Investment behemoths BlackRock and Fidelity have emerged as the frontrunners in the U.S. Bitcoin ETF market, with approximately $15 billion and $9 billion in assets under management, respectively. The success of these ETFs has emboldened market players to anticipate similar performance from Hong Kong-listed ETFs.

投資巨頭貝萊德和富達已成為美國比特幣 ETF 市場的領導者，管理資產分別約 150 億美元和 90 億美元。這些 ETF 的成功讓市場參與者更大膽地預期香港上市 ETF 也會有類似的表現。

Mainland China's Cryptocurrency Restrictions

中國大陸的加密貨幣限制

Despite Hong Kong's recent embrace of cryptocurrency ETFs, mainland China continues to maintain a ban on any form of digital currency transactions. This prohibition effectively excludes mainland Chinese funds from accessing Hong Kong-listed Ethereum and Bitcoin ETFs. Hong Kong issuers have acknowledged these regulatory constraints, further limiting the potential investor pool for these ETFs.

儘管香港最近歡迎加密貨幣ETF，但中國大陸仍然禁止任何形式的數位貨幣交易。這項禁令實際上阻止了中國大陸基金進入香港上市的以太坊和比特幣 ETF。香港發行人已承認這些監管限制，進一步限制了這些 ETF 的潛在投資者群體。

Southbound Stock Connect Excludes Digital Currency

港股通不包括數位貨幣

The Southbound Stock Connect scheme, which facilitates cross-border investment between mainland China and Hong Kong, does not include digital currency items due to China's cautious stance towards cryptocurrency risk. This restriction further dampens the potential inflow of mainland Chinese capital into Hong Kong-listed cryptocurrency ETFs.

由於中國對加密貨幣風險持謹慎態度，促進中國大陸和香港之間跨境投資的南向股票互聯互通計畫不包括數位貨幣項目。這項限制進一步抑制了中國內地資本流入香港上市的加密貨幣 ETF 的可能性。

Bitcoin Struggles Amidst Resistance

比特幣在阻力中掙扎

Despite the positive sentiment surrounding ETF approvals, Bitcoin's price has faced resistance in recent days, falling below its recent highs. While bulls remain optimistic, citing ETF inflows and the impending halving, bearish traders predict a potential reversal due to macroeconomic factors and industry headwinds.

儘管圍繞 ETF 批准的情緒積極，但比特幣的價格最近幾天面臨阻力，跌破近期高點。雖然看多者仍保持樂觀，理由是 ETF 流入和即將到來的減半，但看跌交易者預測，由於宏觀經濟因素和行業逆風，情況可能會出現逆轉。

Funding Rates and Resistance Levels

資金費率和阻力位

According to research from the cryptocurrency analytics firm CryptoQuant, Bitcoin's price may be vulnerable to a correction due to elevated funding rates and high resistance levels. The excessive use of leverage and speculation, as indicated by high funding rates, can lead to price setbacks. Additionally, Bitcoin's price is currently facing its highest-ever resistance level, posing a significant obstacle to further gains.

根據加密貨幣分析公司 CryptoQuant 的研究，由於融資利率上升和阻力位較高，比特幣的價格可能容易受到調整。高融資率表明，過度使用槓桿和投機可能會導致價格下跌。此外，比特幣的價格目前正面臨有史以來最高的阻力位，對進一步上漲構成了重大障礙。

Market Overview

市場概況

At the time of writing, Bitcoin is trading around $63,300, after experiencing a weekend price slump. The market remains volatile, with both bulls and bears vying for control. The approval of new cryptocurrency ETFs in Hong Kong has injected a dose of optimism into the market, but investors should proceed with caution and monitor market conditions closely.

截至撰寫本文時，經歷週末價格暴跌後，比特幣交易價格約為 63,300 美元。市場依然波動，多頭和空頭爭奪控制權。香港新的加密貨幣ETF的批准為市場注入了一劑樂觀情緒，但投資者應謹慎行事並密切關注市場狀況。