香港加密貨幣 ETF 首次亮相令人失望，但潛在途徑已出現

香港六隻虛擬資產現貨ETF在香港聯交所上市，市場表現不佳，總交易量僅1,120萬美元。儘管預期很高，但這些 ETF 的表現仍遜於美國的比特幣 ETF，後者首日交易量為 46 億美元。香港資本市場流動性規模有限，加上機構資金管理限制，為加密貨幣ETF帶來了重大挑戰。然而，目前禁止購買這些 ETF 的中國內地投資者的潛在流入可能會提振其績效。

Hong Kong's Crypto ETF Debut: Missed Expectations, Potential Pathways

香港加密貨幣 ETF 首次亮相：未達預期、潛在途徑

The highly anticipated launch of six virtual asset spot exchange-traded funds (ETFs) on the Hong Kong Stock Exchange (HKEX) has fallen short of market expectations, raising questions about the city's aspirations as an Asian crypto hub.

備受期待的六隻虛擬資產現貨交易所交易基金 (ETF) 在香港證券交易所 (HKEX) 的推出未能達到市場預期，引發了人們對香港作為亞洲加密貨幣中心的渴望的質疑。

Underwhelming Market Performance

市場表現不佳

Despite the fanfare surrounding the event, the total trading volume for the initial batch of Bitcoin and Ethereum spot ETFs on their first day amounted to a mere 87.58 million Hong Kong dollars (US$11.2 million). Notably, three Ethereum spot ETFs closed below their opening price, further dampening the debut.

儘管活動大肆宣傳，但第一批比特幣和以太坊現貨 ETF 首日總交易量僅為 8,758 萬港元（1,120 萬美元）。值得注意的是，三隻以太坊現貨 ETF 收盤價低於開盤價，進一步抑制了首次亮相。

This performance stands in stark contrast to the enthusiastic reception for Bitcoin ETFs in the United States, where 11 spot Bitcoin ETFs garnered a trading volume of US$4.6 billion on their first day, approximately 383 times higher than Hong Kong's debut.

這一表現與比特幣 ETF 在美國的熱烈反差形成鮮明對比，美國 11 隻現貨比特幣 ETF 首日交易額達 46 億美元，約為香港首日交易額的 383 倍。

Challenges in Establishing a Crypto Hub

建立加密中心的挑戰

The lackluster performance of Hong Kong's crypto ETFs highlights the challenges the region faces in positioning itself as an Asian crypto hub. The limited liquidity scale of Hong Kong's capital market, estimated at US$52 billion, coupled with institutional fund management restrictions and liquidity issues, creates inherent limitations.

香港加密貨幣 ETF 的低迷表現突顯了該地區在將自身定位為亞洲加密貨幣中心方面面臨的挑戰。香港資本市場的流動性規模有限（估計為520億美元），加上機構資金管理限制和流動性問題，造成了固有的限制。

Compounding this issue is Hong Kong's declining stock market performance. In 2023, the HKEX saw a significant drop in IPOs and total proceeds, resulting in its departure from the top five global IPO markets. This broader market weakness further dampens the sentiment for crypto ETFs.

香港股市表現的下滑讓這個問題變得更加複雜。 2023年，港交所IPO數量及募集資金總額大幅下降，退出全球IPO市場前五名。更廣泛的市場疲軟進一步削弱了加密貨幣 ETF 的人氣。

Mainland Capital Inflow: A Potential Game-Changer

內地資本流入：潛在的遊戲規則改變者

The inclusion of Bitcoin and Ethereum, both strictly prohibited in mainland China, as underlying assets in Hong Kong's crypto spot ETFs presents a significant obstacle. Currently, mainland investors are unable to purchase these ETFs due to regulatory restrictions.

比特幣和以太幣在中國大陸被嚴格禁止，但將其作為基礎資產納入香港加密貨幣現貨 ETF 構成了重大障礙。目前，由於監管限制，內地投資者無法購買這些ETF。

However, there are indications that mainland capital could still find its way into Hong Kong's crypto ETF market. Mainland individuals holding Hong Kong identity cards are permitted to trade these ETFs, leaving open the possibility for financial institutions and individuals with dual identities to participate.

然而，有跡象顯示內地資本仍有可能進入香港的加密貨幣ETF市場。持有香港身分證的內地個人可以交易這些ETF，為具有雙重身分的金融機構和個人提供了參與的可能性。

Silver Linings and Future Prospects

一線希望與未來前景

Despite the initial setbacks, there is cautious optimism for the future of Hong Kong's crypto spot ETFs. The success of other ETFs in Hong Kong, such as the SPDR Gold Trust ETF with its substantial asset-under-management, serves as a positive precedent.

儘管最初遭遇挫折，但人們對香港加密貨幣現貨 ETF 的未來持謹慎樂觀態度。香港其他 ETF 的成功，例如管理大量資產的 SPDR Gold Trust ETF，可以作為一個積極的先例。

Additionally, the substantial trading volume in Hong Kong's off-exchange cryptocurrency market suggests strong underlying demand. Analysts predict that Hong Kong's crypto spot ETFs could attract significant inflows, ranging from US$1 billion to as much as US$10 billion.

此外，香港場外加密貨幣市場的大量交易量表明潛在需求強勁。分析師預測，香港的加密貨幣現貨 ETF 可能會吸引大量資金流入，資金規模從 10 億美元到 100 億美元不等。

Hong Kong's strategic location as a gateway for Southeast Asia, Taiwan, and the Middle East also provides opportunities for growth. Once compliance issues surrounding crypto assets are clarified, traditional financial funds are expected to flow into these ETFs, boosting their liquidity and credibility.

香港作為東南亞、台灣和中東門戶的戰略位置也提供了成長機會。一旦圍繞加密資產的合規問題得到澄清，傳統金融資金預計將流入這些ETF，從而提高其流動性和可信度。

Stringent Regulation: A Double-Edged Sword

嚴格監管：一把雙面刃

Hong Kong's robust compliance measures, including mandatory insurance for custodial assets, segregation of user assets into hot and cold wallets, and compensation mechanisms for losses, create a more secure trading environment for institutions. However, these regulations also add complexity and potential barriers to market entry.

香港穩健的合規措施，包括託管資產的強制保險、用戶資產冷熱錢包隔離以及損失補償機制，為機構創造了更安全的交易環境。然而，這些法規也增加了市場進入的複雜性和潛在障礙。

Conclusion

結論

The launch of Hong Kong's crypto spot ETFs has been met with mixed reactions. While the initial trading volume has underwhelmed expectations, the potential for growth remains. With the inclusion of mainland capital and the increasing clarity of regulatory frameworks, Hong Kong's crypto ETF market could emerge as a significant player in the global crypto landscape. However, the challenges of liquidity, competition, and regulatory compliance will continue to shape the market's development in the coming years.

香港加密貨幣現貨 ETF 的推出引起了不同的反應。雖然最初的交易量沒有達到預期，但成長潛力仍然存在。隨著內地資本的加入和監管框架的日益明確，香港的加密貨幣ETF市場可能會成為全球加密貨幣格局中的重要參與者。然而，流動性、競爭和監管合規的挑戰將繼續影響未來幾年市場的發展。