香港ETF引領潮流：現貨比特幣與以太坊ETF亮相，定義數位資產交易新領域

香港證券及期貨事務監察委員會（SFC）已批准首隻現貨比特幣及以太幣ETF，將於4月30日開始交易。這標誌著該市加密貨幣市場發展的一個重要里程碑。 ETF 將採用實體創建模式，允許使用 BTC 和 ETH 形成新的 ETF 份額，這有可能顯著增加管理資產 (AUM) 和交易活動。

Hong Kong Sets the Global ETF Standard: Spot Bitcoin and Ether ETFs Debut, Signaling a New Era in Digital Asset Trading

香港製定全球ETF標準：現貨比特幣和以太坊ETF首次亮相，標誌著數位資產交易的新時代

In a groundbreaking move that has sent shockwaves through the global financial landscape, Hong Kong's Securities and Futures Commission (SFC) has granted official approval for the first spot Bitcoin and Ether exchange-traded funds (ETFs). This historic milestone signals a monumental shift in the city's cryptocurrency market and sets the stage for a new era of digital asset investing.

香港證券及期貨事務監察委員會（SFC）正式批准首隻現貨比特幣和以太幣交易所交易基金（ETF），這項突破性舉措震撼了全球金融格局。這一歷史性的里程碑標誌著該市加密貨幣市場的巨大轉變，並為數位資產投資的新時代奠定了基礎。

The SFC's Green Light: A Catalyst for Institutional Adoption

證監會的綠燈：制度採用的催化劑

On April 24th, the SFC announced its official acceptance of the inaugural batch of spot Bitcoin and Ether ETFs, marking a pivotal moment for the burgeoning cryptocurrency industry. This momentous decision reflects the SFC's unwavering commitment to fostering innovation while upholding the highest standards of investor protection.

4 月 24 日，證監會宣布正式接受首批比特幣和以太幣 ETF 現貨，這標誌著蓬勃發展的加密貨幣產業的關鍵時刻。這項重大決定反映了證監會堅定不移地致力於促進創新，同時堅持最高標準的投資者保護。

China Asset Management's Pioneering Role

華夏基金的先鋒地位

Leading the charge in this transformative development is China Asset Management (ChinaAMC), whose Bitcoin and Ether-based ETFs will commence trading on April 30th. These ETFs are meticulously designed to provide a secure and user-friendly gateway for retail and institutional investors alike, enabling them to participate in the vibrant digital asset ecosystem within a robust regulatory framework.

華夏基金 (ChinaAMC) 在這項變革性發展中處於領先地位，其基於比特幣和以太幣的 ETF 將於 4 月 30 日開始交易。這些 ETF 經過精心設計，旨在為散戶和機構投資者提供安全且用戶友好的網關，使他們能夠在強大的監管框架內參與充滿活力的數位資產生態系統。

Thomas Zhu, ChinaAMC's Head of Digital Assets and Family Office Operations, hailed this groundbreaking achievement as a resounding affirmation of the company's unwavering commitment to bridging the gap between traditional finance and the burgeoning cryptocurrency realm. "The introduction of these ETFs will empower investors with a convenient and regulated means to access the underlying digital assets," he asserted.

華夏基金數位資產和家族辦公室營運主管 Thomas Zhu 稱讚這項突破性成就是對該公司致力於彌合傳統金融與新興加密貨幣領域之間差距的堅定承諾的充分肯定。他斷言：“這些 ETF 的推出將為投資者提供一種便捷且受監管的方式來獲取基礎數位資產。”

In-Kind ETF Creation Model: A Competitive Edge

實體 ETF 創建模型：競爭優勢

Unlike cash-based spot Bitcoin ETFs in the United States, Hong Kong's unique in-kind creation model allows for the formation of ETF shares using actual Bitcoin (BTC) and Ether (ETH), offering several distinct advantages.

與美國以現金為基礎的現貨比特幣 ETF 不同，香港獨特的實體創建模式允許使用實際的比特幣 (BTC) 和以太幣 (ETH) 形成 ETF 份額，具有幾個明顯的優勢。

According to Bloomberg ETF analyst Rebecca Sin's insightful research, Hong Kong's in-kind ETF origination mechanism holds immense potential for boosting both assets under management (AUM) and trading activity:

根據彭博 ETF 分析師 Rebecca Sin 的深入研究，香港的實體 ETF 發起機制在促進資產管理規模 (AUM) 和交易活動方面具有巨大潛力：

"Hong Kong is setting its sights on in-kind creation of ETFs, a stark contrast to the cash-only approach prevalent in the US. This strategic distinction could well translate into a burgeoning opportunity for the market."

“香港正著眼於實體ETF的創建，這與美國盛行的純現金方式形成鮮明對比。這種戰略區別很可能會轉化為市場的新興機會。”

Fee Wars on the Horizon

收費大戰即將來臨

The introduction of these pioneering ETFs in Hong Kong is poised to ignite a competitive fray among issuers, each vying to offer the most attractive fee structures to capture market share.

這些開創性的 ETF 在香港的推出勢必會引發發行人之間的競爭，每個發行人都競相提供最具吸引力的費用結構以奪取市場份額。

Bloomberg ETF analyst James Seyffart forecasts the emergence of a "full-fledged fee war" as issuers jostle to entice users with the lowest possible fees:

彭博 ETF 分析師 James Seyffart 預測，隨著發行機構競相以盡可能低的費用吸引用戶，一場「全面的費用戰」將會出現：

"A potential fee war could be upon us in Hong Kong over these Bitcoin and Ethereum ETFs. Harvest, eager to make a splash, has already announced a complete fee waiver and an exceptionally low post-waiver fee of just 0.3%."

「香港可能會就這些比特幣和以太坊 ETF 展開一場潛在的費用戰。Harvest 急於引起轟動，已經宣布完全免除費用，並且免除後費用極低，僅為 0.3%。”

Eric Balchunas, Senior ETF Analyst at Bloomberg, echoed these sentiments, highlighting the already competitive fee landscape:

彭博社資深 ETF 分析師 Eric Balchunas 也同意這些觀點，並強調了已經具有競爭力的費用格局：

"Fees are coming in lower than anticipated, an encouraging sign for potential investors."

“費用低於預期，這對潛在投資者來說是一個令人鼓舞的跡象。”

A Global Benchmark for Digital Asset ETFs

數位資產 ETF 的全球基準

Hong Kong's forward-thinking approach to digital asset regulation sets a precedent for other jurisdictions, demonstrating that innovation and investor protection can coexist harmoniously. By establishing the first spot Bitcoin and Ether ETFs, Hong Kong has positioned itself as a global leader in the rapidly evolving cryptocurrency ecosystem.

香港對數位資產監管的前瞻性思維為其他司法管轄區樹立了先例，顯示創新與投資者保護可以和諧共存。透過建立首個現貨比特幣和以太坊 ETF，香港已將自己定位為快速發展的加密貨幣生態系統的全球領導者。

As these ETFs prepare to launch on April 30th, analysts eagerly anticipate their transformative impact on the digital asset market in Hong Kong and beyond. The introduction of regulated investment vehicles for Bitcoin and Ether is expected to accelerate institutional adoption, providing mainstream investors with a convenient and secure means to participate in the digital asset revolution.

隨著這些 ETF 準備於 4 月 30 日推出，分析師熱切期待它們對香港及其他地區的數位資產市場產生變革性影響。比特幣和以太幣受監管投資工具的推出預計將加速機構採用，為主流投資者提供便利、安全的方式參與數位資產革命。

Hong Kong's bold move to greenlight spot Bitcoin and Ether ETFs marks a pivotal milestone in the evolution of the cryptocurrency industry. By embracing innovation while safeguarding investors, Hong Kong has established itself as a global hub for digital asset trading and set a new standard for the development of future ETF products.

香港大膽批准比特幣和以太幣ETF現貨，標誌著加密貨幣產業發展的關鍵里程碑。透過擁抱創新並保護投資者，香港已成為全球數位資產交易中心，並為未來ETF產品的發展樹立了新標準。