現貨 ETF 獲批，香港比特幣可望飆升 250 億美元

香港可能批准現貨比特幣 ETF，這可能會引發比特幣需求激增，透過港股通計畫吸引來自中國大陸的高達 250 億美元的資金流入。這項批准將迎合中國大陸投資者對比特幣作為另類資產日益增長的興趣，他們面臨人民幣貶值並尋求投資組合多元化。

Hong Kong Poised to Unveil a $25 Billion Bitcoin Surge with Spot ETF Approval

香港現貨 ETF 獲批，比特幣價值將飆漲 250 億美元

Hong Kong, the financial powerhouse and gateway for Chinese investments abroad, stands on the cusp of a transformative surge in Bitcoin demand if a spot Bitcoin exchange-traded fund (ETF) receives regulatory approval. This development, facilitated by the Southbound Stock Connect program, holds the potential to unleash a massive inflow of up to $25 billion from mainland China, propelling Bitcoin to new heights in the Asian market.

如果現貨比特幣交易所交易基金（ETF）獲得監管部門的批准，作為中國海外投資的金融中心和門戶的香港將處於比特幣需求變革性激增的風口浪尖。在南向股票互聯互通計畫的推動下，這項發展有可能從中國大陸釋放高達 250 億美元的大量資金流入，將比特幣推向亞洲市場的新高度。

Southbound Stock Connect: A Bridge to Mainland Chinese Investors

港股通：通往中國內地投資者的橋樑

The Southbound Stock Connect program serves as a gateway for qualified mainland Chinese investors, allowing them to access eligible shares listed on the Hong Kong Stock Exchange. Matrixport, a leading crypto services provider based in Singapore, emphasizes the program's capacity to facilitate "up to 500 billion RMB (HK$540 billion and $70 billion) in annual transactions."

港股通計畫是合格的中國大陸投資者的門戶，使他們能夠購買在香港證券交易所上市的合格股票。總部位於新加坡的領先加密服務提供商 Matrixport 強調該計劃有能力促進「高達 5,000 億人民幣（5,400 億港元和 700 億美元）的年度交易」。

While the exact figure remains an estimate, Matrixport presents a "blue sky" scenario. This scenario postulates that the average unused quota from the Southbound Stock Connect program over the past three years would be directed into a spot ETF. This optimistic outlook translates to a potential windfall of $25 billion for Hong Kong Bitcoin ETFs, a figure equivalent to HK$200 billion in Hong Kong dollars.

雖然確切的數字仍然是估計值，但 Matrixport 呈現了一個「藍天」場景。這種情況假設過去三年港股通計畫的平均未使用配額將被引導至現貨ETF。這種樂觀的前景意味著香港比特幣 ETF 可能獲得 250 億美元的意外收入，相當於 2,000 億港元。

Untapped Quota Awaits Bitcoin ETF Investments

未開發的配額等待比特幣 ETF 投資

Data from 360MarketIQ reveals that the Southbound Stock Connect program has an annual quota of HK$540 billion, allowing mainland Chinese investors to purchase Hong Kong stocks. However, actual utilization over the past three years has fallen short, reaching only HK$450 billion, HK$400 billion, and HK$320 billion, respectively. This leaves an untapped quota ranging from HK$100 billion to HK$200 billion ($15 billion to $25 billion) annually.

360MarketIQ的數據顯示，港股通每年的額度為5,400億港元，允許中國內地投資者購買港股。然而，過去三年的實際使用量卻不足，分別僅4,500億港元、4,000億港元和3,200億港元。這留下了每年 1,000 億港元至 2,000 億港元（150 億至 250 億美元）的未利用配額。

Matrixport clarifies that this unutilized capacity offers a remarkable opportunity for Bitcoin investment through the proposed Hong Kong ETF. If approval is granted without restrictions, this quota could be instrumental in driving significant inflows into the nascent Bitcoin ETF market.

Matrixport 澄清說，這種未利用的容量為透過擬議的香港 ETF 進行比特幣投資提供了絕佳的機會。如果不受限制地獲得批准，這筆配額可能有助於推動大量資金流入新興的比特幣 ETF 市場。

China's Diversification Drive Fuels Bitcoin Demand

中國的多元化推動比特幣需求

The potential Bitcoin ETF approval aligns with China's growing interest in diversifying its financial landscape. The tightly controlled renminbi has weakened nearly 2% against the U.S. dollar over the past two years, driven by economic slowdown and a shrinking trade surplus.

比特幣 ETF 的潛在批准符合中國對金融格局多元化日益增長的興趣。過去兩年，受經濟放緩和貿易順差縮小的推動，受到嚴格控制的人民幣兌美元匯率已貶值近2%。

Matrixport notes a surge in gold purchases by the Chinese central bank, highlighting the demand for diversification and China's strategic shift towards alternative assets. Bitcoin appears poised to benefit significantly from this trend, as evidenced by mainland funds eager to participate in the potential investment opportunities it offers.

Matrixport 指出，中國央行黃金購買量激增，凸顯了多元化需求以及中國向另類資產的策略轉變。比特幣似乎有望從這一趨勢中受益匪淺，內地基金渴望參與比特幣提供的潛在投資機會證明了這一點。

Mainland Funds Eager to Participate

內地基金踴躍參與

Nick Ruck, Chief Operating Officer of ContentFi Labs based in Hong Kong, confirms the significant interest from mainland China in a Hong Kong-listed Bitcoin ETF, stating:

香港 ContentFi Labs 營運長 Nick Ruck 證實了中國大陸對香港上市的比特幣 ETF 的濃厚興趣，他表示：

"Mainland-based funds have been applying to issue spot bitcoin ETFs through their Hong Kong subsidiaries. If approved, this could allow qualified mainland investors greater access to bitcoin."

“內地基金一直在申請透過其香港子公司發行現貨比特幣ETF。如果獲得批准，這可能會讓合格的內地投資者有更多機會獲得比特幣。”

Reports from Nikkei Asia corroborate this trend, revealing applications from prominent firms like Harvest Global Investments (the Hong Kong arm of Bosera Asset Management) and Value Partners (owned by Chinese brokerage GF Holdings). These applications underscore the eagerness of mainland Chinese institutions to tap into the potential Bitcoin investment opportunities.

日經亞洲的報告證實了這一趨勢，披露了嘉實環球投資（博時資產管理香港分公司）和惠理基金（中國券商廣發控股旗下）等知名公司的申請。這些申請凸顯了中國大陸機構渴望利用潛在的比特幣投資機會。

Global Precedent and Momentum

全球先例與勢頭

The United States' approval of approximately a dozen spot Bitcoin ETFs four months ago provides a persuasive precedent for Hong Kong's endorsement. These U.S. ETFs have amassed an astounding $12 billion in investor funds, propelling Bitcoin to unprecedented heights surpassing $73,000.

美國四個月前批准了大約十幾隻現貨比特幣ETF，為香港的認可提供了一個有說服力的先例。這些美國 ETF 已累積了驚人的 120 億美元投資者資金，將比特幣推向前所未有的高度，超過 73,000 美元。

A Hong Kong ETF, coupled with the Stock Connect program's reach into mainland China, could catalyze a new era for Bitcoin in Asia. An inflow of $25 billion from mainland investors would undoubtedly generate significant momentum, further mainstreaming Bitcoin and solidifying its status as a global asset class.

香港ETF，加上滬深港通計畫進入中國大陸，可能會催生亞洲比特幣的新時代。來自內地投資者的250億美元的流入無疑將產生巨大的動力，進一步使比特幣主流化並鞏固其作為全球資產類別的地位。

Conclusion

結論

Hong Kong is poised to unleash a formidable surge in Bitcoin demand if a spot Bitcoin ETF receives approval. The Southbound Stock Connect program offers a vital bridge for mainland Chinese investors, providing access to a potential $25 billion windfall. China's diversification drive and the global precedent set by the United States further bolster the case for Hong Kong's Bitcoin ETF approval. If granted, this development would mark a transformative moment for Bitcoin in Asia, solidifying its position as a global asset class and opening doors to unprecedented levels of mainstream adoption.

如果現貨比特幣 ETF 獲得批准，香港將釋放比特幣需求的強勁成長。港股通計畫為中國大陸投資者提供了一座重要的橋樑，為他們提供了獲得潛在 250 億美元意外之財的機會。中國的多元化發展和美國開創的全球先例進一步支持了香港比特幣 ETF 的批准。如果獲得批准，這一發展將標誌著比特幣在亞洲的一個變革時刻，鞏固其作為全球資產類別的地位，並為前所未有的主流採用水平打開大門。