香港準備推出貨比特幣和以太坊 ETF，交易將於 4 月 30 日開始

香港有條件批准現貨比特幣和以太坊 ETF，引發了對月底可能推出交易的預期。雖然尚未確定具體日期，但行業專家 Markus Thielen 預計交易將於 4 月 30 日開始。這一發展是由於美國批准現貨比特幣 ETF 後對加密貨幣敞口的需求不斷增長而出現的。這些香港ETF的成功可能會受到中國內地投資者參與的影響，因為上海證券交易所的南向通計劃允許合格投資者購買有限的配額。

Hong Kong Poised to Launch Spot Bitcoin and Ethereum ETFs

香港準備推出現貨比特幣和以太坊ETF

Analysts Anticipate Trading to Commence by April 30th

分析師預計交易將於 4 月 30 日開始

Hong Kong's financial sector is on the cusp of a significant development with the impending launch of spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). According to Markus Thielen, the veteran analyst behind 10x Research and former Head of Research and Strategy at Matrixport, trading of these ETFs could commence as early as April 30th.

隨著現貨比特幣（BTC）和以太坊（ETH）交易所交易基金（ETF）即將推出，香港金融業正處於重大發展的風口浪尖。 10x Research 背後的資深分析師、Matrixport 前研究與策略主管 Markus Thielen 表示，這些 ETF 的交易最快可能在 4 月 30 日開始。

Conditional Approval Granted

有條件批准

Hong Kong's Securities and Futures Commission (SFC) recently granted conditional approval for a number of Bitcoin and Ethereum ETF applications. China Asset Management, Harvest Global, Bosera, and HashKey are the entities behind these applications.

香港證券及期貨事務監察委員會（證監會）最近有條件批准了許多比特幣和以太幣 ETF 申請。華夏基金、嘉年華環球、博時和HashKey是這些應用程式背後的實體。

US Approval Precedes Hong Kong's Move

美國先於香港批准

The approval of spot Bitcoin ETFs in Hong Kong follows a similar move in the United States in January. This development has generated increased demand for crypto asset exposure, fueling the recent bull run in the cryptocurrency market.

繼美國一月也採取了類似措施之後，香港也批准了現貨比特幣 ETF。這一發展增加了對加密資產敞口的需求，推動了近期加密貨幣市場的牛市。

Dependence on Mainland Chinese Investors

對中國大陸投資者的依賴

The success of Hong Kong's ETFs will hinge heavily on the participation of Chinese mainland investors, according to Thielen. The Shanghai Stock Exchange's southbound stock connect mechanism allows qualified mainland investors to access Hong Kong financial assets. However, the daily quota of ¥42 billion may hinder substantial investment.

蒂倫表示，香港ETF的成功將在很大程度上取決於中國內地投資者的參與。上海證券交易所的港股通機制允許合格的內地投資者投資香港金融資產。然而，每日420億日圓的配額可能會阻礙大量投資。

Quota Limitations

配額限制

"This program allows mainland investors to buy up to ¥500 billion ($69 billion USD) of Hong Kong-listed stocks annually—or equivalent to HK$540 billion annually," Thielen explained. "During the last three years, the annual spare quota was HK$100 billion to HK$200 billion ($15 billion to $25 billion)."

「該計劃允許內地投資者每年購買最多 5,000 億日圓（690 億美元）的香港上市股票，相當於每年 5,400 億港元，」蒂倫解釋道。 “過去三年，每年的備用配額為1,000億港元至2,000億港元（150億至250億美元）。”

Unlikely Investment in the Near Term

短期內不太可能進行投資

Thielen believes that Chinese mainland investors will not be able to invest in these ETFs for at least six months. The ETFs are currently ineligible for inclusion in the southbound stock connect program due to regulatory requirements stating that the underlying assets must have been listed for six months.

蒂倫認為，中國內地投資者至少六個月內無法投資這些ETF。由於監管要求標的資產必須上市滿六個月，這些ETF目前不符合納入港股通計畫的資格。

China's Cryptocurrency Landscape

中國的加密貨幣格局

Despite the ban on crypto trading and mining in China in 2021, the country continues to play a significant role in the cryptocurrency ecosystem. Binance, a leading crypto exchange, processed $90 billion of Chinese transactions in a single month in 2023, accounting for 20% of its global volume.

儘管中國在 2021 年禁止加密貨幣交易和挖礦，但該國仍在加密貨幣生態系統中發揮重要作用。領先的加密貨幣交易所幣安在 2023 年單月處理了 900 億美元的中國交易量，佔其全球交易量的 20%。

Hong Kong as a Testing Ground

香港作為試驗場

Experts have suggested that China is using Hong Kong as a "testing ground" for its crypto ambitions, with the launch of these spot ETFs being a key indicator of this strategy.

專家表示，中國正在利用香港作為其加密貨幣野心的“試驗場”，這些現貨 ETF 的推出是這項策略的關鍵指標。

Cultural Considerations

文化考量

Thielen notes that ETFs have historically had limited success in Asia due to investors' preference for direct and concentrated bets rather than diversified baskets. However, in this case, the ETFs represent single assets rather than a collection of stocks, which may increase their appeal.

蒂倫指出，由於投資者偏好直接和集中的投資而不是多元化的籃子，ETF 歷來在亞洲取得的成功有限。然而，在這種情況下，ETF代表單一資產而不是股票集合，這可能會增加它們的吸引力。

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隨時了解加密貨幣新聞

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