香港現貨比特幣和以太坊 ETF 首次亮相令人失望

香港新推出的現貨比特幣和以太坊交易所交易基金（ETF）首次亮相表現不佳，未能達到最初的交易量預期。儘管初始發行規模很大，但市場興趣似乎受到限制，六隻 ETF 的交易量總計 1,100 萬美元，遠低於預期的 1 億美元。這種平靜的反應與美國現貨比特幣 ETF 的強勁表​​現形成鮮明對比，該 ETF 在 1 月的首個交易日成交量為 6.55 億美元。

Hong Kong's Spot Bitcoin and Ethereum ETFs Debut with Lackluster Performance

香港現貨比特幣和以太坊ETF首次亮相，表現不佳

Hong Kong's financial market witnessed a muted start for its newly launched spot Bitcoin and Ethereum exchange-traded funds (ETFs), falling short of initial trading volume expectations. Despite substantial issuance sizes, market interest appeared restrained, as evidenced by the trading data for the first day.

香港金融市場新推出的現貨比特幣和以太坊交易所交易基金（ETF）開局平淡，交易量未達最初預期。儘管發行規模龐大，但市場興趣似乎受到抑制，首日交易數據證明了這一點。

The debut of these ETFs, including the ChinaAMC Bitcoin ETF, the Harvest Bitcoin Spot ETF, and the Bosera HashKey BTC ETF, was highly anticipated. The ChinaAMC Bitcoin ETF garnered significant initial issuance, amounting to approximately $121 million (HK$ 950 million), while its Ether equivalent launched at $20 million (HK$ 160 million).

華夏比特幣ETF、嘉實比特幣現貨ETF、博時HashKey BTC ETF等ETF的首發備受期待。華夏比特幣 ETF 獲得了大量首次發行，金額約為 1.21 億美元（9.5 億港元），而其以太幣等價物的發行價格為 2000 萬美元（1.6 億港元）。

However, trading volumes remained subdued, with Bitcoin Spot ETFs accumulating only $8.8 million and Ether Spot ETFs recording a mere $2.6 million. This tepid performance raised concerns among market observers, who had expected higher liquidity and participation.

然而，交易量仍然低迷，比特幣現貨 ETF 的交易量僅為 880 萬美元，以太幣現貨 ETF 的交易量僅為 260 萬美元。這種不溫不火的表現引起了市場觀察人士的擔憂，他們原本預期流動性和參與度會更高。

Prominent investment analyst Trader T (@pivfund2100) noted the discrepancy between anticipated and actual market engagement, suggesting that issuers may have overestimated initial demand. He observed that retail investors were the primary participants on the first day and commented on the absence of in-kind creation/redemption, which was anticipated to play a significant role.

著名投資分析師 Trader T (@pivfund2100) 指出預期市場參與度與實際市場參與度之間的差異，顯示發行人可能高估了初始需求。他觀察到散戶投資者是第一天的主要參與者，並評論說缺乏實物創造/贖回，預計這將發揮重要作用。

The lack of participation from Mainland Chinese investors was also cited as a contributing factor to the lackluster trading volumes. Trader T highlighted that investors from Mainland China are currently unable to access these ETFs, representing a substantial market limitation.

中國大陸投資者缺乏參與也被認為是交易量低迷的因素。交易員T強調，中國大陸的投資者目前無法購買這些ETF，這代表著巨大的市場限制。

Despite geographical restrictions, these ETFs are seen as a pivotal development for the region, offering a regulated mechanism for large-scale transactions between cryptocurrencies like Bitcoin and Ether and fiat currencies. However, their performance contrasts sharply with the performance of their US counterparts.

儘管存在地域限制，這些 ETF 仍被視為該地區的關鍵發展，為比特幣、以太幣等加密貨幣與法定貨幣之間的大規模交易提供了受監管的機制。然而，他們的表現與美國同行的表現形成鮮明對比。

On their inaugural trading day in January, US-based spot Bitcoin ETFs witnessed a volume of $655 million. In contrast, the combined $11 million trading volume of Hong Kong's six ETFs fell far short of the expected $100 million. This discrepancy suggests that analysts may have overestimated the potential of Hong Kong, particularly at the outset.

在 1 月的首個交易日，美國現貨比特幣 ETF 的交易量達到 6.55 億美元。相較之下，香港六隻ETF的總交易量為1,100萬美元，遠低於預期的1億美元。這種差異表明分析師可能高估了香港的潛力，尤其是在一開始。

The broader cryptocurrency market reacted negatively to the lukewarm reception of Hong Kong's ETFs. Bitcoin dropped nearly 5% from $64,700 to just under $61,250 within three hours during European trading hours. Similarly, Ether fell by more than 7.0 % from $3,250 to $3,015. These movements could be attributed to the market's interpretation of the ETFs' underperformance as a lack of confidence or a smaller-than-expected investor base.

更廣泛的加密貨幣市場對香港 ETF 的冷淡反應做出了負面反應。在歐洲交易時段，比特幣在三小時內從 64,700 美元下跌近 5% 至略低於 61,250 美元。同樣，以太幣跌幅超過 7.0%，從 3,250 美元跌至 3,015 美元。這些變動可能歸因於市場將 ETF 表現不佳解釋為缺乏信心或投資者基礎小於預期。

As of the time of writing, BTC traded at $61,235, indicating persistent market volatility. The muted debut of Hong Kong's spot Bitcoin and Ethereum ETFs has raised questions about the actual demand for these products and their potential impact on the broader cryptocurrency market. Analysts will continue to monitor the performance of these ETFs in the coming weeks and months to assess their long-term viability in the increasingly competitive crypto asset ecosystem.

截至撰寫本文時，BTC 交易價格為 61,235 美元，顯示市場持續波動。香港現貨比特幣和以太坊 ETF 的首次亮相引發了人們對這些產品的實際需求及其對更廣泛的加密貨幣市場的潛在影響的質疑。分析師將在未來幾週和幾個月內繼續監測這些 ETF 的表現，以評估它們在競爭日益激烈的加密資產生態系統中的長期生存能力。