現貨比特幣 ETF 將於 4 月 30 日在香港開始交易

香港準備在 4 月 30 日推出現貨比特幣 ETF，這標誌著加密貨幣市場的一個重要里程碑。這項進展是在美國監管機構批准比特幣 ETF 之後進行的，可能會進一步推動機構對比特幣的採用。隨著 ETF 準備推出，專家預測發行人之間將展開激烈的費用戰，這可能會吸引更大的投資者興趣並增加管理的資產。

Hong Kong to Commence Trading of Spot Bitcoin ETFs on April 30th

香港將於 4 月 30 日開始現貨比特幣 ETF 交易

Hong Kong is poised to witness a groundbreaking development in the cryptocurrency market with the imminent launch of multiple spot Bitcoin exchange-traded funds (ETFs) on April 30th. The move follows the successful approval and subsequent trading of Bitcoin ETFs in the United States earlier this year under the regulatory oversight of the Securities and Exchange Commission (SEC).

隨著多個現貨比特幣交易所交易基金 (ETF) 即將於 4 月 30 日推出，香港即將見證加密貨幣市場的突破性發展。此前，今年早些時候，比特幣 ETF 在美國證券交易委員會 (SEC) 的監管下獲得了成功批准並隨後進行了交易。

This marks a significant milestone for the cryptocurrency market in Hong Kong, which is expected to boost institutional adoption and potentially drive Bitcoin's price to new heights. With Bitcoin's all-time high of $73,700 achieved in March, the launch of these ETFs holds great promise for the industry.

這標誌著香港加密貨幣市場的一個重要里程碑，預計將促進機構採用，並有可能將比特幣的價格推向新的高度。隨著比特幣在 3 月創下 73,700 美元的歷史新高，這些 ETF 的推出為該行業帶來了巨大的希望。

Regulatory Approval and Fee Competition

監理審批和費用競爭

The Hong Kong Securities and Futures Commission (SFC) announced on April 15th that it had approved several spot Bitcoin and Ethereum ETFs for trading, paving the way for their imminent launch. Industry experts anticipate a fee war among the ETF issuers as they strive to attract the largest number of clients.

香港證券及期貨事務監察委員會（證監會）於 4 月 15 日宣布，已批准多隻現貨比特幣和以太坊 ETF 進行交易，為即將推出的產品鋪路。行業專家預計 ETF 發行人之間將爆發費用戰，因為他們努力吸引最多的客戶。

Bloomberg's Eric Balchunas and James Seyffart predict a potential price competition in Hong Kong as the Bitcoin ETFs prepare for launch. Harvest Fund, for example, intends to enter the market with a full fee waiver and the lowest fee of 0.3% following the waiver period.

彭博社的 Eric Balchunas 和 James Seyffart 預測，隨著比特幣 ETF 的推出，香港可能會出現價格競爭。例如，嘉實基金打算以全額豁免費用的方式進入市場，豁免期後費用最低為0.3%。

As seen in the table below, three major market players, ChinaAMC, Harvest Fund, and Bosera, have disclosed fees ranging from 0.99% to 0.3% (post-waiver) and 0.60%, respectively, all accompanied by cash redemptions.

如下表所示，三大市場參與者華夏基金、嘉實基金和博時基金揭露的費用分別為0.99%至0.3%（豁免後）和0.60%，均伴隨現金贖回。

Revised Projections and Potential Impact on Bitcoin's Price

資產管理公司費用結構華夏基金0.99%嘉年華基金0.3%（豁免後）博時0.60%修訂後的預測和對比特幣價格的潛在影響

The competitive fee structures of these Bitcoin ETFs are expected to generate increased interest among investors, potentially attracting higher assets under management (AuM). Balchunas acknowledges the relatively lower fee levels, describing them as a positive sign for the market as they are likely to enhance the appeal of these index funds and drive up their AuM.

這些比特幣 ETF 具有競爭力的費用結構預計將引起投資者的興趣增加，從而有可能吸引更高的管理資產（AuM）。 Balchunas 承認相對較低的費用水平，並將其描述為市場的正面訊號，因為它們可能會增強這些指數基金的吸引力並推高其管理資產規模。

While optimism surrounds the launch of Bitcoin ETFs in Hong Kong, Eric Balchunas offers a cautious analysis of potential inflows into this new market. He suggests that these ETFs may lag behind their US counterparts, which have already achieved a trading volume exceeding $200 billion since their launch in January.

儘管人們對香港推出比特幣 ETF 持樂觀態度，但 Eric Balchunas 對這一新市場的潛在資金流入進行了謹慎分析。他表示，這些 ETF 可能落後於美國同類 ETF，自 1 月推出以來，美國同類 ETF 的交易量已超過 2,000 億美元。

Balchunas has revised his initial forecast, estimating that these Hong Kong ETFs could attract up to $1 billion in AuM within the first two years of operation, doubling his previous projection of $500 million.

Balchunas 修改了他的初步預測，估計這些香港 ETF 在營運的頭兩年內可吸引高達 10 億美元的管理資產，是他之前預測的 5 億美元的兩倍。

At the time of writing, the price of Bitcoin stands at $66,000, reflecting a 1% decline over the past 24 hours and a nearly 3% decrease over the past fourteen days. Despite this recent trend, the imminent launch of ETFs in the Hong Kong market can significantly impact Bitcoin's price, potentially propelling it to higher levels and even retesting its current all-time high zone.

截至本文撰寫時，比特幣價格為 66,000 美元，過去 24 小時內下跌 1%，過去 14 天下跌近 3%。儘管有這種近期趨勢，但即將在香港市場推出 ETF 可能會對比特幣的價格產生重大影響，有可能將其推至更高水平，甚至重新測試當前的歷史高點區域。

Conclusion

結論

The launch of spot Bitcoin ETFs in Hong Kong on April 30th is a landmark event that will undoubtedly shape the cryptocurrency landscape in the region. With institutional adoption on the rise and the potential for lower fees and increased liquidity, the new ETFs are poised to attract significant interest from investors seeking exposure to the Bitcoin market.

4 月 30 日在香港推出現貨比特幣 ETF 是一個里程碑事件，無疑將塑造該地區的加密貨幣格局。隨著機構採用率的上升以及費用降低和流動性增加的潛力，新的 ETF 有望吸引尋求進入比特幣市場的投資者的濃厚興趣。

The fee war among the ETF issuers is likely to further drive down costs and attract a wider range of participants, while the potential impact on Bitcoin's price is a matter of great intrigue. As the market awaits the official launch, it remains to be seen whether these ETFs will live up to the hype and contribute to the continued growth and maturity of the cryptocurrency industry.

ETF發行人之間的費用戰可能會進一步降低成本並吸引更廣泛的參與者，而對比特幣價格的潛在影響則令人非常感興趣。在市場等待正式推出之際，這些 ETF 是否會不負眾望，並為加密貨幣產業的持續成長和成熟做出貢獻，還有待觀察。