香港比特币 ETF 流入因美国资金流出而减少

尽管香港推出了比特币 ETF，但资金流入不足以抵消美国同行的资金流出。本周，来自香港 ETF 的 2.17 亿美元净流入超过了 11 只美国 ETF 的 2.98 亿美元净流出。 ETF 的机构资金流入此前是比特币上涨至新高的主要推动力，贡献了 2 月份新增投资的 75%。香港 ETF 首日交易量仅为 1,240 万美元，与美国 ETF 的 46 亿美元交易量形成鲜明对比。然而，分析师表示，这些 ETF 的首次亮相可能会为其他司法管辖区树立先例。

Hong Kong Bitcoin ETFs' Inflows Overshadowed by US Outflows

香港比特币 ETF 的流入被美国的资金流出所掩盖

The recent launch of spot Bitcoin exchange-traded funds (ETFs) in Hong Kong has failed to offset the substantial net outflows witnessed in the United States Bitcoin ETF market.

最近在香港推出的现货比特币交易所交易基金（ETF）未能抵消美国比特币 ETF 市场出现的大量净流出。

According to research by CoinShares, Hong Kong's ETFs have attracted net inflows of $217 million since their inception, a modest sum compared to the $298 million worth of net outflows recorded by the 11 spot Bitcoin ETFs in the US during the same period.

根据 CoinShares 的研究，香港的 ETF 自成立以来已吸引了 2.17 亿美元的净流入，与同期美国 11 只现货比特币 ETF 录得的 2.98 亿美元的净流出相比，这个数字不大。

The inflows into Hong Kong ETFs have not been sufficient to sustain Bitcoin's recent rally to new all-time highs. Institutional inflows from ETFs have played a significant role in driving Bitcoin's price surge, accounting for approximately 75% of new investment in the cryptocurrency by mid-February.

流入香港 ETF 的资金不足以维持比特币近期涨势至历史新高。 ETF 的机构资金流入在推动比特币价格飙升方面发挥了重要作用，截至 2 月中旬，约占该加密货币新增投资的 75%。

Fidelity's Wise Origin Bitcoin Fund (FBTC) and Grayscale's GBTC trust have accounted for a significant portion of the outflows, with FBTC selling over $191 million and GBTC selling $167.4 million in Bitcoin on May 1 alone.

富达 (Fidelity) 的 Wise Origin 比特币基金 (FBTC) 和 Grayscale 的 GBTC 信托基金占了资金流出的很大一部分，仅 5 月 1 日，FBTC 就卖出了超过 1.91 亿美元的比特币，GBTC 则卖出了 1.674 亿美元的比特币。

The launch of Hong Kong's Bitcoin and Ether ETFs was met with enthusiasm, but trading activity has been underwhelming. On their first day of trading, these ETFs garnered only $12.4 million in volume, a stark contrast to the $4.6 billion traded in US spot Bitcoin ETFs on their first day.

香港比特币和以太币 ETF 的推出受到热烈欢迎，但交易活动却平淡无奇。这些 ETF 上市首日交易量仅为 1240 万美元，与美国现货比特币 ETF 首日交易量 46 亿美元形成鲜明对比。

Despite the low trading volume, analysts believe the Hong Kong ETFs could set a precedent for other jurisdictions. James Wo, founder and CEO of DFG, suggests that these ETFs will open up Asian markets to crypto exposure, potentially driving prices higher in the long run.

尽管交易量较低，但分析师认为香港 ETF 可能为其他司法管辖区树立先例。 DFG 创始人兼首席执行官 James Wo 表示，这些 ETF 将打开亚洲市场的加密货币敞口，从长远来看可能会推高价格。

The debut of Hong Kong ETFs has coincided with a dip in Bitcoin's price, falling below the $60,000 mark on May 1. Jag Kooner, head of derivatives at Bitfinex, believes that Bitcoin could revisit the $50,000 level if it loses its current support line at $59,000.

香港 ETF 的推出恰逢比特币价格下跌，5 月 1 日跌破 60,000 美元大关。Bitfinex 衍生品主管 Jag Kooner 认为，如果比特币失去目前 59,000 美元的支撑线，比特币可能会重新回到 50,000 美元的水平。

This potential downturn raises concerns about the impact it could have on Bitcoin's overall trajectory. The majority of Bitcoin investors are short-term holders, with an average inflow price of $59,000. If the price falls below this level, it could trigger a sell-off and send Bitcoin tumbling into the low $50,000 range.

这种潜在的低迷引发了人们对其可能对比特币整体轨迹产生影响的担忧。大多数比特币投资者都是短期持有者，平均流入价格为 59,000 美元。如果价格跌破这一水平，可能会引发抛售，并使比特币跌至 50,000 美元的低位区间。

While price predictions should be cautiously made, the average ETF buyer cost basis represents a crucial support level for Bitcoin. Losing this support could have significant implications for the cryptocurrency's future value.

虽然价格预测应谨慎进行，但 ETF 买家的平均成本基础代表了比特币的关键支撑位。失去这种支持可能会对加密货币的未来价值产生重大影响。

In summary, the launch of Hong Kong Bitcoin ETFs has not yet had a material impact on Bitcoin's price dynamics. The modest inflows into these ETFs have been overshadowed by the substantial outflows from US ETFs. However, the long-term implications of these developments remain to be seen, as the Hong Kong ETFs could potentially open up new avenues for crypto exposure in Asia.

综上所述，香港比特币ETF的推出尚未对比特币的价格动态产生实质性影响。流入这些 ETF 的温和资金被美国 ETF 的大量资金流出所掩盖。然而，这些发展的长期影响仍有待观察，因为香港 ETF 可能会为亚洲的加密货币投资开辟新的途径。