香港比特币、以太坊 ETF 即将获批，但不包括中国内地

香港的比特币和以太币现货交易所交易基金（ETF）预计将很快获得最终批准。然而，Matrixport 的一份报告推测中国投资者通过南向股票互联互通计划提出了大量需求，但这一报告已被驳斥。发行人已澄清，由于中国大陆严格的加密货币法规，不允许进行此类投资，这可能会影响市场对 ETF 首次亮相的预期。

Hong Kong Bitcoin and Ether ETF Approvals Loom, but Mainland Chinese Investors Excluded

香港比特币和以太坊 ETF 即将获批，但中国大陆投资者被排除在外

Hong Kong's Securities and Futures Commission (SFC) is poised to grant final approvals for Bitcoin and Ether spot exchange-traded funds (ETFs) as early as Monday, igniting anticipation of an influx of capital into the city's cryptocurrency market. However, recent clarifications from ETF issuers have dashed hopes of substantial investments from mainland Chinese investors through the Southbound Stock Connect program.

香港证券及期货事务监察委员会（SFC）准备最早于周一批准比特币和以太坊现货交易所交易基金（ETF），引发资本涌入香港加密货币市场的预期。然而，ETF发行人最近的澄清让中国大陆投资者通过港股通计划进行大量投资的希望破灭了。

False Hopes Quashed

虚假的希望破灭

A report by Matrixport, a Singapore-based crypto services provider, predicted that Hong Kong-listed Bitcoin spot ETFs could attract billions of dollars in capital from mainland investors via the Southbound Connect program. This program facilitates annual transactions of up to 500 billion RMB (approximately $70 billion).

新加坡加密服务提供商 Matrixport 的一份报告预测，在香港上市的比特币现货 ETF 可能会通过南向通计划吸引内地投资者数十亿美元的资金。该计划每年可促进高达 5000 亿元人民币（约 700 亿美元）的交易。

However, this optimism has been swiftly dispelled. Colin Wu, a crypto journalist writing for the X platform, has confirmed that Southbound funds from mainland China are not eligible to invest in crypto ETFs listed in Hong Kong. This revelation contradicts earlier reports that forecasted significant capital inflows from mainland Chinese investors into these investment vehicles.

然而，这种乐观情绪很快就被打消了。为 X 平台撰稿的加密货币记者 Colin Wu 证实，来自中国大陆的南向基金没有资格投资在香港上市的加密货币 ETF。这一披露与此前预测中国大陆投资者将大量资本流入这些投资工具的报道相矛盾。

Mainland Regulations Hinder Investment

内地法规阻碍投资

This exclusion stems from mainland China's stringent regulations on cryptocurrency use and investment. While Hong Kong has emerged as a prominent hub for the Asian cryptocurrency market, mainland China continues to maintain a conservative stance on digital assets.

这种排除源于中国大陆对加密货币使用和投资的严格规定。尽管香港已成为亚洲加密货币市场的重要中心，但中国大陆仍然对数字资产保持保守立场。

The restrictions imposed on Southbound funds highlight the regulatory gulf between mainland China and Hong Kong when it comes to cryptocurrencies. Despite the anticipated approval of Bitcoin and Ether ETFs in Hong Kong, mainland Chinese investors will be unable to participate in these investment opportunities.

对南向基金施加的限制凸显了中国大陆和香港在加密货币方面的监管鸿沟。尽管比特币和以太坊 ETF 预计将在香港获得批准，但中国内地投资者将无法参与这些投资机会。

Impact on ETF Trading Debut

对ETF交易首发的影响

The launch of Bitcoin and Ether ETFs in Hong Kong was widely anticipated to attract significant capital from both Hong Kongers and mainland Chinese investors. The success of similar ETFs in the United States earlier this year has fueled optimism for the growth of the digital asset sector.

人们普遍预计，比特币和以太坊 ETF 在香港的推出将吸引香港和中国大陆投资者的大量资金。今年早些时候，类似 ETF 在美国的成功激发了人们对数字资产行业增长的乐观情绪。

However, the clarification from ETF issuers has tempered market expectations. Investors who were anticipating substantial participation from mainland Chinese investors may need to reassess their positions, given the regulatory restrictions that preclude their participation.

不过，ETF发行人的澄清降低了市场预期。鉴于监管限制阻碍了中国大陆投资者的参与，预计中国大陆投资者将大量参与的投资者可能需要重新评估自己的立场。

Reevaluating Market Expectations

重新评估市场预期

The exclusion of mainland Chinese investors from Hong Kong-listed crypto ETFs requires a reevaluation of the market expectations associated with their launch. While the approvals represent a significant step for the Hong Kong cryptocurrency industry, they may not generate the same level of capital inflows as previously anticipated.

将中国内地投资者排除在香港上市的加密 ETF 之外，需要重新评估与其推出相关的市场预期。虽然这些批准代表着香港加密货币行业迈出的重要一步，但它们可能不会产生与之前预期相同水平的资本流入。

Conclusion

结论

The forthcoming approval of Bitcoin and Ether spot ETFs in Hong Kong marks a pivotal moment for the city's cryptocurrency market. However, the exclusion of mainland Chinese investors via the Southbound Stock Connect program is a sobering reminder of the regulatory divide between mainland China and its special administrative region. Investors should carefully consider the implications of this restriction before making investment decisions based on the ETF approvals. The market's response and the long-term impact of this exclusion remain to be seen.

香港即将批准比特币和以太币现货 ETF，标志着该市加密货币市场的关键时刻。然而，港股通计划将中国大陆投资者排除在外，这令人警醒地提醒人们注意中国大陆与其特别行政区之间的监管分歧。投资者在根据 ETF 批准做出投资决定之前应仔细考虑这一限制的影响。市场的反应以及这种排除的长期影响仍有待观察。