香港加密货币 ETF 首次亮相令人失望，但潜在途径已出现

香港六只虚拟资产现货ETF在香港联交所上市，市场表现不佳，总交易量仅为1,120万美元。尽管预期很高，但这些 ETF 的表现仍逊于美国的比特币 ETF，后者首日交易量为 46 亿美元。香港资本市场流动性规模有限，加上机构资金管理限制，给加密货币ETF带来了重大挑战。然而，目前禁止购买这些 ETF 的中国内地投资者的潜在流入可能会提振其业绩。

Hong Kong's Crypto ETF Debut: Missed Expectations, Potential Pathways

香港加密货币 ETF 首次亮相：未达预期、潜在途径

The highly anticipated launch of six virtual asset spot exchange-traded funds (ETFs) on the Hong Kong Stock Exchange (HKEX) has fallen short of market expectations, raising questions about the city's aspirations as an Asian crypto hub.

备受期待的六只虚拟资产现货交易所交易基金 (ETF) 在香港证券交易所 (HKEX) 的推出未能达到市场预期，引发了人们对香港作为亚洲加密货币中心的渴望的质疑。

Underwhelming Market Performance

市场表现不佳

Despite the fanfare surrounding the event, the total trading volume for the initial batch of Bitcoin and Ethereum spot ETFs on their first day amounted to a mere 87.58 million Hong Kong dollars (US$11.2 million). Notably, three Ethereum spot ETFs closed below their opening price, further dampening the debut.

尽管活动大肆宣传，但第一批比特币和以太坊现货 ETF 首日总交易量仅为 8758 万港元（1120 万美元）。值得注意的是，三只以太坊现货 ETF 收盘价低于开盘价，进一步抑制了首次亮相。

This performance stands in stark contrast to the enthusiastic reception for Bitcoin ETFs in the United States, where 11 spot Bitcoin ETFs garnered a trading volume of US$4.6 billion on their first day, approximately 383 times higher than Hong Kong's debut.

这一表现与比特币 ETF 在美国的热烈反差形成鲜明对比，美国 11 只现货比特币 ETF 首日交易额达 46 亿美元，约为香港首日交易额的 383 倍。

Challenges in Establishing a Crypto Hub

建立加密中心的挑战

The lackluster performance of Hong Kong's crypto ETFs highlights the challenges the region faces in positioning itself as an Asian crypto hub. The limited liquidity scale of Hong Kong's capital market, estimated at US$52 billion, coupled with institutional fund management restrictions and liquidity issues, creates inherent limitations.

香港加密货币 ETF 的低迷表现突显了该地区在将自身定位为亚洲加密货币中心方面面临的挑战。香港资本市场的流动性规模有限（估计为520亿美元），加上机构资金管理限制和流动性问题，造成了固有的限制。

Compounding this issue is Hong Kong's declining stock market performance. In 2023, the HKEX saw a significant drop in IPOs and total proceeds, resulting in its departure from the top five global IPO markets. This broader market weakness further dampens the sentiment for crypto ETFs.

香港股市表现的下滑让这个问题变得更加复杂。 2023年，港交所IPO数量和募集资金总额大幅下降，退出全球IPO市场前五名。更广泛的市场疲软进一步削弱了加密货币 ETF 的人气。

Mainland Capital Inflow: A Potential Game-Changer

内地资本流入：潜在的游戏规则改变者

The inclusion of Bitcoin and Ethereum, both strictly prohibited in mainland China, as underlying assets in Hong Kong's crypto spot ETFs presents a significant obstacle. Currently, mainland investors are unable to purchase these ETFs due to regulatory restrictions.

比特币和以太坊在中国大陆被严格禁止，但将其作为基础资产纳入香港加密货币现货 ETF 构成了重大障碍。目前，由于监管限制，内地投资者无法购买这些ETF。

However, there are indications that mainland capital could still find its way into Hong Kong's crypto ETF market. Mainland individuals holding Hong Kong identity cards are permitted to trade these ETFs, leaving open the possibility for financial institutions and individuals with dual identities to participate.

然而，有迹象表明内地资本仍有可能进入香港的加密货币ETF市场。持有香港身份证的内地个人可以交易这些ETF，为具有双重身份的金融机构和个人提供了参与的可能性。

Silver Linings and Future Prospects

一线希望和未来前景

Despite the initial setbacks, there is cautious optimism for the future of Hong Kong's crypto spot ETFs. The success of other ETFs in Hong Kong, such as the SPDR Gold Trust ETF with its substantial asset-under-management, serves as a positive precedent.

尽管最初遭遇挫折，但人们对香港加密货币现货 ETF 的未来持谨慎乐观态度。香港其他 ETF 的成功，例如管理大量资产的 SPDR Gold Trust ETF，可以作为一个积极的先例。

Additionally, the substantial trading volume in Hong Kong's off-exchange cryptocurrency market suggests strong underlying demand. Analysts predict that Hong Kong's crypto spot ETFs could attract significant inflows, ranging from US$1 billion to as much as US$10 billion.

此外，香港场外加密货币市场的大量交易量表明潜在需求强劲。分析师预测，香港的加密货币现货 ETF 可能会吸引大量资金流入，资金规模从 10 亿美元到 100 亿美元不等。

Hong Kong's strategic location as a gateway for Southeast Asia, Taiwan, and the Middle East also provides opportunities for growth. Once compliance issues surrounding crypto assets are clarified, traditional financial funds are expected to flow into these ETFs, boosting their liquidity and credibility.

香港作为东南亚、台湾和中东门户的战略位置也提供了增长机会。一旦围绕加密资产的合规问题得到澄清，传统金融资金预计将流入这些ETF，从而提高其流动性和可信度。

Stringent Regulation: A Double-Edged Sword

严格监管：一把双刃剑

Hong Kong's robust compliance measures, including mandatory insurance for custodial assets, segregation of user assets into hot and cold wallets, and compensation mechanisms for losses, create a more secure trading environment for institutions. However, these regulations also add complexity and potential barriers to market entry.

香港稳健的合规措施，包括托管资产的强制保险、用户资产冷热钱包隔离以及损失补偿机制，为机构创造了更安全的交易环境。然而，这些法规也增加了市场进入的复杂性和潜在障碍。

Conclusion

结论

The launch of Hong Kong's crypto spot ETFs has been met with mixed reactions. While the initial trading volume has underwhelmed expectations, the potential for growth remains. With the inclusion of mainland capital and the increasing clarity of regulatory frameworks, Hong Kong's crypto ETF market could emerge as a significant player in the global crypto landscape. However, the challenges of liquidity, competition, and regulatory compliance will continue to shape the market's development in the coming years.

香港加密货币现货 ETF 的推出引起了不同的反应。虽然最初的交易量没有达到预期，但增长潜力仍然存在。随着内地资本的加入和监管框架的日益明确，香港的加密货币ETF市场可能会成为全球加密货币格局中的重要参与者。然而，流动性、竞争和监管合规方面的挑战将继续影响未来几年市场的发展。