香港ETF引领潮流：现货比特币和以太坊ETF亮相，定义数字资产交易新领域

香港证券及期货事务监察委员会（SFC）已批准首只现货比特币和以太币ETF，将于4月30日开始交易。这标志着该市加密货币市场发展的一个重要里程碑。 ETF 将采用实物创建模式，允许使用 BTC 和 ETH 形成新的 ETF 份额，这有可能显着增加管理资产 (AUM) 和交易活动。

Hong Kong Sets the Global ETF Standard: Spot Bitcoin and Ether ETFs Debut, Signaling a New Era in Digital Asset Trading

香港制定全球ETF标准：现货比特币和以太坊ETF首次亮相，标志着数字资产交易的新时代

In a groundbreaking move that has sent shockwaves through the global financial landscape, Hong Kong's Securities and Futures Commission (SFC) has granted official approval for the first spot Bitcoin and Ether exchange-traded funds (ETFs). This historic milestone signals a monumental shift in the city's cryptocurrency market and sets the stage for a new era of digital asset investing.

香港证券及期货事务监察委员会（SFC）正式批准首只现货比特币和以太币交易所交易基金（ETF），这一突破性举措震惊了全球金融格局。这一历史性的里程碑标志着该市加密货币市场的巨大转变，并为数字资产投资的新时代奠定了基础。

The SFC's Green Light: A Catalyst for Institutional Adoption

证监会的绿灯：制度采用的催化剂

On April 24th, the SFC announced its official acceptance of the inaugural batch of spot Bitcoin and Ether ETFs, marking a pivotal moment for the burgeoning cryptocurrency industry. This momentous decision reflects the SFC's unwavering commitment to fostering innovation while upholding the highest standards of investor protection.

4 月 24 日，证监会宣布正式接受首批比特币和以太坊 ETF 现货，这标志着蓬勃发展的加密货币行业的关键时刻。这一重大决定反映了证监会坚定不移地致力于促进创新，同时坚持最高标准的投资者保护。

China Asset Management's Pioneering Role

华夏基金的先锋地位

Leading the charge in this transformative development is China Asset Management (ChinaAMC), whose Bitcoin and Ether-based ETFs will commence trading on April 30th. These ETFs are meticulously designed to provide a secure and user-friendly gateway for retail and institutional investors alike, enabling them to participate in the vibrant digital asset ecosystem within a robust regulatory framework.

华夏基金 (ChinaAMC) 在这一变革性发展中处于领先地位，其基于比特币和以太币的 ETF 将于 4 月 30 日开始交易。这些 ETF 经过精心设计，旨在为散户和机构投资者提供安全且用户友好的网关，使他们能够在强大的监管框架内参与充满活力的数字资产生态系统。

Thomas Zhu, ChinaAMC's Head of Digital Assets and Family Office Operations, hailed this groundbreaking achievement as a resounding affirmation of the company's unwavering commitment to bridging the gap between traditional finance and the burgeoning cryptocurrency realm. "The introduction of these ETFs will empower investors with a convenient and regulated means to access the underlying digital assets," he asserted.

华夏基金数字资产和家族办公室运营主管托马斯·朱 (Thomas Zhu) 称赞这一突破性成就是对该公司致力于弥合传统金融与新兴加密货币领域之间差距的坚定承诺的充分肯定。他断言：“这些 ETF 的推出将为投资者提供一种便捷且受监管的方式来获取基础数字资产。”

In-Kind ETF Creation Model: A Competitive Edge

实物 ETF 创建模型：竞争优势

Unlike cash-based spot Bitcoin ETFs in the United States, Hong Kong's unique in-kind creation model allows for the formation of ETF shares using actual Bitcoin (BTC) and Ether (ETH), offering several distinct advantages.

与美国以现金为基础的现货比特币 ETF 不同，香港独特的实物创建模式允许使用实际的比特币 (BTC) 和以太币 (ETH) 形成 ETF 份额，具有几个明显的优势。

According to Bloomberg ETF analyst Rebecca Sin's insightful research, Hong Kong's in-kind ETF origination mechanism holds immense potential for boosting both assets under management (AUM) and trading activity:

根据彭博 ETF 分析师 Rebecca Sin 的深入研究，香港的实物 ETF 发起机制在促进资产管理规模 (AUM) 和交易活动方面具有巨大潜力：

"Hong Kong is setting its sights on in-kind creation of ETFs, a stark contrast to the cash-only approach prevalent in the US. This strategic distinction could well translate into a burgeoning opportunity for the market."

“香港正着眼于实物ETF的创建，这与美国盛行的纯现金方式形成鲜明对比。这种战略区别很可能会转化为市场的新兴机遇。”

Fee Wars on the Horizon

收费大战即将来临

The introduction of these pioneering ETFs in Hong Kong is poised to ignite a competitive fray among issuers, each vying to offer the most attractive fee structures to capture market share.

这些开创性的 ETF 在香港的推出势必会引发发行人之间的竞争，每个发行人都竞相提供最具吸引力的费用结构以夺取市场份额。

Bloomberg ETF analyst James Seyffart forecasts the emergence of a "full-fledged fee war" as issuers jostle to entice users with the lowest possible fees:

彭博 ETF 分析师 James Seyffart 预测，随着发行机构竞相以尽可能低的费用吸引用户，一场“全面的费用战”将会出现：

"A potential fee war could be upon us in Hong Kong over these Bitcoin and Ethereum ETFs. Harvest, eager to make a splash, has already announced a complete fee waiver and an exceptionally low post-waiver fee of just 0.3%."

“香港可能会就这些比特币和以太坊 ETF 展开一场潜在的费用战。Harvest 急于引起轰动，已经宣布完全免除费用，并且免除后费用极低，仅为 0.3%。”

Eric Balchunas, Senior ETF Analyst at Bloomberg, echoed these sentiments, highlighting the already competitive fee landscape:

彭博社高级 ETF 分析师 Eric Balchunas 也赞同这些观点，并强调了已经具有竞争力的费用格局：

"Fees are coming in lower than anticipated, an encouraging sign for potential investors."

“费用低于预期，这对潜在投资者来说是一个令人鼓舞的迹象。”

A Global Benchmark for Digital Asset ETFs

数字资产 ETF 的全球基准

Hong Kong's forward-thinking approach to digital asset regulation sets a precedent for other jurisdictions, demonstrating that innovation and investor protection can coexist harmoniously. By establishing the first spot Bitcoin and Ether ETFs, Hong Kong has positioned itself as a global leader in the rapidly evolving cryptocurrency ecosystem.

香港对数字资产监管的前瞻性思维为其他司法管辖区树立了先例，表明创新与投资者保护可以和谐共存。通过建立首个现货比特币和以太坊 ETF，香港已将自己定位为快速发展的加密货币生态系统的全球领导者。

As these ETFs prepare to launch on April 30th, analysts eagerly anticipate their transformative impact on the digital asset market in Hong Kong and beyond. The introduction of regulated investment vehicles for Bitcoin and Ether is expected to accelerate institutional adoption, providing mainstream investors with a convenient and secure means to participate in the digital asset revolution.

随着这些 ETF 准备于 4 月 30 日推出，分析师热切期待它们对香港及其他地区的数字资产市场产生变革性影响。比特币和以太币受监管投资工具的推出预计将加速机构采用，为主流投资者提供便捷、安全的方式参与数字资产革命。

Hong Kong's bold move to greenlight spot Bitcoin and Ether ETFs marks a pivotal milestone in the evolution of the cryptocurrency industry. By embracing innovation while safeguarding investors, Hong Kong has established itself as a global hub for digital asset trading and set a new standard for the development of future ETF products.

香港大胆批准比特币和以太币ETF现货，标志着加密货币行业发展的一个关键里程碑。通过拥抱创新并保护投资者，香港已成为全球数字资产交易中心，并为未来ETF产品的发展树立了新标准。