现货 ETF 获批，香港比特币有望飙升 250 亿美元

香港可能批准现货比特币 ETF，这可能会引发比特币需求激增，通过港股通计划吸引来自中国大陆的高达 250 亿美元的资金流入。此次批准将迎合中国大陆投资者对比特币作为另类资产日益增长的兴趣，他们面临人民币贬值并寻求投资组合多元化。

Hong Kong Poised to Unveil a $25 Billion Bitcoin Surge with Spot ETF Approval

香港现货 ETF 获批，比特币价值将飙升 250 亿美元

Hong Kong, the financial powerhouse and gateway for Chinese investments abroad, stands on the cusp of a transformative surge in Bitcoin demand if a spot Bitcoin exchange-traded fund (ETF) receives regulatory approval. This development, facilitated by the Southbound Stock Connect program, holds the potential to unleash a massive inflow of up to $25 billion from mainland China, propelling Bitcoin to new heights in the Asian market.

如果现货比特币交易所交易基金（ETF）获得监管部门的批准，作为中国海外投资的金融中心和门户的香港将处于比特币需求变革性激增的风口浪尖。在南向股票互联互通计划的推动下，这一发展有可能从中国大陆释放高达 250 亿美元的大量资金流入，将比特币推向亚洲市场的新高度。

Southbound Stock Connect: A Bridge to Mainland Chinese Investors

港股通：通往中国内地投资者的桥梁

The Southbound Stock Connect program serves as a gateway for qualified mainland Chinese investors, allowing them to access eligible shares listed on the Hong Kong Stock Exchange. Matrixport, a leading crypto services provider based in Singapore, emphasizes the program's capacity to facilitate "up to 500 billion RMB (HK$540 billion and $70 billion) in annual transactions."

港股通计划是合格的中国大陆投资者的门户，使他们能够购买在香港证券交易所上市的合格股票。总部位于新加坡的领先加密服务提供商 Matrixport 强调该计划有能力促进“高达 5000 亿人民币（5400 亿港元和 700 亿美元）的年度交易”。

While the exact figure remains an estimate, Matrixport presents a "blue sky" scenario. This scenario postulates that the average unused quota from the Southbound Stock Connect program over the past three years would be directed into a spot ETF. This optimistic outlook translates to a potential windfall of $25 billion for Hong Kong Bitcoin ETFs, a figure equivalent to HK$200 billion in Hong Kong dollars.

虽然确切的数字仍然是估计值，但 Matrixport 呈现了一个“蓝天”场景。这种情况假设过去三年港股通计划的平均未使用配额将被引导至现货ETF。这种乐观的前景意味着香港比特币 ETF 可能获得 250 亿美元的意外收入，相当于 2000 亿港元。

Untapped Quota Awaits Bitcoin ETF Investments

未开发的配额等待比特币 ETF 投资

Data from 360MarketIQ reveals that the Southbound Stock Connect program has an annual quota of HK$540 billion, allowing mainland Chinese investors to purchase Hong Kong stocks. However, actual utilization over the past three years has fallen short, reaching only HK$450 billion, HK$400 billion, and HK$320 billion, respectively. This leaves an untapped quota ranging from HK$100 billion to HK$200 billion ($15 billion to $25 billion) annually.

360MarketIQ的数据显示，港股通每年的额度为5400亿港元，允许中国内地投资者购买港股。然而，过去三年的实际使用量却不足，分别仅为4,500亿港元、4,000亿港元和3,200亿港元。这留下了每年 1,000 亿港元至 2,000 亿港元（150 亿至 250 亿美元）的未利用配额。

Matrixport clarifies that this unutilized capacity offers a remarkable opportunity for Bitcoin investment through the proposed Hong Kong ETF. If approval is granted without restrictions, this quota could be instrumental in driving significant inflows into the nascent Bitcoin ETF market.

Matrixport 澄清说，这种未利用的容量为通过拟议的香港 ETF 进行比特币投资提供了绝佳的机会。如果不受限制地获得批准，这一配额可能有助于推动大量资金流入新兴的比特币 ETF 市场。

China's Diversification Drive Fuels Bitcoin Demand

中国的多元化推动比特币需求

The potential Bitcoin ETF approval aligns with China's growing interest in diversifying its financial landscape. The tightly controlled renminbi has weakened nearly 2% against the U.S. dollar over the past two years, driven by economic slowdown and a shrinking trade surplus.

比特币 ETF 的潜在批准符合中国对金融格局多元化日益增长的兴趣。过去两年，受经济放缓和贸易顺差缩小的推动，受到严格控制的人民币兑美元汇率已贬值近2%。

Matrixport notes a surge in gold purchases by the Chinese central bank, highlighting the demand for diversification and China's strategic shift towards alternative assets. Bitcoin appears poised to benefit significantly from this trend, as evidenced by mainland funds eager to participate in the potential investment opportunities it offers.

Matrixport 指出，中国央行黄金购买量激增，凸显了多元化需求以及中国向另类资产的战略转变。比特币似乎有望从这一趋势中受益匪浅，内地基金渴望参与比特币提供的潜在投资机会就证明了这一点。

Mainland Funds Eager to Participate

内地基金踊跃参与

Nick Ruck, Chief Operating Officer of ContentFi Labs based in Hong Kong, confirms the significant interest from mainland China in a Hong Kong-listed Bitcoin ETF, stating:

香港 ContentFi Labs 首席运营官 Nick Ruck 证实了中国大陆对香港上市的比特币 ETF 的浓厚兴趣，他表示：

"Mainland-based funds have been applying to issue spot bitcoin ETFs through their Hong Kong subsidiaries. If approved, this could allow qualified mainland investors greater access to bitcoin."

“内地基金一直在申请通过其香港子公司发行现货比特币ETF。如果获得批准，这可能会让合格的内地投资者有更多机会获得比特币。”

Reports from Nikkei Asia corroborate this trend, revealing applications from prominent firms like Harvest Global Investments (the Hong Kong arm of Bosera Asset Management) and Value Partners (owned by Chinese brokerage GF Holdings). These applications underscore the eagerness of mainland Chinese institutions to tap into the potential Bitcoin investment opportunities.

日经亚洲的报告证实了这一趋势，披露了嘉实环球投资（博时资产管理香港分公司）和惠理基金（中国券商广发控股旗下）等知名公司的申请。这些申请凸显了中国大陆机构渴望利用潜在的比特币投资机会。

Global Precedent and Momentum

全球先例和势头

The United States' approval of approximately a dozen spot Bitcoin ETFs four months ago provides a persuasive precedent for Hong Kong's endorsement. These U.S. ETFs have amassed an astounding $12 billion in investor funds, propelling Bitcoin to unprecedented heights surpassing $73,000.

美国四个月前批准了大约十几只现货比特币ETF，为香港的认可提供了一个有说服力的先例。这些美国 ETF 已积累了惊人的 120 亿美元投资者资金，将比特币推向前所未有的高度，超过 73,000 美元。

A Hong Kong ETF, coupled with the Stock Connect program's reach into mainland China, could catalyze a new era for Bitcoin in Asia. An inflow of $25 billion from mainland investors would undoubtedly generate significant momentum, further mainstreaming Bitcoin and solidifying its status as a global asset class.

香港ETF，加上沪深港通计划进入中国大陆，可能会催生亚洲比特币的新时代。来自内地投资者的250亿美元的流入无疑将产生巨大的动力，进一步使比特币主流化并巩固其作为全球资产类别的地位。

Conclusion

结论

Hong Kong is poised to unleash a formidable surge in Bitcoin demand if a spot Bitcoin ETF receives approval. The Southbound Stock Connect program offers a vital bridge for mainland Chinese investors, providing access to a potential $25 billion windfall. China's diversification drive and the global precedent set by the United States further bolster the case for Hong Kong's Bitcoin ETF approval. If granted, this development would mark a transformative moment for Bitcoin in Asia, solidifying its position as a global asset class and opening doors to unprecedented levels of mainstream adoption.

如果现货比特币 ETF 获得批准，香港将释放比特币需求的强劲增长。港股通计划为中国大陆投资者提供了一座重要的桥梁，为他们提供了获得潜在 250 亿美元意外之财的机会。中国的多元化发展和美国开创的全球先例进一步支持了香港比特币 ETF 的批准。如果获得批准，这一发展将标志着比特币在亚洲的一个变革时刻，巩固其作为全球资产类别的地位，并为前所未有的主流采用水平打开大门。