香港准备推出现货比特币和以太坊 ETF，交易将于 4 月 30 日开始

香港有条件批准现货比特币和以太坊 ETF，引发了对月底可能推出交易的预期。虽然尚未确定具体日期，但行业专家 Markus Thielen 预计交易将于 4 月 30 日开始。这一发展是由于美国批准现货比特币 ETF 后对加密货币敞口的需求不断增长而出现的。这些香港ETF的成功可能会受到中国内地投资者参与的影响，因为上海证券交易所的南向通计划允许合格投资者购买有限的配额。

Hong Kong Poised to Launch Spot Bitcoin and Ethereum ETFs

香港准备推出现货比特币和以太坊ETF

Analysts Anticipate Trading to Commence by April 30th

分析师预计交易将于 4 月 30 日开始

Hong Kong's financial sector is on the cusp of a significant development with the impending launch of spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). According to Markus Thielen, the veteran analyst behind 10x Research and former Head of Research and Strategy at Matrixport, trading of these ETFs could commence as early as April 30th.

随着现货比特币（BTC）和以太坊（ETH）交易所交易基金（ETF）即将推出，香港金融业正处于重大发展的风口浪尖。 10x Research 背后的资深分析师、Matrixport 前研究与策略主管 Markus Thielen 表示，这些 ETF 的交易最早可能于 4 月 30 日开始。

Conditional Approval Granted

有条件批准

Hong Kong's Securities and Futures Commission (SFC) recently granted conditional approval for a number of Bitcoin and Ethereum ETF applications. China Asset Management, Harvest Global, Bosera, and HashKey are the entities behind these applications.

香港证券及期货事务监察委员会（证监会）最近有条件批准了多项比特币和以太坊 ETF 申请。华夏基金、嘉实环球、博时和HashKey是这些应用程序背后的实体。

US Approval Precedes Hong Kong's Move

美国先于香港批准

The approval of spot Bitcoin ETFs in Hong Kong follows a similar move in the United States in January. This development has generated increased demand for crypto asset exposure, fueling the recent bull run in the cryptocurrency market.

继美国一月份也采取了类似举措之后，香港也批准了现货比特币 ETF。这一发展增加了对加密资产敞口的需求，推动了近期加密货币市场的牛市。

Dependence on Mainland Chinese Investors

对中国大陆投资者的依赖

The success of Hong Kong's ETFs will hinge heavily on the participation of Chinese mainland investors, according to Thielen. The Shanghai Stock Exchange's southbound stock connect mechanism allows qualified mainland investors to access Hong Kong financial assets. However, the daily quota of ¥42 billion may hinder substantial investment.

蒂伦表示，香港ETF的成功将在很大程度上取决于中国内地投资者的参与。上海证券交易所的港股通机制允许合格的内地投资者投资香港金融资产。然而，每日420亿日元的配额可能会阻碍大量投资。

Quota Limitations

配额限制

"This program allows mainland investors to buy up to ¥500 billion ($69 billion USD) of Hong Kong-listed stocks annually—or equivalent to HK$540 billion annually," Thielen explained. "During the last three years, the annual spare quota was HK$100 billion to HK$200 billion ($15 billion to $25 billion)."

“该计划允许内地投资者每年购买最多 5000 亿日元（690 亿美元）的香港上市股票，相当于每年 5400 亿港元，”蒂伦解释道。 “过去三年，每年的备用配额为1,000亿港元至2,000亿港元（150亿至250亿美元）。”

Unlikely Investment in the Near Term

短期内不太可能进行投资

Thielen believes that Chinese mainland investors will not be able to invest in these ETFs for at least six months. The ETFs are currently ineligible for inclusion in the southbound stock connect program due to regulatory requirements stating that the underlying assets must have been listed for six months.

蒂伦认为，中国内地投资者至少六个月内无法投资这些ETF。由于监管要求标的资产必须上市满六个月，这些ETF目前不符合纳入港股通计划的资格。

China's Cryptocurrency Landscape

中国的加密货币格局

Despite the ban on crypto trading and mining in China in 2021, the country continues to play a significant role in the cryptocurrency ecosystem. Binance, a leading crypto exchange, processed $90 billion of Chinese transactions in a single month in 2023, accounting for 20% of its global volume.

尽管中国在 2021 年禁止加密货币交易和挖矿，但该国仍然在加密货币生态系统中发挥着重要作用。领先的加密货币交易所币安在 2023 年单月处理了 900 亿美元的中国交易量，占其全球交易量的 20%。

Hong Kong as a Testing Ground

香港作为试验场

Experts have suggested that China is using Hong Kong as a "testing ground" for its crypto ambitions, with the launch of these spot ETFs being a key indicator of this strategy.

专家表示，中国正在利用香港作为其加密货币野心的“试验场”，这些现货 ETF 的推出是这一战略的关键指标。

Cultural Considerations

文化考虑

Thielen notes that ETFs have historically had limited success in Asia due to investors' preference for direct and concentrated bets rather than diversified baskets. However, in this case, the ETFs represent single assets rather than a collection of stocks, which may increase their appeal.

蒂伦指出，由于投资者偏爱直接和集中的投资而不是多元化的篮子，ETF 历来在亚洲取得的成功有限。然而，在这种情况下，ETF代表单一资产而不是股票集合，这可能会增加它们的吸引力。

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随时了解加密货币新闻

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