香港现货比特币和以太坊 ETF 首次亮相令人失望

香港新推出的现货比特币和以太坊交易所交易基金（ETF）首次亮相表现不佳，未能达到最初的交易量预期。尽管初始发行规模很大，但市场兴趣似乎受到限制，六只 ETF 的交易量总计 1,100 万美元，远低于预期的 1 亿美元。这种平静的反应与美国现货比特币 ETF 的强劲表现形成鲜明对比，该 ETF 在 1 月份的首个交易日成交量为 6.55 亿美元。

Hong Kong's Spot Bitcoin and Ethereum ETFs Debut with Lackluster Performance

香港现货比特币和以太坊ETF首次亮相，表现不佳

Hong Kong's financial market witnessed a muted start for its newly launched spot Bitcoin and Ethereum exchange-traded funds (ETFs), falling short of initial trading volume expectations. Despite substantial issuance sizes, market interest appeared restrained, as evidenced by the trading data for the first day.

香港金融市场新推出的现货比特币和以太坊交易所交易基金（ETF）开局平淡，交易量未达到最初预期。尽管发行规模巨大，但市场兴趣似乎受到抑制，首日交易数据就证明了这一点。

The debut of these ETFs, including the ChinaAMC Bitcoin ETF, the Harvest Bitcoin Spot ETF, and the Bosera HashKey BTC ETF, was highly anticipated. The ChinaAMC Bitcoin ETF garnered significant initial issuance, amounting to approximately $121 million (HK$ 950 million), while its Ether equivalent launched at $20 million (HK$ 160 million).

华夏比特币ETF、嘉实比特币现货ETF、博时HashKey BTC ETF等ETF的首发备受期待。华夏比特币 ETF 获得了大量首次发行，金额约为 1.21 亿美元（9.5 亿港元），而其以太币等价物的发行价格为 2000 万美元（1.6 亿港元）。

However, trading volumes remained subdued, with Bitcoin Spot ETFs accumulating only $8.8 million and Ether Spot ETFs recording a mere $2.6 million. This tepid performance raised concerns among market observers, who had expected higher liquidity and participation.

然而，交易量仍然低迷，比特币现货 ETF 的交易量仅为 880 万美元，以太币现货 ETF 的交易量仅为 260 万美元。这种不温不火的表现引起了市场观察人士的担忧，他们原本预计流动性和参与度会更高。

Prominent investment analyst Trader T (@pivfund2100) noted the discrepancy between anticipated and actual market engagement, suggesting that issuers may have overestimated initial demand. He observed that retail investors were the primary participants on the first day and commented on the absence of in-kind creation/redemption, which was anticipated to play a significant role.

著名投资分析师 Trader T (@pivfund2100) 指出预期市场参与度与实际市场参与度之间的差异，表明发行人可能高估了初始需求。他观察到散户投资者是第一天的主要参与者，并评论说缺乏实物创造/赎回，预计这将发挥重要作用。

The lack of participation from Mainland Chinese investors was also cited as a contributing factor to the lackluster trading volumes. Trader T highlighted that investors from Mainland China are currently unable to access these ETFs, representing a substantial market limitation.

中国大陆投资者缺乏参与也被认为是交易量低迷的一个因素。交易员T强调，中国大陆的投资者目前无法购买这些ETF，这代表着巨大的市场限制。

Despite geographical restrictions, these ETFs are seen as a pivotal development for the region, offering a regulated mechanism for large-scale transactions between cryptocurrencies like Bitcoin and Ether and fiat currencies. However, their performance contrasts sharply with the performance of their US counterparts.

尽管存在地域限制，这些 ETF 仍被视为该地区的关键发展，为比特币、以太币等加密货币与法定货币之间的大规模交易提供了受监管的机制。然而，他们的表现与美国同行的表现形成鲜明对比。

On their inaugural trading day in January, US-based spot Bitcoin ETFs witnessed a volume of $655 million. In contrast, the combined $11 million trading volume of Hong Kong's six ETFs fell far short of the expected $100 million. This discrepancy suggests that analysts may have overestimated the potential of Hong Kong, particularly at the outset.

在 1 月份的首个交易日，美国现货比特币 ETF 的交易量达到 6.55 亿美元。相比之下，香港六只ETF的总交易量为1100万美元，远低于预期的1亿美元。这种差异表明分析师可能高估了香港的潜力，尤其是在一开始。

The broader cryptocurrency market reacted negatively to the lukewarm reception of Hong Kong's ETFs. Bitcoin dropped nearly 5% from $64,700 to just under $61,250 within three hours during European trading hours. Similarly, Ether fell by more than 7.0 % from $3,250 to $3,015. These movements could be attributed to the market's interpretation of the ETFs' underperformance as a lack of confidence or a smaller-than-expected investor base.

更广泛的加密货币市场对香港 ETF 的冷淡反应做出了负面反应。在欧洲交易时段，比特币在三个小时内从 64,700 美元下跌近 5% 至略低于 61,250 美元。同样，以太币跌幅超过 7.0%，从 3,250 美元跌至 3,015 美元。这些变动可能归因于市场将 ETF 表现不佳解释为缺乏信心或投资者基础小于预期。

As of the time of writing, BTC traded at $61,235, indicating persistent market volatility. The muted debut of Hong Kong's spot Bitcoin and Ethereum ETFs has raised questions about the actual demand for these products and their potential impact on the broader cryptocurrency market. Analysts will continue to monitor the performance of these ETFs in the coming weeks and months to assess their long-term viability in the increasingly competitive crypto asset ecosystem.

截至撰写本文时，BTC 交易价格为 61,235 美元，表明市场持续波动。香港现货比特币和以太坊 ETF 的首次亮相引发了人们对这些产品的实际需求及其对更广泛的加密货币市场的潜在影响的质疑。分析师将在未来几周和几个月内继续监测这些 ETF 的表现，以评估它们在竞争日益激烈的加密资产生态系统中的长期生存能力。