现货比特币 ETF 将于 4 月 30 日在香港开始交易

香港准备于 4 月 30 日推出现货比特币 ETF，这标志着加密货币市场的一个重要里程碑。这一进展是在美国监管机构批准比特币 ETF 之后进行的，可能会进一步推动机构对比特币的采用。随着 ETF 准备推出，专家预测发行人之间将展开激烈的费用战，这可能会吸引更大的投资者兴趣并增加管理的资产。

Hong Kong to Commence Trading of Spot Bitcoin ETFs on April 30th

香港将于 4 月 30 日开始现货比特币 ETF 交易

Hong Kong is poised to witness a groundbreaking development in the cryptocurrency market with the imminent launch of multiple spot Bitcoin exchange-traded funds (ETFs) on April 30th. The move follows the successful approval and subsequent trading of Bitcoin ETFs in the United States earlier this year under the regulatory oversight of the Securities and Exchange Commission (SEC).

随着多个现货比特币交易所交易基金 (ETF) 即将于 4 月 30 日推出，香港即将见证加密货币市场的突破性发展。此前，今年早些时候，比特币 ETF 在美国证券交易委员会 (SEC) 的监管下获得了成功批准并随后进行了交易。

This marks a significant milestone for the cryptocurrency market in Hong Kong, which is expected to boost institutional adoption and potentially drive Bitcoin's price to new heights. With Bitcoin's all-time high of $73,700 achieved in March, the launch of these ETFs holds great promise for the industry.

这标志着香港加密货币市场的一个重要里程碑，预计将促进机构采用，并有可能将比特币的价格推向新的高度。随着比特币在 3 月份创下 73,700 美元的历史新高，这些 ETF 的推出为该行业带来了巨大的希望。

Regulatory Approval and Fee Competition

监管审批和费用竞争

The Hong Kong Securities and Futures Commission (SFC) announced on April 15th that it had approved several spot Bitcoin and Ethereum ETFs for trading, paving the way for their imminent launch. Industry experts anticipate a fee war among the ETF issuers as they strive to attract the largest number of clients.

香港证券及期货事务监察委员会（证监会）于 4 月 15 日宣布，已批准多只现货比特币和以太坊 ETF 进行交易，为即将推出的产品铺平道路。行业专家预计 ETF 发行人之间将爆发费用战，因为他们努力吸引最多的客户。

Bloomberg's Eric Balchunas and James Seyffart predict a potential price competition in Hong Kong as the Bitcoin ETFs prepare for launch. Harvest Fund, for example, intends to enter the market with a full fee waiver and the lowest fee of 0.3% following the waiver period.

彭博社的 Eric Balchunas 和 James Seyffart 预测，随着比特币 ETF 的推出，香港可能会出现价格竞争。例如，嘉实基金打算以全额豁免费用的方式进入市场，豁免期后费用最低为0.3%。

As seen in the table below, three major market players, ChinaAMC, Harvest Fund, and Bosera, have disclosed fees ranging from 0.99% to 0.3% (post-waiver) and 0.60%, respectively, all accompanied by cash redemptions.

如下表所示，三大市场参与者华夏基金、嘉实基金和博时基金披露的费用分别为0.99%至0.3%（豁免后）和0.60%，均伴有现金赎回。

Revised Projections and Potential Impact on Bitcoin's Price

资产管理公司费用结构华夏基金0.99%嘉实基金0.3%（豁免后）博时0.60%修订后的预测和对比特币价格的潜在影响

The competitive fee structures of these Bitcoin ETFs are expected to generate increased interest among investors, potentially attracting higher assets under management (AuM). Balchunas acknowledges the relatively lower fee levels, describing them as a positive sign for the market as they are likely to enhance the appeal of these index funds and drive up their AuM.

这些比特币 ETF 具有竞争力的费用结构预计将引起投资者的兴趣增加，从而有可能吸引更高的管理资产（AuM）。 Balchunas 承认相对较低的费用水平，并将其描述为市场的积极信号，因为它们可能会增强这些指数基金的吸引力并推高其管理资产规模。

While optimism surrounds the launch of Bitcoin ETFs in Hong Kong, Eric Balchunas offers a cautious analysis of potential inflows into this new market. He suggests that these ETFs may lag behind their US counterparts, which have already achieved a trading volume exceeding $200 billion since their launch in January.

尽管人们对香港推出比特币 ETF 持乐观态度，但埃里克·巴尔丘纳斯 (Eric Balchunas) 对这一新市场的潜在资金流入进行了谨慎分析。他表示，这些 ETF 可能落后于美国同类 ETF，自 1 月份推出以来，美国同类 ETF 的交易量已超过 2000 亿美元。

Balchunas has revised his initial forecast, estimating that these Hong Kong ETFs could attract up to $1 billion in AuM within the first two years of operation, doubling his previous projection of $500 million.

Balchunas 修改了他的初步预测，估计这些香港 ETF 在运营的头两年内可吸引高达 10 亿美元的管理资产，是他之前预测的 5 亿美元的两倍。

At the time of writing, the price of Bitcoin stands at $66,000, reflecting a 1% decline over the past 24 hours and a nearly 3% decrease over the past fourteen days. Despite this recent trend, the imminent launch of ETFs in the Hong Kong market can significantly impact Bitcoin's price, potentially propelling it to higher levels and even retesting its current all-time high zone.

截至撰写本文时，比特币价格为 66,000 美元，过去 24 小时内下跌 1%，过去 14 天下跌近 3%。尽管存在这种近期趋势，但即将在香港市场推出 ETF 可能会对比特币的价格产生重大影响，有可能将其推至更高水平，甚至重新测试当前的历史高位区域。

Conclusion

结论

The launch of spot Bitcoin ETFs in Hong Kong on April 30th is a landmark event that will undoubtedly shape the cryptocurrency landscape in the region. With institutional adoption on the rise and the potential for lower fees and increased liquidity, the new ETFs are poised to attract significant interest from investors seeking exposure to the Bitcoin market.

4 月 30 日在香港推出现货比特币 ETF 是一个里程碑事件，无疑将塑造该地区的加密货币格局。随着机构采用率的上升以及费用降低和流动性增加的潜力，新的 ETF 有望吸引寻求进入比特币市场的投资者的浓厚兴趣。

The fee war among the ETF issuers is likely to further drive down costs and attract a wider range of participants, while the potential impact on Bitcoin's price is a matter of great intrigue. As the market awaits the official launch, it remains to be seen whether these ETFs will live up to the hype and contribute to the continued growth and maturity of the cryptocurrency industry.

ETF发行人之间的费用战可能会进一步降低成本并吸引更广泛的参与者，而对比特币价格的潜在影响则令人非常感兴趣。在市场等待正式推出之际，这些 ETF 是否会不负众望，并为加密货币行业的持续增长和成熟做出贡献，还有待观察。