儘管美國取得成功，香港加密貨幣 ETF 仍表現不佳，顯示東西方市場脫節

一月份推出的現貨比特幣 ETF 標誌著加密貨幣作為主流金融資產合法化的重要一步。香港迅速跟進，並於 4 月批准了加密 ETF 產品，希望效仿美國市場的成功。

input: Hong Kong crypto ETFs have struggled to gain traction since launching in April, with investor interest remaining lukewarm. Those who did invest faced negative returns, while inflows stayed stubbornly low. Here's a closer look at what went wrong.

意見：自 4 月推出以來，香港加密貨幣 ETF 一直難以獲得關注，投資人興趣依然冷淡。進行投資的人面臨負回報，而資金流入卻始終處於低點。下面仔細看看出了什麼問題。

Crypto ETFs were introduced in Hong Kong with high expectations in April, following the success of similar products in the US. However, nearly six months later, the HK market has struggled to gain traction as negative returns and low inflows dampened investor interest.

繼美國類似產品取得成功之後，加密貨幣 ETF 於 4 月在香港推出，人們對此抱有很高的期望。然而，近六個月後，由於負回報和低資金流入抑制了投資者的興趣，香港市場一直難以獲得牽引力。

Data from SoSoValue showed that HK’s Bitcoin and Ethereum ETFs have struggled to attract significant inflows since April. The three Bitcoin funds have collectively garnered only 570 BTC, while the Ethereum funds have accumulated just 270 ETH during this period.

SoSoValue 的數據顯示，自 4 月以來，香港的比特幣和以太坊 ETF 一直難以吸引大量資金流入。在此期間，三支比特幣基金總共只籌集了 570 BTC，而以太坊基金僅累積了 270 ETH。

To make matters worse, all six crypto ETFs posted negative returns by August. The Bosera HashKey Bitcoin ETF fared best at -4.7%, while the Bosera HashKey Ether ETF struggled, losing 20.9%.

更糟的是，到 8 月份，所有六隻加密 ETF 都出現負報酬。 Bosera HashKey 比特幣 ETF 表現最好，為-4.7%，而 Bosera HashKey 以太 ETF 表現不佳，下跌 20.9%。

Meanwhile, US Bitcoin ETFs have seen inflows totaling $16.9 billion, highlighting the disparity between the two markets. This stark difference has prompted analysts to examine the reasons behind HK’s crypto ETF woes.

同時，美國比特幣 ETF 的資金流入總額達到 169 億美元，凸顯了兩個市場之間的差距。這種明顯的差異促使分析師審視香港加密 ETF 困境背後的原因。

Several factors appear to have contributed to the underwhelming performance of crypto ETFs in Hong Kong.

似乎有幾個因素導致了香港加密貨幣 ETF 的表現不佳。

Impact of Bitcoin Price Movements

比特幣價格變動的影響

The timing of crypto ETF launches in Hong Kong played a crucial role in their performance. Notably, the majority of Bitcoin’s gains for the year occurred in Q1, before the ETFs were introduced in the market.

加密貨幣 ETF 在香港推出的時機對其表現發揮了至關重要的作用。值得注意的是，比特幣今年的大部分漲幅發生在第一季度，即 ETF 引入市場之前。

After peaking in March, Bitcoin price movements were largely influenced by geopolitical and macroeconomic headwinds, impacting the overall gains for the year. This affected the returns generated by crypto ETFs, which ultimately influenced investor interest and participation.

在三月見頂後，比特幣價格走勢在很大程度上受到地緣政治和宏觀經濟逆風的影響，影響了全年的整體漲幅。這影響了加密 ETF 產生的回報，最終影響了投資者的興趣和參與。

According to a report by DBS Group Holdings, the US election also impacted the uptake of crypto ETFs in HK. Cryptocurrency became a campaign topic, influencing investors in HK to gauge how election results might affect the crypto sector post-election.

根據星展集團控股的報告，美國大選也影響了香港加密貨幣 ETF 的使用。加密貨幣成為一個競選話題，影響香港投資者評估選舉結果可能如何影響選舉後的加密貨幣產業。

Local Investors Preferring Direct Holdings

本地投資人更青睞直接控股

Another factor affecting the performance of crypto ETFs in HK is the preference of many local investors to hold Bitcoin or Ethereum directly rather than through ETFs.

影響香港加密貨幣 ETF 表現的另一個因素是許多本地投資者傾向於直接持有比特幣或以太坊，而不是透過 ETF。

According to Bartosz Lipinski, Cube.Exchange CEO, local investors prefer to avoid management fees and maintain control over their assets, which ultimately limited the appeal of ETF products.

Cube.Exchange 執行長 Bartosz Lipinski 表示，當地投資者更願意避免管理費用並保持對其資產的控制，這最終限制了 ETF 產品的吸引力。

However, Lipinski also highlighted that crypto ETFs in HK are still in their early stages and might require more time to gain momentum.output

不過，Lipinski 也強調，香港的加密 ETF 仍處於早期階段，可能需要更多時間才能獲得動力。