尽管美国取得成功，但香港加密货币 ETF 仍表现不佳，表明东西方市场脱节

一月份推出的现货比特币 ETF 标志着加密货币作为主流金融资产合法化的重要一步。香港迅速跟进，于 4 月份批准了加密 ETF 产品，希望效仿美国市场的成功。

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.

意见：自 4 月份推出以来，香港加密 ETF 一直难以获得关注，投资者兴趣依然冷淡。那些进行投资的人面临着负回报，而资金流入却始终处于低位。下面仔细看看出了什么问题。

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.

继美国类似产品取得成功之后，加密货币 ETF 于 4 月份在香港推出，人们对此抱有很高的期望。然而，近六个月后，由于负回报和低资金流入抑制了投资者的兴趣，香港市场一直难以获得牵引力。

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 的数据显示，自 4 月份以来，香港的比特币和以太坊 ETF 一直难以吸引大量资金流入。在此期间，三支比特币基金总共只筹集了 570 BTC，而以太坊基金仅积累了 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%.

更糟糕的是，到 8 月份，所有六只加密 ETF 均出现负回报。 Bosera HashKey 比特币 ETF 表现最好，为-4.7%，而 Bosera HashKey 以太 ETF 表现不佳，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.

与此同时，美国比特币 ETF 的资金流入总额达到 169 亿美元，凸显了两个市场之间的差距。这种明显的差异促使分析师审视香港加密 ETF 困境背后的原因。

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

似乎有几个因素导致了香港加密货币 ETF 的表现不佳。

Impact of Bitcoin Price Movements

比特币价格变动的影响

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.

加密货币 ETF 在香港推出的时机对其表现发挥了至关重要的作用。值得注意的是，比特币今年的大部分涨幅发生在第一季度，即 ETF 引入市场之前。

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.

在三月份见顶后，比特币价格走势在很大程度上受到地缘政治和宏观经济逆风的影响，影响了全年的整体涨幅。这影响了加密 ETF 产生的回报，最终影响了投资者的兴趣和参与。

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.

根据星展集团控股的一份报告，美国大选也影响了香港加密货币 ETF 的使用。加密货币成为一个竞选话题，影响香港投资者评估选举结果可能如何影响选举后的加密货币行业。

Local Investors Preferring Direct Holdings

本地投资者更青睐直接控股

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.

影响香港加密货币 ETF 表现的另一个因素是许多本地投资者倾向于直接持有比特币或以太坊，而不是通过 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 首席执行官 Bartosz Lipinski 表示，当地投资者更愿意避免管理费并保持对其资产的控制，这最终限制了 ETF 产品的吸引力。

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

不过，Lipinski 也强调，香港的加密 ETF 仍处于早期阶段，可能需要更多时间才能获得动力。