近日，在地缘冲突持续扰动下，美股、虚拟货币市场遭遇重挫。4月16日，比特币价格失守6.3万美元关口，盘中跌近7%。
In recent days, the United States stock market and virtual currency markets have suffered a major setback as a result of ongoing geo-conflicting. On April 16, Bitcoin lost $63,000 in prices and fell by almost 7 per cent.
国内虚拟资产现货ETF也有新进展。4月15日，博时国际、华夏基金（香港）和嘉实国际三家公募基金香港子公司均发布公告称，其虚拟资产现货ETF产品获得香港证监会原则性批准。
On April 15, Boeing International, the summer fund (Hong Kong) and the Hong Kong subsidiary of the Triumph International Public Fund announced that their virtual asset spot ETF products were approved in principle by the Hong Kong Censorship Commission.
行业人士对第一财经记者分析称，目前香港证券及期货事务监察委员会（下称“香港证监会”）仅是原则性批准，距离虚拟资产现货ETF上市还需要经过资料审核、公示等一系列流程。
According to an analysis of the first financial journalist, the Hong Kong Securities and Futures Supervisory Board (hereinafter referred to as & ldquo; Hong Kong CVM & & rdquo) is only a matter of principle and requires a series of information-checking and publicity processes from the time the virtual assets spot ETF is listed.
投资涉及的风险方面，交易人士对记者分析称，现货比特币ETF、现货以太币ETF以被动方式管理。指数下跌可能导致基金价值相应下跌。
In terms of the risks involved in the investment, traders analyze journalists that the spot bitcoin ETF, the spot ETF, is managed passively. A drop in the index may result in a corresponding decline in the value of the fund.
虚拟资产投资渠道扩充
Virtual asset investment channels expanded
具体看来，嘉实国际和华夏基金（香港）都提到，已获得香港证监会批准，可向投资者提供虚拟资产管理服务，计划发行能够投资于现货比特币和现货以太币的ETF产品。
Specifically, both the Distinguished International and the summer fund (Hong Kong) mentioned that they had obtained the approval of the Hong Kong CVM to provide virtual asset management services to investors and planned to issue ETF products that could be invested in spot bitcoin and spot currency.
此前，香港证监会于2022年10月31日允许市场推出追踪虚拟资产期货的ETF。南方基金香港子公司南方东英旗下的南方东英比特币期货ETF和南方东英以太币期货ETF于2022年12月16日在香港交易所上市。
Previously, on 31 October 2022, the CSRC allowed the market to launch an ETF to track virtual asset futures.
不容忽视的是，现货比特币ETF和现货以太币ETF作为直接投资于虚拟货币的金融产品，存在多种风险。
It should not be overlooked that the spot bitcoin ETF and spot ETF are subject to multiple risks as financial products directly invested in virtual currency.
上述交易人士分析称，包括与比特币和以太币产业相关的风险、投机性风险、价格波动风险、所有权集中风险、监管风险、网络安全风险，以及非法使用和交易时间差异风险等都需要关注。此外，这些ETF还涉及与虚拟资产交易平台（VAPT）的稳定性、安全性以及托管问题相关的风险。投资者在决策时应全面考虑这些风险。
In addition, these ETFs involve risks associated with the stability, security, and hosting of virtual asset trading platforms (VAPTs). Investors should take these risks fully into account in their decision-making.
据行业人士介绍，目前全球市场上的比特币ETF主要分为两类，一类是基于比特币期货合约的ETF，另一类是基于比特币实物资产的ETF。
According to industry, currently the Bitcoin ETF in the global market is divided into two main categories, ETFs based on the Bitcoin futures contract and ETFs based on the Bitcoin physical assets.
香港证监会最新披露的通函内容显示，香港未来的比特币现货ETF市场预计将有现金和实物等多种申赎方式。与美国比特币现货ETF仅限于“现金”申赎有所不同。
The Hong Kong CVM’s latest disclosure of circulars indicates that the future Bitcoin spot ETF market in Hong Kong is expected to have a variety of forms of foreclosure, both in cash and in kind. It is limited to “ cash & rdquo; and foreclosure in the United States.
“减半”预期扰动，现货价格剧烈波动
国际市场上，2021年，美国证券交易委员会（SEC）首次批准了期货比特币ETF。
On the international market, in 2021, the United States Securities and Exchange Commission (SEC) approved for the first time the futures bitcoin ETF.
以太币ETF的推出则是在2022年，加拿大率先批准了全球首个以太币ETF，随后美国也跟进批准了期货以太币ETF。
The introduction of EDF was in 2022, when Canada took the lead in approving the first ETEF in the world, followed by the United States in approving futures.
2024年初1月，美国证监会批准了11只比特币现货ETF上市，大量资金一度流入并推动比特币价格上涨。
In January of the beginning of 2024, the United States CSRC approved the listing of 11 Bitcoin spot ETFs, with a large inflow of funds and a boost to the price of Bitcoin.
2024年以来，加密货币总市值已经超过2.53万亿美元，其中最大的加密货币比特币涨幅较多，在今年第一季度实现了69%的涨幅，现货比特币ETF是推动价格上涨的驱动因素，第一季度资金流入超过120亿美元。现货比特币ETF目前持有83.1万个比特币，价值约590亿美元。
Since 2024, the total market value of encrypted currencies has exceeded $2.53 trillion, of which the largest encoded currency has increased considerably by bitcoin, reaching a 69% increase in the first quarter of the year, with the current Bitcoin ETF being the driving force behind the price increase, with an inflow of more than $12 billion in the first quarter. The spot Bitcoin ETF currently holds 831,000 bitcoins valued at approximately $59 billion.
当前比特币价格已较3月中旬历史高点73798美元已经下跌超过10%，现货ETF整体资金流动趋紧。
The current price of Bitcoin has fallen by more than 10 per cent over its historical high of $73798 in mid-March, and the overall liquidity of the spot ETF has tightened.
Messari公司最新报告指出，尽管比特币在今年第一季度涨幅显著，但随后价格回调，现货ETF资金净流入减缓。
Mostari’s latest report indicates that despite a significant increase in Bitcoin during the first quarter of the year, subsequent price rebounds slowed the net inflow of spot ETF funds.
据HODL15Capital统计，4月15日美国现货比特币ETF净流出为3700万美元。
According to HODL15Capital, on 15 April, the United States spot Bitcoin ETF had a net outflow of $37 million.
此外，比特币“减半”事件预期持续扰动，市场投机情绪较浓，也是推动比特币短期价格大幅波动的原因。
In addition, Bitcoin“ halving & rdquo; events expected to continue to perturb, and market speculation, contributed to significant short-term price volatility in Bitcoin.
公开资料显示，比特币“减半”是指新区块奖励减半，大约每四年发生一次。BTC.com数据显示，目前比特币第四次区块奖励减半临近，剩余区块996个，预计减半时间为4月20日。此前，比特币已在2012年、2016年和2020年经历了三次“减半”。
According to public sources, Bitcoin“ Halve & rdquo; refers to the reduction of new block incentives by half, approximately every four years. BTC.com data show that currently Bitcoin's fourth block awards are close to half, with 996 remaining blocks expected to be halved by 20 April. Prior to that, Bitcoin had experienced three & ldquao; halved & rdquo in 2012, 2016 and 2020.
交易人士提示，在现货ETF资金流动放缓、市场波动加剧的背景下，比特币未来走势充满不确定性。投资者需密切关注市场动态，谨慎决策。
Dealers suggest that the future movement of Bitcoin is uncertain in the context of the slowdown in spot ETF capital flows and increased market volatility. Investors need to pay close attention to market dynamics and take careful decisions.
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