香港开启虚拟资产ETF通道：5亿美元规模预期是保守还是乐观？

The author's approval of bitcoin spot is nothing new. According to Reuters's news yesterday, at least three offshore China asset management companies will soon launch Hong Kong virtual assets, bitcoin spot and ethereum spot. The strong support of the Hong Kong government and the frequent favorable policies have become the expected consensus of the industry. Ou Ke Yunlian Research Institute observed that the approval of bitcoin ethereum spot in Hong Kong did not cause a great sensation in the market like the approval of bitcoin spot in the United States, but we learned that it was big when we were interviewed by the media. Economists pay more attention to the amount of funds behind it and its far-reaching significance. Through this paper, the author discusses the following questions from the perspective of Hong Kong stock traders. Why do institutions attach so much importance to southbound funds when measuring the scale of inflow of funds? Since it was first included in the stock market in January, the plan allows investors in China mainland and China and Hong Kong to buy and sell and settle stocks listed in the other market through the stock exchanges and clearing houses in their own markets, and thus has southbound funds from Chinese mainland to China. Hong Kong and northbound funds: China, Hong Kong and Chinese mainland. If southbound funds are approved, the virtual asset market represented by Bitcoin will become the new financial market of China and the United States. According to the public data of the China Securities Regulatory Commission, as of March, although only southbound funds are available for mainland investors to choose from, their daily trading volume is as high as 100 million yuan, or about 100 million US dollars. That is to say, the eligibility of southbound funds transactions has attracted the funds of the Hong Kong Stock Exchange to flow into the RMB channel. However, we have also noticed that. The number of qualified people entering the Hong Kong market through the Shanghai-Hong Kong Stock Connect and Shenzhen-Hong Kong Stock Connect channel is quite limited. In addition, the Hong Kong Securities Regulatory Commission proposed in the outlook of 2008 to consolidate Hong Kong's position as the world's leading offshore RMB center by exchanging the dual-counter mode of connecting Hong Kong dollars and RMB and the dual-counter banker mechanism. Considering the current attitude of the mainland towards virtual assets trading, after communicating with relevant financial markets and insiders in Shanghai and Hong Kong, Ou Ke Yunlian Research Institute concluded that Hong Kong Bitcoin and Ethereum will be approved in the short term. The possibility of opening up to mainland investors is extremely low. According to the comprehensive opinions of various regulatory agencies and industry insiders, we believe that under the current circumstances, mainland residents cannot invest in the spot of Bitcoin and Ethereum through the Shanghai-Shenzhen-Hong Kong Stock Connect, but the funds cashed out through the Shanghai-Shenzhen-Hong Kong Stock Connect can only be returned to the local settlement system along the original route, that is, the RMB funds entered and exited through the Shanghai-Shenzhen-Hong Kong Stock Connect, and will not remain in the Hong Kong market in the form of other assets, which means that the offshore RMB is not in the channel of the Shanghai-Shenzhen-Hong Kong Stock Connect. Is the US Bitcoin Hong Kong still attractive? We have noticed that senior analysts of Bloomberg think that $ billion will be a fairly optimistic figure. However, we firmly believe that the potential of Hong Kong's virtual asset market far exceeds this figure. This paper will analyze the risk preference of Hong Kong investors, the situation of Hong Kong's virtual asset market before the news was announced and the setting of the two places. It is true that the overall size of Hong Kong's market is much smaller than that of the United States, but we also found that. An interesting phenomenon is that among the top ten in Hong Kong, the number one accounts for the total, while that in the United States means that investors in the Hong Kong market are unevenly distributed and more than the investment is concentrated in the head. In addition, the number one gold in the Hong Kong market is also used by bitcoin investors for comparison, and the number one gold in the US market is about $100 million, so it can be concluded that the head effect in the Hong Kong market is more significant and compared with American investors. More likely to want to invest in US stocks, for example, Hong Kong investors who are the target are more interested in investing in gold, which shows that investors in the two markets will have different understandings of risk preferences and economic cycles. The Hong Kong market will have greater acceptance of Bitcoin as digital gold, and the data sources seem to have higher enthusiasm for Bitcoin. At the end of last year, when Ou Ke Yunlian Research Institute went deep into the virtual asset market in Hong Kong, it was found that the virtual asset market in Hong Kong had closed. According to our estimation, there was at least one physical crypto-exchange shop in January this year. The average annual transaction volume of this channel was more than US$ 100 million. Before this channel, the Hong Kong market was estimated. Although the population of Hong Kong was much smaller than that of the United States, the active OTC crypto-currency market in Hong Kong promoted the transaction volume of US$ 100 million from January to December last year. Compared with other parts of Asia, Hong Kong played a leading role in crypto-currency transactions of large institutions, and it was one of the annual virtual assets transactions in Hong Kong. Institutional transactions with more than 10 million dollars are higher than the average level of similar transactions in the world. In addition, in terms of redemption mechanism, due to Hong Kong's comprehensive supervision system in the virtual asset market, the physical redemption mechanism will be more favorable to investors. The four ways of money in and money out and money in and out are more flexible than the last one of the cash redemption mechanism in the United States, and there is also arbitrage space. In addition, we think that the use of bits is reduced to a greater extent for Hong Kong investors who have already held money. The probability of obtaining illegal funds when the currency is converted into legal tender, thus protecting investors' assets. For Ethereum spot, although the current market value of Ethereum is US$ 100 million, compared with the bitcoin market with a market value of trillion, it has more incentive to promote it as an issuer, because Ethereum spot not only has the income brought by price increase, but also has the additional yield brought by pledge. As early as June, local time, an updated revised application form was submitted, and new sponsors may pledge part of trust assets from time to time. Betting on one or more trusted third-party pledge platforms is not an advantage for qualified investors in Hong Kong, especially large-value transaction investors. However, as far as we know, there are other factors to be considered for the inflow of funds. For the current fund rate, it is not the first in the inflow of funds. This may be related to the choice of self-hosting rather than third-party hosting, and Hong Kong has laid out and opened channels that are more familiar to the public. It is meaningful. This is not only a favorable adjustment to the balance sheet of financial institutions due to the shrinking overall assets, but also a leader's strategic plan to stay at the table or even organize a new financial table. With the fundamental benefits such as halving bitcoin, we will wait and see the future potential of the virtual asset spot in Hong Kong. 比特币今日价格行情网_okx交易所app_永续合约_比特币怎么买卖交易_虚拟币交易所平台

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