I did hear from a senior and well-known cryptocurrency lawyer that there is a high probability that China will open paper BTC spot ETFs, and it cannot be ruled out that Hong Kong's Bitcoin spot ETFs can be directly purchased, but they only exist on paper and cannot be withdrawn. The concept of paper gold is the same. PS: Spot withdrawals can be opened in Hong Kong, unlike cash transactions in the United States, BlackRock has just submitted cash withdrawals for ETH