顧問加密貨幣：加密產品的演變 - 從投機性賭注到戰略資產

加密已不再是投資的“野生西部”。曾經被視為投機性賭注，數字資產已成熟成為機構投資組合中可靠且越來越戰略的組成部分。

Today in Crypto for Advisors, Dovile Silenskyte from WisdomTree discusses the growth of crypto products and how they've evolved into a strategic investment allocation.

今天，在Crypto for Advisors中，WisdomTree的Dovile Silenskyte討論了加密產品的增長以及它們如何發展為戰略投資分配。

Plus, Kim Klemballa from CoinDesk Indices answers questions about digital asset benchmarks and trends in Ask an Expert.

另外，Coindesk Indices的Kim Klemballa回答了有關數字資產基準和ASK專家趨勢的問題。

– Sarah Morton

- 莎拉·莫頓（Sarah Morton）

You’re reading Crypto for Advisors, CoinDesk’s weekly newsletter that unpacks digital assets for financial advisors. Subscribe here to get it every Thursday.

您正在閱讀Coindesk的顧問的Crypto，這是Coindesk的每週新聞通訊，該新聞通訊為財務顧問提供了數字資產。在此處訂閱每個星期四。

The Evolution of Crypto Products — From Speculative Bets to Strategic Assets

加密產品的演變 - 從投機賭注到戰略資產

Crypto is no longer the “Wild West” of investing. Once dismissed as mere speculative bets, digital assets have matured into a credible and increasingly strategic component of institutional portfolios.

加密已不再是投資的“野生西部”。曾經被視為投機性賭注，數字資產已成熟成為機構投資組合中可靠且越來越戰略的組成部分。

Figure 1: Global assets under management (AUM) in physical crypto ETPsSource: Bloomberg, WisdomTree. 01 April 2025. Historical performance is not an indication of future performance and any investment may go down in value.

圖1：在物理加密ETPSSOURCE中管理中的全球資產（AUM）：彭博社，WisdomTree。 2025年4月1日。歷史表現並不是未來績效的跡象，任何投資的價值都可能下降。

As of the end of Q1 2025, global assets under management (AUM) in physical bitcoin exchange-traded products (ETPs) totaled more than $100 billion. That figure signals deep, sustained conviction from institutional investors, meaning this is no longer just the realm of early adopters. Today, sovereign wealth funds, pension schemes and asset managers are allocating to crypto at scale.

截至2025年第1季度末，在物理比特幣交易所交易產品（ETP）中管理的全球資產（AUM）總計超過1000億美元。該數字表示由機構投資者深刻而持續的信念，這意味著這不再只是早期採用者的領域。如今，主權財富基金，養老金計劃和資產經理正在大規模分配加密貨幣。

After more than 15 years of development, multiple boom-and-bust cycles and a global user base exceeding half a billion people, crypto has proven it is no passing trend. Bitcoin has emerged as a crypto macro asset — scarce, decentralized and increasingly positioned as a core holding within diversified multi-asset portfolios.

經過15年以上的發展，多次繁榮和障礙週期和超過50億人的全球用戶群，加密貨幣已證明這不是過去的趨勢。比特幣已成為一個加密宏觀資產 - 稀缺，分散並越來越多地定位為多元化的多資產組合中的核心持有。

But here’s the catch — crypto allocations are still under-diversified.

但這是收穫 - 加密分配仍然不足。

Despite growing adoption, most crypto portfolios remain narrowly concentrated in bitcoin. That is a legacy mindset and one that is fundamentally flawed. Investors wouldn’t allocate their entire equity exposure to Apple, nor rely on a single bond to represent fixed income. Yet that is precisely how many still treat crypto.

儘管採用的收養量增加，但大多數加密投資組合仍然狹窄地集中在比特幣中。那是一種遺產的心態，是從根本上有缺陷的。投資者不會將其整個股權敞開額分配給蘋果，也不會依靠單個債券來代表固定收益。然而，這正是多少仍在處理加密貨幣。

Diversification is foundational in traditional finance. It spreads risk, enhances resilience and unlocks access to broader opportunity sets. The same principle holds in digital assets.

多元化是傳統金融的基礎。它傳播風險，增強彈性並解鎖獲得更廣泛的機會集的機會。數字資產中相同的原則。

The cryptocurrency universe has expanded far beyond bitcoin, evolving into a dynamic ecosystem of distinct technologies, use cases and investment theses.

加密貨幣宇宙已經遠遠超出了比特幣，發展成為不同技術，用例和投資論文的動態生態系統。

Smart contract platforms like Ethereum, Solana and Cardano are building decentralized infrastructure for everything from decentralized finance (DeFi) to non-fungible tokens (NFTs), each with unique trade-offs in scalability, security and network design. Meanwhile, Polkadot is advancing interoperability, enabling seamless communication across chains — a key building block for a multi-chain future.

諸如以太坊，索拉納（Solana）和卡爾達諾（Cardano）之類的智能合同平台正在為從分散融資（DEFI）到無牙的代幣（NFTS）建立分散的基礎架構，每個基礎設施在可擴展性，安全性和網絡設計方面都有獨特的權衡。同時，Polkadot正在提高互操作性，從而實現跨鏈條無縫的溝通，這是一個多鏈未來的關鍵構建塊。

Beyond these Layer 1 blockchains, we are seeing rapid innovation in: Each of these sectors carries its own risk-return profile, adoption curve and regulatory trajectory. Treating them as interchangeable, or worse, ignoring them altogether, is similar to reducing global equity investing to a single tech stock. It is not just outdated — it is strategically inefficient.

除了這些第1層區塊鏈之外，我們還看到了快速的創新：這些部門中的每個部門都具有自身的風險回報曲線，採用曲線和調節軌跡。將它們視為可互換的，或者更糟的是，完全忽略了它們，類似於將全球股票投資減少到單個科技股。它不僅過時了，而且在戰略上效率低下。

Diversification in crypto is not about avoiding risk, but rather, capturing the full spectrum of innovation. In a multi-chain, multi-thesis world, failing to diversify means leaving opportunity on the table.

加密多樣性不是要避免風險，而是要捕捉全部創新。在多鏈，多論文的世界中，未能多樣化意味著在餐桌上留下機會。

The case for crypto indices

加密指數的情況

The reality is that most investors do not have the time, tools or technical expertise to keep up with 24/7 crypto markets. Crypto indices offer a powerful solution for those seeking broad, systematic exposure without having to delve into tokenomics, validator uptime or network upgrades.

現實情況是，大多數投資者沒有時間，工具或技術專業知識來跟上24/7加密市場。加密指數為那些尋求廣泛的，系統性曝光的人提供了一個強大的解決方案，而無需深入研究標記，驗證器正常運行時間或網絡升級。

Just as equity investors rely on benchmarks such as the S&P 500 or MSCI indices, diversified crypto indices allow investors to access the market passively — with scale, structure and simplicity. No guesswork, no token-picking, no need for constant rebalances. Just clean, rules-based exposure to the evolving crypto landscape.

正如股票投資者依靠標準普爾500指數或MSCI指數之類的基準一樣，多元化的加密指數使投資者能夠以規模，結構和簡單性為被動地進入市場。沒有猜測，沒有像徵性的挑選，不需要持續的重新平衡。只是乾淨的，基於規則的曝光，可暴露於不斷發展的加密景觀中。

- Dovile Silenskyte, Director of Digital Assets Research, WisdomTree

- Dovile Silenskyte，WisdomTree數字資產研究總監

Ask an Expert

詢問專家

Q. Why is diversification important in crypto?

問：為什麼多元化在加密貨幣中很重要？

A. Among over 20,000 listed cryptocurrencies, bitcoin now accounts for approximately 65% of total market capitalization. Diversification is key for institutional investors to manage volatility and capture broader opportunities. Indices can be an efficient way of tracking asset class performance, while products like exchange-traded funds (ETFs) and separately managed accounts (SMAs) can provide exposure to multiple cryptocurrencies at once, potentially helping to spread risk.

答：在有20,000多個上市的加密貨幣中，比特幣現在約佔市值總數的65％。多元化是機構投資者管理波動並抓住更廣泛機會的關鍵。指數可以是跟踪資產類績效的有效方法，而諸如交易所交易基金（ETF）和單獨管理帳戶（SMA）之類的產品可以立即提供多個加密貨幣的風險，有可能有助於傳播風險。

Q. What trends are we seeing in digital assets?

問：我們在數字資產中看到了哪些趨勢？

A. Institutional investors are entering the market, pushing digital assets from a niche investment into a key asset class. EY-Parthenon and Coinbase conducted a survey of more than 350 institutional investors around the world in January 2025. Of the investors surveyed, 87% plan to increase overall allocations to crypto in 2025, spanning a variety of options such as exchange-traded products (ETPs), investments in digital

答：機構投資者正在進入市場，將利基投資的數字資產推向關鍵資產類別。 Ey-Parthenon和Coinbase在2025年1月對全球350多家機構投資者進行了調查。在接受調查的投資者中，有87％的人計劃在2025年增加對加密貨幣的總體分配，涵蓋了各種選擇，例如交換產品（ETP），在數字化產品中投入了投資