家庭辦公室和專業投資者分配現貨以太坊（ETH）和比特幣（BTC）ETP不同

家庭辦事處和專業投資者正在分配現貨以太坊（ETH）和比特幣（BTC）交易所交易產品（ETP）

Family offices are allocating more of their portfolio to spot Ethereum (ETH) exchange-traded products (ETPs) than professional investors and hedge funds, preferential treatment that is less evident in the case of Bitcoin (BTC) ETPs.

家庭辦公室比專業投資者和對沖基金分配更多的投資組合以發現以太坊（ETH）交換產品（ETP），在比特幣（BTC）ETP的情況下，優惠待遇較不明顯。

As of December 31, 2024, family offices and trusts hold 0.62% of their total AUM in spot Ethereum ETPs and just 0.13% in spot Bitcoin ETPs, according to Bitwise data.

根據Bitwise數據，截至2024年12月31日，家庭辦事處和信託佔其總AUM的0.62％，在現貨以太坊ETP中，僅在現貨比特幣ETP中佔0.13％。

This indicates a nearly fivefold higher allocation share for Ethereum among this investor category, although it does not translate to greater absolute values. In 2024, family offices and trusts collectively managed an estimated $3.04 trillion in AUM.

這表明該投資者類別中以太坊的分配份額近五倍，儘管它並未轉化為更大的絕對價值。 2024年，家庭辦事處和信託基金估計在AUM中管理了30.4萬億美元。

The difference highlights the divergent institutional forces behind the two leading cryptocurrency assets. While Bitcoin continues to dominate in terms of overall institutional AUM, including hedge funds and investment advisors, Ethereum commands greater relative appeal among smaller, often more flexible allocators such as family offices.

差異突出了兩個主要的加密貨幣資產背後的不同製度力量。儘管比特幣繼續在整個機構AUM（包括對沖基金和投資顧問）方面保持統治地位，但以太坊命令在較小的，通常更靈活的分配器（例如家庭辦事處）中相對吸引力。

The broader ETP market composition from January to December 2024 showcases these contrasts in investor profiles and risk appetites.

從2024年1月至12月12日，更廣泛的ETP市場組成在投資者概況和風險胃口中展示了這些對比。

Hedge funds loom large

對沖基金織機大

Hedge funds account for the largest share of Bitcoin ETP AUM at 36.97%, closely followed by investment advisors at 33.11%. Brokerages contribute another 14.91%, together forming over 85% of total allocations. Smaller contributors like banks, pension funds, and private equity firms collectively add around 10% to the Bitcoin ETP AUM.

對沖基金佔比特幣ETP AUM最大份額的36.97％，其次是33.11％的投資顧問。經紀公司貢獻了另外14.91％的貢獻，佔總分配的85％以上。諸如銀行，養老基金和私募股權公司之類的較小貢獻者共同增加了比特幣ETP AUM的10％。

In contrast, Ethereum ETP ownership is more evenly distributed among brokerages (25.25%), investment advisors (29.79%), and hedge funds (24.74%), with a much larger "Other" category comprising 16.96% of Ethereum ETP AUM.

相比之下，以太坊ETP所有權在經紀公司（25.25％），投資顧問（29.79％）和對沖基金（24.74％）之間更加均勻分佈，其中佔以太坊ETP AUM的16.96％的“其他“其他”類別。

This "Other" category might include smaller asset management firms, sovereign wealth funds, or specialized investment vehicles not captured in the primary breakdowns.

這個“其他”類別可能包括較小的資產管理公司，主權財富基金或主要分解中未捕獲的專業投資工具。

Banks and pension funds show moderate interest in both Bitcoin and Ethereum products. Bitcoin ETPs claim 1.27% and 1.02% of AUM from banks and pension funds, respectively, while Ethereum ETPs attract 0.62% and 0.90% from these investors.

銀行和養老基金對比特幣和以太坊產品表現出適度的興趣。比特幣ETP分別從銀行和養老基金中聲稱AUM的1.27％和1.02％，而以太坊ETP吸引了這些投資者0.62％和0.90％。

Private equity firms, despite their agility in deploying capital, demonstrate minimal involvement, allocating 2.90% to Bitcoin and 1.11% to Ethereum.

儘管私募股權公司在部署資本方面敏捷，但表現出最少的參與，分配給比特幣2.90％，將1.11％分配給以太坊。

Despite the relative tilt toward Ethereum among family offices, their total allocation remains a small portion of overall institutional activity. Venture capital firms and insurance companies report nearly negligible exposure to either ETP class.

儘管家庭辦公室之間對以太坊的相對傾向，但它們的總分配仍然是整體機構活動的一小部分。風險投資公司和保險公司報告說，這兩個ETP類別幾乎可以忽略不計。

The top holders vary

頂級持有人有所不同

The top holders also differ between Bitcoin and Ethereum ETPs.

最高持有人在比特幣和以太坊ETP之間也有所不同。

Millennium Management, with $4.42 billion in Bitcoin ETP holdings, claims the top spot in Bitcoin exposure, followed by Brevan Howard, Jane Street, and Goldman Sachs.

千年管理人員擁有44.2億美元的比特幣ETP控股，聲稱是比特幣曝光的頭把交椅，其次是Brevan Howard，Jane Street和Goldman Sachs。

In the Ethereum segment, Goldman Sachs takes the lead with $477 million, followed closely by Jane Street at $450 million and Millennium Management at $182 million.

在以太坊細分市場中，高盛（Goldman Sachs）以4.77億美元的價格領先，緊隨其後的是簡街（Jane Street）的4.5億美元，千禧年管理層以1.82億美元的價格領先。

Some institutions, such as Jane Street, D.E. Shaw, and Brevan Howard, appear on both lists, showcasing their broad-based engagement with crypto ETPs.

Jane Street，De Shaw和Brevan Howard等一些機構出現在這兩個列表中，展示了他們與加密ETP的廣泛參與。

However, several firms, including Elequin, HBK Investments, SG Americas Securities, and Almitas Capital, are represented only among Ethereum ETPs’ top holders. Conversely, Capula Management and Horizon Kinetics hold significant Bitcoin ETP positions but are not listed among Ethereum's top institutional owners.

但是，包括Elequin，HBK Investments，SG Americas Securities和Almitas Capital在內的幾家公司僅在以太坊ETP的頂級持有人中代表。相反，Capula Management和Horizo​​n動力學具有重要的比特幣ETP位置，但並未在以太坊的頂級機構所有者中列出。

This division suggests that while large asset managers and market makers are actively involved in both markets, Ethereum attracts a more diverse group of secondary institutions.

該部門表明，儘管大型資產經理和做市商都積極參與兩個市場，但以太坊吸引了更多樣化的二級機構。

This breakdown underscores Bitcoin's continued dominance in terms of total institutional AUM. Yet, it also highlights the more diversified and distributed investor base in Ethereum's ETP market. As the crypto asset management industry matures, it will be interesting to observe how these trends evolve further.

這種崩潰強調了比特幣在整體機構中的持續統治地位。然而，它還強調了以太坊ETP市場中更多元化和分佈的投資者基礎。隨著加密資產管理行業的成熟，觀察這些趨勢如何進一步發展將很有趣。