顾问加密货币：加密产品的演变 - 从投机性赌注到战略资产

加密已不再是投资的“野生西部”。曾经被视为投机性赌注，数字资产已成熟成为机构投资组合中可靠且越来越战略的组成部分。

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讨论了加密产品的增长以及它们如何发展为战略投资分配。

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回答了有关数字资产基准和ASK专家趋势的问题。

– Sarah Morton

- 莎拉·莫顿（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.

您正在阅读Coindesk的顾问的Crypto，这是Coindesk的每周新闻通讯，该新闻通讯为财务顾问提供了数字资产。在此处订阅每个星期四。

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

加密产品的演变 - 从投机赌注到战略资产

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.

加密已不再是投资的“野生西部”。曾经被视为投机性赌注，数字资产已成熟成为机构投资组合中可靠且越来越战略的组成部分。

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.

图1：在物理加密ETPSSOURCE中管理中的全球资产（AUM）：彭博社，WisdomTree。 2025年4月1日。历史表现并不是未来绩效的迹象，任何投资的价值都可能下降。

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，在物理比特币交易所交易产品（ETP）中管理的全球资产（AUM）总计超过1000亿美元。该数字表示由机构投资者深刻而持续的信念，这意味着这不再只是早期采用者的领域。如今，主权财富基金，养老金计划和资产经理正在大规模分配加密货币。

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.

经过15年以上的发展，多次繁荣和障碍周期和超过50亿人的全球用户群，加密货币已证明这不是过去的趋势。比特币已成为一个加密宏观资产 - 稀缺，分散并越来越多地定位为多元化的多资产组合中的核心持有。

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

但这是收获 - 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.

尽管采用的收养量增加，但大多数加密投资组合仍然狭窄地集中在比特币中。那是一种遗产的心态，是从根本上有缺陷的。投资者不会将其整个股权敞开额分配给苹果，也不会依靠单个债券来代表固定收益。然而，这正是多少仍在处理加密货币。

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.

多元化是传统金融的基础。它传播风险，增强弹性并解锁获得更广泛的机会集的机会。数字资产中相同的原则。

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

加密货币宇宙已经远远超出了比特币，发展成为不同技术，用例和投资论文的动态生态系统。

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.

诸如以太坊，索拉纳（Solana）和卡尔达诺（Cardano）之类的智能合同平台正在为从分散融资（DEFI）到无牙的代币（NFTS）建立分散的基础架构，每个基础设施在可扩展性，安全性和网络设计方面都有独特的权衡。同时，Polkadot正在提高互操作性，从而实现跨链条无缝的沟通，这是一个多链未来的关键构建块。

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.

除了这些第1层区块链之外，我们还看到了快速的创新：这些部门中的每个部门都具有自身的风险回报曲线，采用曲线和调节轨迹。将它们视为可互换的，或者更糟的是，完全忽略了它们，类似于将全球股票投资减少到单个科技股。它不仅过时了，而且在战略上效率低下。

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.

加密多样性不是要避免风险，而是要捕捉全部创新。在多链，多论文的世界中，未能多样化意味着在餐桌上留下机会。

The case for crypto indices

加密指数的情况

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.

现实情况是，大多数投资者没有时间，工具或技术专业知识来跟上24/7加密市场。加密指数为那些寻求广泛的，系统性曝光的人提供了一个强大的解决方案，而无需深入研究标记，验证器正常运行时间或网络升级。

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.

正如股票投资者依靠标准普尔500指数或MSCI指数之类的基准一样，多元化的加密指数使投资者能够以规模，结构和简单性为被动地进入市场。没有猜测，没有象征性的挑选，不需要持续的重新平衡。只是干净的，基于规则的曝光，可暴露于不断发展的加密景观中。

- Dovile Silenskyte, Director of Digital Assets Research, WisdomTree

- Dovile Silenskyte，WisdomTree数字资产研究总监

Ask an Expert

询问专家

Q. Why is diversification important in crypto?

问：为什么多元化在加密货币中很重要？

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多个上市的加密货币中，比特币现在约占市值总数的65％。多元化是机构投资者管理波动并抓住更广泛机会的关键。指数可以是跟踪资产类绩效的有效方法，而诸如交易所交易基金（ETF）和单独管理帐户（SMA）之类的产品可以立即提供多个加密货币的风险，有可能有助于传播风险。

Q. What trends are we seeing in digital assets?

问：我们在数字资产中看到了哪些趋势？

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：机构投资者正在进入市场，将利基投资的数字资产推向关键资产类别。 Ey-Parthenon和Coinbase在2025年1月对全球350多家机构投资者进行了调查。在接受调查的投资者中，有87％的人计划在2025年增加对加密货币的总体分配，涵盖了各种选择，例如交换产品（ETP），在数字化产品中投入了投资