家庭办公室和专业投资者分配现货以太坊（ETH）和比特币（BTC）ETP不同

家庭办事处和专业投资者正在分配现货以太坊（ETH）和比特币（BTC）交易所交易产品（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.

家庭办公室比专业投资者和对冲基金分配更多的投资组合以发现以太坊（ETH）交换产品（ETP），在比特币（BTC）ETP的情况下，优惠待遇较不明显。

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.

根据Bitwise数据，截至2024年12月31日，家庭办事处和信托占其总AUM的0.62％，在现货以太坊ETP中，仅在现货比特币ETP中占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.

这表明该投资者类别中以太坊的分配份额近五倍，尽管它并未转化为更大的绝对价值。 2024年，家庭办事处和信托基金估计在AUM中管理了30.4万亿美元。

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.

差异突出了两个主要的加密货币资产背后的不同制度力量。尽管比特币继续在整个机构AUM（包括对冲基金和投资顾问）方面保持统治地位，但以太坊命令在较小的，通常更灵活的分配器（例如家庭办事处）中相对吸引力。

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

从2024年1月至12月12日，更广泛的ETP市场组成在投资者概况和风险胃口中展示了这些对比。

Hedge funds loom large

对冲基金织机大

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.

对冲基金占比特币ETP AUM最大份额的36.97％，其次是33.11％的投资顾问。经纪公司贡献了另外14.91％的贡献，占总分配的85％以上。诸如银行，养老基金和私募股权公司之类的较小贡献者共同增加了比特币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所有权在经纪公司（25.25％），投资顾问（29.79％）和对冲基金（24.74％）之间更加均匀分布，其中占以太坊ETP AUM的16.96％的“其他“其他”类别。

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

这个“其他”类别可能包括较小的资产管理公司，主权财富基金或主要分解中未捕获的专业投资工具。

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.

银行和养老基金对比特币和以太坊产品表现出适度的兴趣。比特币ETP分别从银行和养老基金中声称AUM的1.27％和1.02％，而以太坊ETP吸引了这些投资者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.

尽管私募股权公司在部署资本方面敏捷，但表现出最少的参与，分配给比特币2.90％，将1.11％分配给以太坊。

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.

尽管家庭办公室之间对以太坊的相对倾向，但它们的总分配仍然是整体机构活动的一小部分。风险投资公司和保险公司报告说，这两个ETP类别几乎可以忽略不计。

The top holders vary

顶级持有人有所不同

The top holders also differ between Bitcoin and Ethereum ETPs.

最高持有人在比特币和以太坊ETP之间也有所不同。

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.

千年管理人员拥有44.2亿美元的比特币ETP控股，声称是比特币曝光的头把交椅，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.

在以太坊细分市场中，高盛（Goldman Sachs）以4.77亿美元的价格领先，紧随其后的是简街（Jane Street）的4.5亿美元，千禧年管理层以1.82亿美元的价格领先。

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等一些机构出现在这两个列表中，展示了他们与加密ETP的广泛参与。

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在内的几家公司仅在以太坊ETP的顶级持有人中代表。相反，Capula Management和Horizo​​n动力学具有重要的比特币ETP位置，但并未在以太坊的顶级机构所有者中列出。

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.

该部门表明，尽管大型资产经理和做市商都积极参与两个市场，但以太坊吸引了更多样化的二级机构。

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.

这种崩溃强调了比特币在整体机构中的持续统治地位。然而，它还强调了以太坊ETP市场中更多元化和分布的投资者基础。随着加密资产管理行业的成熟，观察这些趋势如何进一步发展将很有趣。