德意志数字资产推出实物支持的比特币宏观 ETP

德国加密货币管理公司 Deutsche Digital Assets 推出了一款新的实物支持的比特币 ETP，该 ETP 根据当前的宏观经济状况动态调整其风险敞口。

German crypto asset manager Deutsche Digital Assets has unveiled a new physically backed Bitcoin exchange-traded product (ETP) that dynamically adjusts its exposure to the flagship digital asset based on prevailing macroeconomic conditions.

德国加密资产管理公司 Deutsche Digital Assets 推出了一款新的实物支持的比特币交易所交易产品（ETP），该产品可根据当前的宏观经济状况动态调整其对旗舰数字资产的敞口。

The ETP offers a risk-managed approach to Bitcoin investing with an exposure that can vary on a daily basis. The product is designed to enhance or preserve capital in different macro environments.

ETP 为比特币投资提供了一种风险管理方法，其风险敞口可能每天都在变化。该产品旨在在不同的宏观环境下增强或保存资本。

The DDA Bitcoin Macro ETP (BMAC FP) is now trading on Euronext Paris and Xetra with an expense ratio of 2.00%.

DDA 比特币宏观 ETP (BMAC FP) 目前在巴黎泛欧交易所和 Xetra 交易，费用率为 2.00%。

The ETP tracks the Compass FT DDA Bitcoin Macro Allocation Index, which is designed to offer a systematic and adaptive approach to Bitcoin investment.

ETP 追踪 Compass FT DDA 比特币宏观配置指数，该指数旨在为比特币投资提供系统性和适应性的方法。

The index employs a quantitative model that generates an investment signal based on four key macroeconomic factors: inflation, interest rates, stock market performance and the exchange rate of the US dollar against a basket of other currencies. Each factor is represented by baskets of assets that are most sensitive to those factors.

该指数采用定量模型，根据四个关键宏观经济因素生成投资信号：通货膨胀、利率、股市表现以及美元兑一篮子其他货币的汇率。每个因素都由对这些因素最敏感的一揽子资产代表。

The model generates a momentum score for each factor, which is then used to produce individual sub-signals. These sub-signals are weighted according to their explanatory power on Bitcoin's price movements over a six-month rolling window, culminating in a final, comprehensive investment signal.

该模型为每个因素生成一个动量分数，然后用于生成单独的子信号。这些子信号根据其对六个月滚动窗口内比特币价格变动的解释力进行加权，最终形成最终的综合投资信号。

Based on this final signal, the index dynamically shifts its exposure between Bitcoin and USD Coin, a stablecoin pegged to the US dollar and backed by dollar-denominated assets held in segregated accounts with US-regulated financial institutions. In risk-on macroeconomic environments, the strategy increases its allocation to Bitcoin, while in risk-off conditions, it tilts more heavily toward USD Coin to preserve capital.

根据这一最终信号，该指数动态地在比特币和美元硬币之间转移敞口，美元硬币是一种与美元挂钩的稳定币，并以美国监管的金融机构的独立账户中持有的美元计价资产为支持。在风险偏好的宏观经济环境中，该策略会增加对比特币的配置，而在风险规避的情况下，它会更加倾向于美元硬币以保存资本。

This allocation strategy may be particularly appealing to investors who are wary of the high volatility typically associated with Bitcoin and other cryptocurrencies, offering a means to balance the high returns associated with Bitcoin with the need for risk management.

这种分配策略可能对那些对比特币和其他加密货币通常具有的高波动性持谨慎态度的投资者特别有吸引力，它提供了一种平衡比特币高回报与风险管理需求的方法。

Each ETP share is 100% collateralized by a corresponding investment in Bitcoin and US Dollar Coin, which are custodied in an institutional-grade ‘cold storage’ custody solution provided by Coinbase Custody International.

每个 ETP 份额均由相应的比特币和美元硬币投资进行 100% 抵押，这些投资由 Coinbase Custody International 提供的机构级“冷存储”托管解决方案托管。

Dominik Poiger, Chief Product Officer of Deutsche Digital Assets, said: “The Bitcoin Macro ETP represents a truly unique product that is not simply another cryptocurrency wrapped into an ETP but gives investors exposure to Bitcoin while trying to protect against adverse macro environments.”

Deutsche Digital Assets 首席产品官 Dominik Poiger 表示：“比特币宏观 ETP 代表了一种真正独特的产品，它不仅仅是包装在 ETP 中的另一种加密货币，而是让投资者能够接触比特币，同时试图防范不利的宏观环境。”

Deutsche Digital Assets is a crypto asset manager and ETP provider, offering a range of physically backed products that track the performance of various digital assets. The firm is a subsidiary of Deutsche Boerse, which operates the Xetra exchange and is also a shareholder in Coinbase.

Deutsche Digital Assets 是一家加密资产管理公司和 ETP 提供商，提供一系列有形支持的产品，用于跟踪各种数字资产的表现。该公司是德意志交易所的子公司，该公司运营 Xetra 交易所，也是 Coinbase 的股东。

Deutsche Digital Assets recently launched a new Bitcoin ETP on the Deutsche Boerse's Xetra exchange, aiming to provide investors with a regulated and transparent way to gain exposure to the flagship digital asset. The new ETP, dubbed the DDA Bitcoin B ETP (DBTC FP), tracks the performance of Bitcoin on a T+1 basis, with each ETP share fully backed by an equivalent investment in BTC. The product is designed to offer a convenient and secure method of investing in Bitcoin, catering to both institutional and retail investors.

德意志数字资产公司最近在德意志交易所的 Xetra 交易所推出了新的比特币 ETP，旨在为投资者提供一种受监管且透明的方式来获得旗舰数字资产的投资。新的 ETP 被称为 DDA Bitcoin B ETP (DBTC FP)，在 T+1 的基础上跟踪比特币的表现，每个 ETP 份额均由等值的 BTC 投资完全支持。该产品旨在提供一种方便、安全的比特币投资方法，同时满足机构和散户投资者的需求。

The launch of the new Bitcoin ETP follows Deutsche Digital Assets' unveiling of a crypto ETP earlier this year, which was listed on the Deutsche Boerse's Xetra exchange in March. The ETP, known as the DDA Crypto Basket B ETP (CCBC FP), tracks the performance of a basket of crypto assets on a T+1 basis, with each ETP share fully backed by a corresponding investment in the underlying crypto assets. The ETP is designed to provide investors with exposure to the broader digital asset market.

在推出新的比特币 ETP 之前，德意志数字资产公司 (Deutsche Digital Assets) 在今年早些时候推出了加密货币 ETP，该加密货币 ETP 于 3 月份在德意志交易所的 Xetra 交易所上市。该 ETP 被称为 DDA 加密货币篮子 B ETP（CCBC FP），在 T+1 的基础上跟踪一篮子加密资产的表现，每个 ETP 份额均由基础加密资产的相应投资完全支持。 ETP 旨在为投资者提供接触更广泛的数字资产市场的机会。