加密货币的下一个创新不会来自 Solana ETF 的推出

资产管理公司表示，他们更关注投资者通过加密货币实现投资组合多元化的其他方式。

The launch of bitcoin exchange-traded funds (ETFs) earlier this year was a major milestone for the cryptocurrency industry, but asset managers are now looking ahead to the next wave of innovation.

今年早些时候推出的比特币交易所交易基金（ETF）是加密货币行业的一个重要里程碑，但资产管理公司现在正在展望下一波创新浪潮。

While some crypto enthusiasts are speculating about which coin will be next to be added to an ETF wrapper, asset managers at the Wyoming Blockchain Symposium in Jackson Hole said the broader goal is to help investors diversify their portfolios with crypto.

虽然一些加密货币爱好者正在猜测下一个将被添加到 ETF 包装中的代币，但杰克逊霍尔怀俄明州区块链研讨会上的资产经理表示，更广泛的目标是帮助投资者通过加密货币实现投资组合多元化。

"As we think about how to educate investors about this broader ecosystem, it's not individual token by token, but rather … how do we think about portfolio construction and from there, how do we create exposures representing different sectors within this growing ecosystem," said Cynthia Lo Bessette, head of digital asset management at Fidelity Investments. "There's an opportunity for us to be able to add value beyond just individual access to just some of the largest crypto tokens."

“当我们思考如何让投资者了解这个更广泛的生态系统时，这不是一个接一个的代币，而是……我们如何考虑投资组合构建，以及如何在这个不断发展的生态系统中创建代表不同行业的风险敞口，”他说。 Cynthia Lo Bessette，富达投资公司数字资产管理主管。 “我们有机会能够增加价值，而不仅仅是个人访问一些最大的加密代币。”

One area of focus is the development of actively managed crypto products. In May, Galaxy Digital announced a partnership with State Street to develop and launch active trading products linked to digital assets.

重点领域之一是开发主动管理的加密产品。今年 5 月，Galaxy Digital 宣布与道富银行合作，开发和推出与数字资产相关的活跃交易产品。

"That is not about the next coin, it's about the 75 securities that are now linked to crypto – the fact that there are futures, options, crypto ETFs, all kinds of exchange traded vehicles globally," said Steve Kurz, global head of asset management at Galaxy Digital, in an interview with Blockworks at the symposium. "The accordion has expanded so much in just one year that you can start to have active strategies."

全球资产主管 Steve Kurz 表示：“这不是关于下一个代币，而是关于现在与加密货币相关的 75 种证券——事实上，全球范围内都有期货、期权、加密货币 ETF、各种交易所交易工具。” Galaxy Digital 管理层在研讨会上接受了 Blockworks 的采访。 “手风琴在短短一年内就发展得如此之快，以至于你可以开始制定积极的策略。”

"While that's not what I think the average crypto asset manager would say the path would have been, that is a path that brings crypto awareness and crypto education through a different set of tools," he added.

他补充说：“虽然我认为这不是一般加密资产管理者所说的路径，但这是一条通过一组不同的工具带来加密意识和加密教育的路径。”

In addition to the US, there are a number of Solana ETPs available to investors in Europe, and ETFs tracking the price of spot bitcoin were available in Canada in 2021.

除美国外，欧洲还有许多 Solana ETP 可供投资者使用，追踪现货比特币价格的 ETF 于 2021 年在加拿大推出。

Kurz said that while there is still a market for single-coin products, especially for those who are bullish on a particular coin, asset managers are increasingly looking to diversify their clients' crypto exposure.

库尔兹表示，虽然单一代币产品仍然有市场，特别是对于那些看涨特定代币的人来说，但资产管理公司越来越寻求使客户的加密货币敞口多元化。

"If you're looking at the profitability of the asset management business in a platform sense, over the next three or four years, it's about moving into [alternative] products," Kurz said. "Hedge funds, liquid token funds, venture funds – those are all models that are being tested."

“如果你从平台意义上看待资产管理业务的盈利能力，那么在未来三四年内，你就会转向[替代]产品，”库尔兹说。 “对冲基金、流动性代币基金、风险基金——这些都是正在接受测试的模式。”

Many investors and wealth managers who are bullish on bitcoin generally recommend a small allocation — between 1% and 5% — to add risk to a portfolio without subjecting it to too much of the cryptocurrency's notorious volatility.

许多看好比特币的投资者和理财经理通常建议进行小额配置（1% 到 5% 之间），以增加投资组合的风险，但又不会使其受到加密货币臭名昭著的波动性的影响。

Having different crypto-linked securities coming to market, however, could give asset managers an opportunity to shake up that standard and lift client expectations.

然而，不同的加密货币相关证券进入市场可能会给资产管理者一个改变这一标准并提高客户期望的机会。

"Active management becomes part of the conversation, and your differentiation isn't on fees or total cost of ownership, it's now on what strategies are you creating, what alpha are you generating – and that's that's when we know we've actually achieved something in terms of it becoming an asset class," Kurz said.

“主动管理成为对话的一部分，你的差异化不在于费用或总拥有成本，而在于你正在制定什么策略，你正在创造什么阿尔法——那时我们就知道我们实际上已经取得了一些成就就其成为一种资产类别而言，”库尔兹说。

"You really haven't had a true asset management industry in crypto, it's been a cottage industry until the bitcoin ETF happened," he added.

他补充道：“加密货币领域确实没有真正的资产管理行业，在比特币 ETF 出现之前，它一直是一个家庭手工业。”