Bitwise首席投资官：多元化加密投资组合可能带来更高回报
2025-05-14 11:34:35
Bitwise首席投资官深度解析：加密资产多元化策略或成2024年投资关键
Bitwise资产管理公司首席投资官Matt Hougan最新研究报告指出，虽然比特币仍稳居"加密资产之王"宝座，但历史数据表明，构建多元化加密投资组合可能获得更优风险调整后收益。Hougan将当前加密市场发展阶段类比2004年互联网投资黄金期——尽管当时谷歌(GOOG)占据搜索领域绝对优势，但亚马逊(AMZN)、Netflix(NFLX)等差异化赛道玩家最终实现了更高资本回报率。
以太坊强势反弹40%背后的三大驱动因素：
1. 稳定币市场规模突破1600亿美元，创历史新高
2. 机构级Layer 2解决方案加速落地（如Coinbase Base网络）
3. 衍生品市场大规模空头仓位平仓引发的轧空行情
Hougan特别强调："区块链技术作为数字时代的通用基础设施，其应用场景正呈现爆发式分化。就像云计算领域存在AWS、Azure和Google Cloud的差异化竞争，未来不同区块链将专注支付、DeFi、游戏等垂直领域，这种专业分工可能导致各公链代币的长期投资回报出现数量级差异。"
对投资者的关键启示：
• 需重新评估"全仓比特币"的传统策略
• 关注具有实际现金流能力的协议代币
• 重点考察各区块链的机构采用进度
• 注意衍生品市场仓位变化对现货价格的影响
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