為什麼你應該多元化你的數位資產投資組合

Outerlands Capital 研究主管 Felix Stratmann 表示，機構需要擴大其加密貨幣持有量，以便捕捉市場上的全方位創新。

數位資產可能是多元化似乎仍被低估的少數市場之一。儘管創新項目數量不斷增加，但比特幣和以太坊在市值方面仍佔據主導地位，而且許多投資產品僅提供少數集中頭寸。

At Outerlands Capital we have written about the benefit to risk-adjusted returns from diversification. Individually, smaller projects may carry higher risk, but investing across a broad mix of projects can reduce volatility and improve risk-return metrics like the Sharpe ratio (returns normalized for volatility). However, there’s more to diversification than higher Sharpe ratios.

In a market as dynamic as crypto, diversification is essential to gain exposure to the varied and evolving mix of themes and sectors built around blockchain technology. Diversification is about solving for the power law distribution of returns, whereby a portfolio’s return is driven by a small number of highly positive outcomes against a larger number of investments that deliver lower, or negative, returns. This phenomenon is well documented in venture capital (VC) investing, and the concept carries over to digital asset investments, which are akin to investments in disruptive tech startups. Diversifying makes sure your portfolio has enough shots-on-goal to capture the biggest winners over time.

A concentrated portfolio of just a handful of tokens will struggle to capture the range of exciting crypto use-cases being developed today. Take, for example, the 10 largest cryptocurrencies by market capitalization – a popular take on a ready-made “diversified” portfolio. You have here, essentially, a mix of currencies and Layer 1s. While these larger tokens are sometimes seen as less risky on account of scale, such a selection fails to capture much of the current innovation happening in crypto.

擴展到包含市值排名前150 名的代幣的主動管理投資組合，您將開始看到更動態的圖景，涵蓋Layer 1 和相關基礎設施（如擴展解決方案和互通性）、DeFi（從交易和借貸到資產管理） 、娛樂（包括遊戲和虛擬世界）、去中心化實體基礎設施網路（DePIN，包括與 AI 結合的分散式運算能力項目）、現實世界資產 (RWA) 等。雖然其中一些項目本身可能會帶來更大的風險，但多元化有助於管理整體投資組合的風險。

隨著整個領域的專案不斷創新，尋找產品與市場的契合點，投資組合應定位於捕捉新興主題和新方向。即使在加密生態系統中較發達的部分，例如支付或第 1 層，我們認為現在判斷獲勝者還為時過早。創新的步伐意味著顛覆將繼續成為常態。

市場的新生及其快速發展也意味著積極的投資組合管理方法勢在必行：多元化並不等於被動。建立多元化的投資組合並不意味著僅僅購買更多、更小的資產。這意味著要從長遠角度看待數位資產生態系統的規模和範圍，並定位投資組合以利用許多不同的潛在結果。

從Consensus、AIMA Digital Assets、Token2049 和DAS 等加密貨幣會議中走出來後，我們再次有勇氣進行評估，即平均機構加密貨幣投資組合根本沒有接觸到足夠多的當今數位資產中正在測試的顛覆性用例。 DePIN、以太坊和比特幣的創新擴容解決方案以及將現實世界資產引入鏈上等新興主題都需要深入研究最大的代幣，並應鼓勵跨越多個行業和項目規模的數位資產投資組合。

Remember that diversifying doesn’t make a portfolio less potent – it actually gives investors more opportunities to capture winners, while still providing time-tested risk benefits. In essence, diversification gives you more for less.

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