Why You Should Diversify Your Digital Asset Portfolio

Outerlands Capital 研究主管 Felix Stratmann 表示，机构需要扩大加密货币持有量，以便抓住市场上的各种创新。

数字资产可能是少数几个仍未重视多元化的市场之一。尽管创新项目越来越多，但比特币和以太坊的市值仍然占据主导地位，许多投资产品仅提供少数集中头寸。

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.

扩展到一个包含市值排名前 150 的代币的主动管理型投资组合，您就会开始看到更加动态的图景，涵盖第 1 层和相关基础设施（如扩展解决方案和互操作性）、DeFi（从交易和借贷到资产管理）、娱乐（包括游戏和元宇宙）、去中心化物理基础设施网络（DePIN，包括与 AI 相关的分布式计算能力项目）、现实世界资产 (RWA) 等。虽然其中一些项目本身可能具有更大的风险，但多元化有助于管理整个投资组合的风险。

随着整个领域的项目不断创新，寻找产品与市场的契合点，投资组合应该定位于捕捉新兴主题和新方向。即使在加密生态系统中较为发达的部分，例如支付或第 1 层，我们认为现在还无法断言谁是赢家。创新的速度意味着颠覆将继续成为常态。

市场的新生和快速发展也意味着，积极主动地管理投资组合是必不可少的：多元化不等于被动。建立一个多元化的投资组合并不意味着只是购买更多、更小的资产。它意味着要从长远的角度看待数字资产生态系统的规模和范围，并定位投资组合以利用许多不同的潜在结果。

在参加 Consensus、AIMA Digital Assets、Token2049 和 DAS 等加密货币会议后，我们再次坚定了我们的评估，即一般机构加密货币投资组合根本没有接触到当今数字资产中正在测试的足够多的颠覆性用例。DePIN 等新兴主题、以太坊和比特币的创新扩展解决方案以及将现实世界资产上链都需要深入研究最大的代币，并应鼓励涵盖许多行业和项目规模的数字资产投资组合。

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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