<p>根据 <strong>Roxanna Islam</strong>，_VettaFi_的行业和部门研究负责人，加密货币 ETF 正从边缘替代品转变为表达增长和创新主题的主流工具，将其与技术和其他高贝塔行业并列。</p>
<p>&#34;许多投资者将加密货币视为一种行业配置，以表达增长和创新的主题，而不是作为一种替代投资，&#34;Islam 在接受_Benzinga_采访时表示，并补充说，加密货币独特的波动性特征仍然使其在许多投资组合中保持&#34;独特的类别&#34;。</p>
<p>在主题投资的背景下，现货加密货币 ETF 目前与高贝塔增长策略最为接近，而持有矿工和区块链相关股票的加密股票 ETF 则与人工智能和金融科技主题有更深的重叠。&#34;持有加密矿工和区块链主题的加密股票 ETF 与人工智能和金融科技主题的重叠更强，&#34;Islam 表示。</p>
<h3>流动性像科技股一样迅速变化</h3>
<p>这种定位在流动性行为中表现得非常明显。加密 ETF 的流动性往往与其他风险偏好行业（如 半导体 和人工智能）呈现出方向性变化，在牛市阶段看到更强的资金流入，而在风险规避时期则需求较弱。然而，Islam 指出，加密 ETF 的波动幅度可能比股票更大，流动性也会迅速对宏观发展和头条风险作出反应。</p>
<p>随着市场反弹期间热情的高涨，加密 ETF 可以直接与科技基金争夺投资者资本。&#34;加密 ETF 可以与主题科技基金竞争相同的风险偏好资金，&#34;Islam 表示，尽管她警告说，加密货币的高波动性使其成为股票策略的不完美替代品。</p>
<h3>交易者迅速转换，配置者保持不变</h3>
<p>流动性数据表明，投资者的意图在短期定位和长期配置之间存在分歧。&#34;这可能非常战术性，并跟随新闻和价格，&#34;Islam 表示，&#34;但即使在回调期间，强大的资产基础也表明长期配置在稳步扩大。&#34;</p>
<p>在加密 ETF 细分市场中也出现了差异。比特币 ETF 越来越被视为核心的长期持有，而以以太坊为重点的产品则更像是技术暴露。&#34;以太坊 ETF 的交易方式更像科技股，并且在多元化的加密投资组合中可以扮演相对更具战术性的角色，&#34;Islam 表示。</p>
<h3>ETF 包装将加密货币变得简单</h3>
<p>ETF 包装本身通过减少摩擦帮助扩大了采用。虽然它并没有改变加密货币固有的波动性，Islam 表示，它简化了访问并通过提供&#34;与其他策略相同的便利性&#34;来提高投资者的舒适度。</p>
<p>展望未来，加密 ETF 在市场压力期间可能会作为流动性来源。&#34;加密 ETF 更可能成为流动性的主要来源，尤其是对于犹豫不决的投资者，&#34;Islam 表示，尽管她补充说，长期持有者通常会在急剧回调时介入以增加敞口。</p>
<p><em>图片来源：Shutterstock</em></p>

<p>Roxanna Islam 来自 VettaFi，讨论了加密货币 ETF 不断演变的角色，这些 ETF 现在被视为表达增长和创新主题的主流工具，类似于高波动性的科技行业。投资者越来越将加密货币视为一种行业配置，而不是替代投资。加密货币 ETF 表现出与科技行业相似的资金流动行为，在牛市阶段流入更强。比特币 ETF 被视为长期持有，而以太坊 ETF 的表现更像科技股票。ETF 结构简化了对加密货币的访问，增强了投资者的舒适感，并可能在市场压力期间作为流动性来源</p>

<p>Crypto ETFs are shifting from fringe alternatives to mainstream tools for expressing growth and innovation themes, placing them alongside technology and other high‑beta sectors, according to <strong>Roxanna Islam</strong>, Head of Sector and Industry Research at <em>VettaFi</em>.</p>
<div class="lb-trans"><p>根据 <strong>Roxanna Islam</strong>，_VettaFi_的行业和部门研究负责人，加密货币 ETF 正从边缘替代品转变为表达增长和创新主题的主流工具，将其与技术和其他高贝塔行业并列。</p>
</div><p>&#34;Many investors are treating crypto like a sector allocation to express growth and innovation as a theme, rather than as an alternative investment,&#34; Islam said in an interview with <em>Benzinga</em>, adding that crypto's distinct volatility profile still keeps it &#34;in a category of its own&#34; for many portfolios.</p>
<div class="lb-trans"><p>&#34;许多投资者将加密货币视为一种行业配置，以表达增长和创新的主题，而不是作为一种替代投资，&#34;Islam 在接受_Benzinga_采访时表示，并补充说，加密货币独特的波动性特征仍然使其在许多投资组合中保持&#34;独特的类别&#34;。</p>
</div><p>Within the thematic landscape, spot crypto ETFs currently align most closely with high-beta growth strategies, while crypto equity ETF, holding miners and blockchain-related stocks, overlap more meaningfully with AI and fintech themes. &#34;Crypto equity ETFs which hold crypto miners and blockchain themes have a stronger overlap with AI and fintech themes,&#34; Islam said.</p>
<div class="lb-trans"><p>在主题投资的背景下，现货加密货币 ETF 目前与高贝塔增长策略最为接近，而持有矿工和区块链相关股票的加密股票 ETF 则与人工智能和金融科技主题有更深的重叠。&#34;持有加密矿工和区块链主题的加密股票 ETF 与人工智能和金融科技主题的重叠更强，&#34;Islam 表示。</p>
</div><h3>Flows Move Like Tech On Steroids</h3>
<div class="lb-trans"><h3>流动性像科技股一样迅速变化</h3>
</div><p>That positioning shows up clearly in flow behavior. Crypto ETF flows tend to move directionally with other risk-on sectors such as semiconductors and artificial intelligence, seeing stronger inflows during bullish phases and softer demand during risk-off periods. However, Islam noted that crypto ETFs can display sharper swings than equities, with flows also reacting quickly to macro developments and headline risk.</p>
<div class="lb-trans"><p>这种定位在流动性行为中表现得非常明显。加密 ETF 的流动性往往与其他风险偏好行业（如 半导体 和人工智能）呈现出方向性变化，在牛市阶段看到更强的资金流入，而在风险规避时期则需求较弱。然而，Islam 指出，加密 ETF 的波动幅度可能比股票更大，流动性也会迅速对宏观发展和头条风险作出反应。</p>
</div><p>As enthusiasm builds during market rallies, crypto ETFs can vie for investor capital directly with tech funds. &#34;Crypto ETFs can compete with thematic tech for the same risk-on dollars,&#34; Islam said, though she cautioned that crypto's higher volatility makes it an imperfect substitute for equity-based strategies.</p>
<div class="lb-trans"><p>随着市场反弹期间热情的高涨，加密 ETF 可以直接与科技基金争夺投资者资本。&#34;加密 ETF 可以与主题科技基金竞争相同的风险偏好资金，&#34;Islam 表示，尽管她警告说，加密货币的高波动性使其成为股票策略的不完美替代品。</p>
</div><h3>Traders Flip Fast, Allocators Stay Put</h3>
<div class="lb-trans"><h3>交易者迅速转换，配置者保持不变</h3>
</div><p>Flow data suggests investor intent is split between short-term positioning and longer-term allocation. &#34;It can be very tactical and follow the news and prices,&#34; Islam said, &#34;but a strong asset base even during drawdowns points to a steadily expanding longer-term allocation.&#34;</p>
<div class="lb-trans"><p>流动性数据表明，投资者的意图在短期定位和长期配置之间存在分歧。&#34;这可能非常战术性，并跟随新闻和价格，&#34;Islam 表示，&#34;但即使在回调期间，强大的资产基础也表明长期配置在稳步扩大。&#34;</p>
</div><p>Differences are also emerging within crypto ETF segments. Bitcoin ETFs are increasingly viewed as core, long-term holdings, while Ethereum-focused products behave more like technology exposures. &#34;Ethereum ETFs can trade more like tech stocks and can play a relatively more tactical role in a diversified crypto portfolio,&#34; Islam said.</p>
<div class="lb-trans"><p>在加密 ETF 细分市场中也出现了差异。比特币 ETF 越来越被视为核心的长期持有，而以以太坊为重点的产品则更像是技术暴露。&#34;以太坊 ETF 的交易方式更像科技股，并且在多元化的加密投资组合中可以扮演相对更具战术性的角色，&#34;Islam 表示。</p>
</div><h3>ETF Wrapper Turns Crypto Into Easy Mode</h3>
<div class="lb-trans"><h3>ETF 包装将加密货币变得简单</h3>
</div><p>The ETF wrapper itself has helped broaden adoption by reducing friction. While it doesn't change crypto's inherent volatility, Islam said it simplifies access and improves investor comfort by offering exposure &#34;with the same ease of access as other strategies.&#34;</p>
<div class="lb-trans"><p>ETF 包装本身通过减少摩擦帮助扩大了采用。虽然它并没有改变加密货币固有的波动性，Islam 表示，它简化了访问并通过提供&#34;与其他策略相同的便利性&#34;来提高投资者的舒适度。</p>
</div><p>Looking ahead, crypto ETFs are likely to act as a liquidity source during periods of market stress. &#34;Crypto ETFs are more likely to be a primary source of liquidity, especially for on-the-fence investors,&#34; Islam said, though she added that longer-term holders often step in to add exposure during sharp pullbacks.</p>
<div class="lb-trans"><p>展望未来，加密 ETF 在市场压力期间可能会作为流动性来源。&#34;加密 ETF 更可能成为流动性的主要来源，尤其是对于犹豫不决的投资者，&#34;Islam 表示，尽管她补充说，长期持有者通常会在急剧回调时介入以增加敞口。</p>
</div><p><em>Image: Shutterstock</em></p>
<div class="lb-trans"><p><em>图片来源：Shutterstock</em></p>
</div>

EXCLUSIVE: The Surprising Way Investors Now Use Crypto ETFs, If You Ask This Expert

- Crypto ETFs 正从边缘选择转变为主流投资工具。  
- 投资者将其视为增长和创新的配置，有望与高风险行业并驾齐驱。  
- 未来，Crypto ETFs 可能在市场压力期间成为流动性来源。

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独家报道：如果你询问这位专家，投资者现在使用加密货币 ETF 的惊人方式