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研究:约95%机构认为数字资产将成为永久资产配置/Study: Nearly 95% institutions believe digital assets will become permanent allocation


本研究由Coalition Greenwich代表Bullish执行,研究主题是投资公司如何管理数字资产。




“尽管长远来看机构对该领域还有信心,但我们也注意到企业在选择交易对手的时候还是更谨慎、更趋避风险。”Bullish的产品策略和研究总监Danny Balough说。“这个研究是在今年年初数字资产行业动荡之后进行的,那时候市场和现在一样,也在低点。考虑到历史上加密货币价格的动荡成都,我们的研究问题关注高颗粒度的长期投资观点。”


  • 业内大量机构(76%)持有加密货币(如比特币),加密资产是受管理的最大的加密资产类型。
  • 机构选择执行和流动性伙伴时,最重要的两个因素是合规性和交易对手风险。但是,对于现在真的在管理数字资产的机构来说,流动性深度却超过了合规性,成为51%投资人最关注的因素。
  • 大多数专业投资人(85%)说,选择的流动性伙伴是否还能同时提供收益机会,这也是很重要的因素。
  • 欧洲相对更关注加密资产,而北美最关注的还是金融衍生品,这也反映了美国在法律法规上的不确定性。
  • 现在已经持有数字资产组合的投资人青睐加密资产,而现在不在该市场的投资人则更青睐交易所交易基金或产品。

Bullish交易所由Bullish (GI) Limited运营,它受直布罗陀金融服务委员会监管。它已经在亚太、欧洲、非洲和拉丁美洲40多个辖区运营。



Coalition Greenwich收集了100名来自专注数字资产市场结构的机构里的专业投资人。本调查持续时间是2022年8月到10月,当年春夏刚刚经历了数字资产价格暴跌。受访者中,60%要么积极管理加密资产组合,要么也打算在未来12-24个月内着手进行。本调查涵盖几个不同类型的机构,包括资产经理、传统对冲基金、加密对冲基金/风险投资企业、做市商。这些机构位于北美(46%)、欧洲(41%)和亚洲(13%)。



Conducted by Coalition Greenwich on behalf of Bullish, the study explored how investment firms are managing digital assets

A new study examining institutional adoption and management of digital assets by Bullish, a technology company that operates Bullish exchange, found nearly 95% of institutions believe digital assets will become a permanent allocation, with about 70% saying it will occur in the next four years. 

The study highlighted that the number and type of institutions trading digital assets such as cryptocurrencies, stablecoins, DeFi tokens, and crypto derivatives, is on the rise, and reflects a mix of investment strategies, including active trading and multi-strategy approaches. 

The study found that for almost all traditional firms (97%) regulatory status is a priority in choosing a liquidity/execution partner such as an exchange, brokerage or OTC desk. The report presents findings from a research study conducted between August and October 2022, after the collapse of digital asset prices in the spring and summer. Several different types of institutions, including asset managers, traditional hedge funds, crypto hedge funds/venture capital firms, and market makers participated in the survey. More than half of participants (54%) currently have digital assets under management and 40% are researching. The institutions surveyed were based in North America (46%), Europe (41%) and Asia (13%).

“While long-term conviction in the space remains, we’re seeing firms take a more cautious, risk-averse approach when selecting counterparties,” said Danny Balough, who leads product strategy and research at Bullish. “We executed the study after the upheaval in the digital assets sector earlier this year, when the market hit lows, similar to where we find ourselves now. Our questions specifically targeted longer-term investment views with a high degree of granularity, given what we know about the historical volatility of cryptocurrency prices.”

Among the key findings:

  • A large number of institutions (76%) in the space are holding cryptocurrencies (e.g., Bitcoin), making cryptocurrencies the biggest portion of crypto assets under management.
  • Regulatory status and counterparty risk are the top two listed factors for institutions in choosing an execution and liquidity partner. However, among those who actually manage digital assets today, deepest liquidity available trumps regulatory status as the primary factor for 51% of investors. 
  • Most professional investors (85%) say it is important to be able to choose liquidity partners who also offer participation in yield opportunities.
  • Europe is relatively more engaged with crypto assets, while North America is the most heavily involved with derivatives, reflecting the regulatory uncertainty in the U.S.  
  • Cryptoassets are favored by those with existing digital asset portfolios while those not currently in the market favor exchange traded-funds or products.

The Bullish exchange, which is operated by Bullish (GI) Limited, is regulated by the Gibraltar Financial Services Commission. It has been launched in 40+ select jurisdictions in Asia Pacific, Europe, Africa and Latin America.

The full report is available here


Coalition Greenwich gathered responses from 100 professional investors at institutions with expertise in digital asset market structure. This research was conducted in August through October 2022, after the collapse in digital asset prices in the spring and summer. Of those respondents, 60% were either actively managing a portfolio of crypto assets or planning to in the next 12–24 months. The study reached several different types of institutions, including asset managers, traditional hedge funds, crypto hedge funds/venture capital firms, and market makers. The institutions were based in North America (46%), Europe (41%) and Asia (13%).


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