Hashdex：2025加密货币指数投资优势报告：以多元化为导向（英文版）（20页）.pdf

1、1The benefits of crypto index investingDiversification as a compass:2Tableof Contents3Beyond Bitcoin:Learning from the Internet EraExecutive Summary04Diversification as a Compass0906The Case for the Nasdaq Crypto Index13A Portfolio Approach to the Next Asset Class174Executive SummaryExecutive Summar

2、y45Diversification has long been a cornerstone of investing,and in the case of crypto,it can be viewed as an essential lens through which the asset class should be analyzed.While Bitcoin(BTC)remains the anchor and benchmark,the digi-tal asset market has expanded far beyond a single narrative.Focusin

3、g solely on BTC,however,is not a neu-tral entry point.Owning BTC alone is akin to making a concentrated,single-stock bet on one asset within the broader digital asset class,which can be less than ideal,given that no investor can reliably predict which projects will become tomor-rows leaders.History

4、reinforces this lesson.In equities,leadership turnover has been constant:once-dominant firms like Sun Microsystems,Dell,Exxon,or GE gave way to Apple,Amazon,Nvidia,and Microsoft.1 For investors,diversification in crypto has two dimensions:its low correla-tion with traditional asset classes,which mak

5、es it a compelling com-plement to 60/40 portfolios,and its high concentration risk within crypto itself.Bitcoin and Ethereum account for most of the market,2 but innovation is emerging across new segments with asymmetric return potential.Arbitrary baskets or single-asset strategies miss this evoluti

6、on,and even static indices can fail to keep pace.The Nasdaq Crypto Index(NCI)3 addresses these challenges directly.Built on transparent,rules-based methodology,it includes Bitcoin while systematically adapting to capture new areas of innovation.Its design balances resilience with upside,which may re