家族办公室加码加密资产配置,波动性成2026年最大不确定因素

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2025 年,全球家族办公室明显扩大了对加密货币的投资配置,越来越多此前持观望态度的家族资本首次进入数字资产市场。行业共识认为,这一年标志着家族办公室从“试水者”向“结构化配置者”的转变,加密资产开始被纳入长期资产组合的一部分。

多位机构人士指出,比特币和以太坊仍是家族办公室最主要的入门选择。原因在于托管、安全、合规及交易基础设施的持续完善,在一定程度上弥补了家族办公室内部加密专业能力不足的问题。相比高风险山寨币,BTC 和 ETH 更符合其风险控制与长期配置逻辑。

数据显示,家族办公室对加密货币的参与度正在快速提升。纽约梅隆银行在 2025 年 10 月发布的研究显示,74% 的超高净值家族办公室已投资或正在积极评估加密资产,较上一年提升 21 个百分点。这一增长不仅来自价格周期,更源于合规托管、ETF 等受监管投资工具的成熟。

市场机构也观察到明显的“首次入场”浪潮。部分家族办公室在配置前进行了系统性的尽职调查,显示其更倾向于长期投资而非短线交易。典型案例包括香港家族办公室 VMS 向数字资产对冲基金 Re7 投资 1000 万美元,以及 Arthur Hayes 家族办公室计划募集 2.5 亿美元的加密私募基金。

不过,市场波动正在为 2026 年前景蒙上阴影。自 2024 年 10 月以来,加密货币总市值蒸发超过 1 万亿美元,比特币和以太坊跌幅均超过 30%。部分家族办公室因此重新转向房地产等波动性较低的资产,短期内降低了加密配置预期。

展望未来,业内普遍认为,数字资产公司 IPO 的复苏、ETF 产品扩展及监管清晰度,将是推动家族办公室在 2026 年进一步加码加密投资的关键变量。但前提是市场波动得到控制,投资逻辑回归基础设施与长期价值,而非情绪化投机。

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