Odaily星球日报讯 Wintermute 发布报告称，2025 年上半年牛市期间，机构投资者和散户在投资策略上出现显著分歧。机构加倍押注比特币（BTC）和以太坊（ETH）等主流币，通过 ETF 流入和衍生品工具保持 67%的主流币配置，而散户则更偏爱风险较高的模因币和山寨币，主流币配置下降至 37%。机构大量采用衍生品进行对冲和收益管理，场外期权交易量较去年同期飙升 412%。模因币如 BONK、WIF、POPCAT 走红，但老牌币 DOGE 和 SHIB 占比有所下降。Wintermute 指出，下半年需关注美国证监会对现货狗狗币 ETF 审批的潜在影响，多个机构已提交相关申请。 Wintermute CEO Evgeny Gaevoy 表示，这种分歧反映了加密市场的成熟与专业化，机构将加密视为宏观资产，而散户追逐创新机会。（The Block）
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