比特币周三再创历史新高，与美股齐头并进，反映出全球市场风险偏好的持续升温。分析称，这凸显了 加密货币与股市的深度联动，背后是特朗普政府友好政策环境和机构资金大举入场的双重推动。 在Michael Saylor领导的MicroStrategy公司带动下，越来越多上市公司采用囤积比特币的企业策略，显著 推高了市场需求。这一做法最近扩展到以太坊等加密货币，带动整个数字资产板块上涨。 与以往散户主导的上涨周期不同，本轮比特币牛市呈现出明显的机构化特征。交易所交易基金(ETF)持 续流入为比特币提供了稳定的资金支撑，即使在面临技术阻力时也保持了相对平稳的攀升态势。 以太坊的上涨则主要受到新活跃的企业资金持续需求推动，显示出机构投资策略的多元化趋势。 "币股合流"现象凸显市场风险偏好 8月13日，加密货币市场迎来重要时刻，比特币价格突破123500美元，超越此前7月14日创下的 123205.12美元历史高点。这一突破几乎与标普500指数连续第二个交易日收于历史高位同步发生。 分析指出，特朗普政府营造的友好政策环境，再加上机构资金的涌入，有力推动了比特币的上涨，美联 储政策预期的转变为这种"币股合流"提供了宏观背景。加密 ...

Group 1 - The core viewpoint is that active fund managers must adopt hedge fund strategies to cope with the shift of funds towards low-cost passive management portfolios [1][2] - Olivier Nobille from Arkea Asset Management emphasizes the need for active funds to utilize mathematical models, algorithms, derivatives, and hedging techniques to enhance the likelihood of outperforming indices and provide stronger protection during market downturns [1][2] - Arkea Asset Management manages $55 billion in assets and has seen its two major funds outperform nearly 90% of their peers this year, with returns of 9% and 18% compared to a 12% increase in the Euro Stoxx 50 total return index [1] Group 2 - Over the past decade, only 14.2% of active fund managers in Europe have outperformed passive strategies, highlighting the challenges faced by active managers in justifying their higher fees [5] - The market has seen a significant influx into exchange-traded funds (ETFs) and other passive products due to their lower costs and better liquidity, making it increasingly difficult for active fund managers to demonstrate their value [2][5] - Nobille believes that smaller boutique firms will struggle to compete with larger asset management companies due to the lack of economies of scale, and the only way to justify higher fees is by offering unique products that employ hedge fund-like strategies [5] Group 3 - In late 2022, Arkea launched a series of thematic funds using a "layered strategy" designed to manage specific risks and enhance returns [8] - Stress tests simulating a market crash similar to 2008 indicated that the hedging strategy could offset about two-thirds of the decline [8]

Group 1 - The core point of the news is that Trump Media Technology Group is planning to raise approximately $3 billion to invest in cryptocurrencies, including Bitcoin [1][2] - The company intends to raise $2 billion through new stock issuance and refinance an additional $1 billion through convertible bonds, with specific terms and timing still subject to change [1] - The announcement of this financing plan is expected to coincide with a cryptocurrency investor summit, where key figures including Vice President JD Vance and Donald Trump’s sons will speak [1] Group 2 - Last month, Trump Media Technology Group signed a binding agreement to launch a series of retail investment products, including cryptocurrencies and ETFs aligned with "America First" policies, which has raised concerns from government ethics and regulatory bodies [2] - The Trump family has already ventured into the cryptocurrency space, including NFT trading cards, meme coins, and stakes in cryptocurrency mining company American Bitcoin and stablecoin supporter World Liberty Financial [2] - Following the news, Bitcoin rose by 1.5%, marking its largest single-day volatility in nearly three days and achieving its biggest gain in four days, hovering around $109,500 at the time of reporting [2]

Buffalo Bayou Commodities宏观交易主管Frank Monkam表示："散户已经吸取了教训——在以往由政策 看跌期权支撑的股市复苏中散户被抛在了后面。散户几乎坚定地承诺，再也不会犯这样的错误。" 这一买盘延续了小投资者连续数周大举买入美国股票的趋势 。随着标普500指数逼近4月份关税引发 的抛售最严重时期的熊市，小投资者以创纪录的速度抢购股票。现在，随着指数接近20%的涨幅和牛 市，他们正在享受反弹的过程。 与此同时，所谓的"聪明钱"一直在观望 。 华尔街策略师周一大多对穆迪下调评级不予理会，建议客户继续买入股票。 摩根士丹利策略师 Michael Wilson表示，由于中美贸易紧张局势缓和降低了经济衰退的可能性，投资者应该在上周五评 级下调引发的美股下跌中买入。汇丰控股首席多资产策略师Max Kettner说，他的团队认为 风险资产 的任何下跌都是扩大敞口的机会。 点击蓝字，关注我们 零售交易员继续创纪录的低价买入，平衡了动荡的股市。 智通财经APP获悉，上周晚些时候，穆迪下调了美国信用评级，导致标普500指数下跌1%， 本周一， 零售交易员开始创纪录地大举逢低买入美股 。根据摩根大通 ...

Group 1 - Moody's downgrade of the US credit rating led to a 1% drop in the S&P 500 index, but retail traders began record buying of US stocks shortly after [1] - Retail investors net purchased $4.1 billion in US stocks by noon on Monday, marking the highest level for that time of day [1] - The S&P 500 index initially fell nearly 1.1% but rebounded to a flat position by the afternoon, with retail trading accounting for 36% of the volume, the highest since April [1][3] Group 2 - Retail investors have learned from past experiences and are now committed to seizing opportunities in the market, as indicated by their significant buying activity [3] - Wall Street strategists largely ignored Moody's downgrade, advising clients to continue buying stocks, with some suggesting that the recent drop presents a buying opportunity [3] - Clough Capital Partners' CEO noted that retail investors are making intuitive decisions to allocate funds where they can achieve attractive risk-adjusted returns [4] Group 3 - On Monday, retail investors bought $2.5 billion in individual stocks and $1.5 billion in ETFs, with significant inflows into Tesla and Palantir [4] - Retail investors are also investing in Bitcoin ETFs while remaining net sellers of Nvidia [4]

沙特是中东最大的股票市场 沙特阿拉伯正在加大力度吸引高频交易公司，旨在推动中东地区最大股票市场的交易活跃度。此举已经 吸引了城堡证券和Hudson River Trading等主要参与者。 据知情人士透露，沙特Tadawul Group Holding Co.正在与华尔街一些速度最快、行事最隐秘的高频交易 公司合作，在修改其衍生品市场框架时纳入这些公司的反馈。知情人士表示，这家沙特证券交易所的运 营商也在扩大其国际路演规模，将活动从美国和欧洲扩展到日本和印度等亚洲市场。 势头已经在积聚。一些知情人士表示，城堡证券和Hudson River Trading正寻求扩大在沙特的业务，而 Tower Research Capital等做市商也正在沙特交易所测试其算法。 这些公司尚未披露它们在沙特交易所的活动细节，也未出现在官方做市商名单中。尽管如此，它们的参 与表明，即使是对延迟最敏感的国际参与者也在加深在沙特的足迹。 2023年，Tadawul的技术部门Wamid推出了主机托管服务，允许交易公司将服务器托管在交易所撮合引 擎附近——这对于高频策略而言是一项至关重要的基础设施升级。Tadawul还聘请了金融技术提供商 ...

澳大利亚养老金基金考虑调整美元资产策略 卜晓明 随着投资者对美国经济增长的信心削弱，澳大利亚总规模达2.7万亿美元的养老金业正重新考虑，是否 仍将长期持有美元资产甚至美元。 据路透社13日报道，美国经济政策高度不确定性等因素导致美元未能体现避险货币特性。澳大利亚汇率 交易机构察觉，一些澳大利亚养老金基金公司虽然尚无重大策略调整，但有对冲美元资产风险的需求。 澳大利亚一家管理总额1390亿澳元（约合890亿美元）资产的养老金基金公司首席投资官约翰·皮尔斯4 月说："如同其他基金，我们正质疑我们对美国的风险敞口。" 澳元对美元价格本月5日创5个月来新高。路透社13日数据显示，澳元对美元汇率今年以来上涨3%。美 国默瑟咨询公司亚太区多重资产部负责人卡梅伦·西斯特曼斯说，如果澳元对美元持续升值，那些身在 澳大利亚却持有美元资产的投资者，将不得不评估美元资产是否值得继续持有。 澳大利亚之外，其他地区资金已抢先抛售美元资产。 据英国《金融时报》10日报道，全球多家大型养老金资管机构已降低对美元资产风险敞口。华尔街多家 银行说，有迹象表明，多家资产规模达数万亿美元的金融机构已开始抛售美元资产。 美国银行一项调查结果显示，投 ...

高盛集团将逐步关闭其ETF Accelerator平台，该平台帮助资产管理公司推出、上市和监管交易所交易基 金(ETF)，并将为管理约50亿美元ETF产品的信托公司提供金融服务，转移至Tidal金融集团。Tidal将接 管两只信托公司的服务，包括交易执行支持、合规等后台任务，这两只信托公司管理着加速器平台旗下 推出的12只ETF。 ...