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BTC UBS's T. Blue Macellari, head of digital asset strategy at Rowe Price: Bitcoin plays a central role in U.S. currency devaluation discussions
T. Blue Macellari, head of digital asset strategy at Rowe Price, emphasized that Bitcoin plays a central role in the current discussions about the devaluation of the U.S. currency. She elaborated on this view based on her twenty years of experience in emerging market sovereign debt and distressed debt investment.
Institutional responses to digital assets
Macellari outlines T., a Baltimore-based global investment management firm. How Rowe Price views the digital asset space in a forward-looking manner. She explained the company's decision to build an actively managed multi-token ETF, which reflects the company's belief in the long-term importance of cryptocurrency and blockchain technology to institutional investment portfolios.
According to Macellari, the ETF provides investors with access to a diversified digital asset basket while maintaining proactive risk management and complying with regulatory requirements. She pointed out that the move was motivated by investors 'growing demand for diversified digital asset exposure beyond traditional financial instruments.
Macellari observed that T. Discussions within Rowe Price about digital assets have shifted from an initial skepticism to a strategic approach aimed at leveraging blockchain-based investment potential for clients.
Liquidity, Volatility and All-Weather Risk
针对加密市场全天候交易带来的独特风险，Macellari指出了流动性分裂的影响以及建立强大运营控制的必要性。她强调，数字资产扩展了交易时间，与传统资产相比，这引入了额外的波动性，并要求具备更先进的风险框架。
她还承认了投资组合配置中的代际差异，年轻投资者更倾向于将波动性作为数字资产空间中的一个组合工具来拥抱。
债券 vigilantes 与美国国债市场
凭借其在主权债务方面的深厚背景，Macellari讨论了“债券 vigilantes”（债券警惕者）的回归——这是一类因财政担忧而推高收益率的市场参与者。她将美国的买家基础与日本和意大利进行了区分，认为由于对美国国债的国内外需求存在差异，将这些国家的债务融资模式与美国进行比较是不准确的。
Macellari分析了美国国债融资从外国向国内转移的最新变化，解释说买家格局的变化可能会对市场产生重大后果。
她还质疑新的监管发展，例如《GENIUS法案》对稳定币对短期国债需求的影响，是否构成市场结构的有意义且持久的转变，或者目前仍主要停留在愿景层面。
小词典：“债券警惕者”是指那些因过度财政支出而抛售政府债券的投资者或交易员，导致政府借贷成本上升。他们的活动被视为对财政纪律的一种市场制衡机制。
她认为，“贬值交易”（即对冲货币稀释的策略）已成为机构投资者资产配置中越来越重要的驱动力，使比特币成为专业资产管理人士对话的中心。
代币化与资产管理自动化
Macellari强调大规模代币化是金融行业的关键变革力量，并提及资产管理自动化是其关键益处之一。她建议，基于区块链的资产代币化可以通过自动化关键流程并减少对中介机构的依赖，提高市场效率、透明度和可访问性。
在她看来，这一趋势不仅代表了加密市场内的创新，还通过提高运营效率对传统金融产生了更广泛的影响。
