标题： 比特币：像卫星一样还是始终硬核？ 加密货币市场中的核心-卫星识别 显示英文标题

标题： Bitcoin: Like a Satellite or Always Hardcore? A Core-Satellite Identification in the Cryptocurrency Market

摘要： 加密货币（CCs）越来越受到机构投资者战略资产配置的兴趣，并将在未来成为专业投资组合的固定组成部分。 这一资产类别在统计参数的严重表现方面与传统资产有所不同。 由此产生了一个问题，即是否存在具有相似统计关键指标的CCs。 在此基础上，一个包含具有可比特性的CCs的核心市场能够实现跟踪误差方法的实施。 这是前提条件是将CC市场分为核心部分和卫星部分，后者包括剩余CCs的积累，这些CCs留在补充部分中。 通过一个具体的例子，我们根据图像/模式识别中的现代方法，将CC市场分为这些组成部分。 显示英文摘要

摘要： Cryptocurrencies (CCs) become more interesting for institutional investors' strategic asset allocation and will be a fixed component of professional portfolios in future. This asset class differs from established assets especially in terms of the severe manifestation of statistical parameters. The question arises whether CCs with similar statistical key figures exist. On this basis, a core market incorporating CCs with comparable properties enables the implementation of a tracking error approach. A prerequisite for this is the segmentation of the CC market into a core and a satellite, the latter comprising the accumulation of the residual CCs remaining in the complement. Using a concrete example, we segment the CC market into these components, based on modern methods from image / pattern recognition.