๐จ Bitcoin excluded! Why did Wall Street launch a โnew crypto indexโ?
็นๅป่ฟๅ
ฅ็็็็ฒไธ็พคS&P Dow Jones Indices has partnered with Pantera Capital to roll out a brand-new digital asset index, but one detail has caught the marketโs attention:
โ ๏ธ This time, the index doesnโt include Bitcoin.
This isnโt bearish on BTCโit's because the index uses a completely different screening logic.
๐ The new index focuses more on:
โ
Blockchain protocol revenue
โ
Real economic activity
โ
The value of ecosystem applications
The first batch of 18 assets includes:
๐น ETH๐น SOL
๐น BNB๐น TRX
๐น HYPE, etc.
And because Bitcoin โdoesnโt generate protocol revenue,โ it wasnโt included.
๐ฅ What does this mean?
In the past, institutions assessing the crypto market mostly looked at:
BTC market cap, market share, and price performance.
But now more and more institutions are starting to ask:
โWhich blockchains truly create value?โ
This could indicate that the crypto market is gradually shifting from โlooking at priceโ to โlooking at fundamentals.โ
However, Bitcoin is still an important asset for institutions entering the market.
๐ An index represents market size
๐ An index represents ecosystem value
In the future, the crypto market may see more evaluation frameworks across different dimensions.
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#ๆฏ็นๅธ #PANTERA