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S&P Dow Jones New Crypto Index Snubs Bitcoin, Not a Revenue-Generating Protocol
S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, a crypto benchmark that excludes Bitcoin because it does not generate protocol revenue, and includes 18 tokens such as Ether, Binance Coin, Solana, Tron and Hyperliquid.
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What happened
S&P Dow Jones Indices and Pantera Capital launched the S&P Pantera Digital Asset Index, a crypto benchmark that excludes Bitcoin because it does not generate protocol revenue, and includes 18 tokens such as Ether, Binance Coin, Solana, Tron and Hyperliquid.
Confirmed
Global impact / market context
Excluding Bitcoin shows a move toward valuing crypto assets by on‑chain revenue rather than pure speculation, which may shift how investors assess digital assets and allocate capital.
Analyst inference
The new index reflects growing interest in fundamentals within the crypto market, encouraging developers to build fee‑earning services and investors to favor assets with measurable cash‑flow.
Analyst inference
What to watch
- Track the performance of the S&P Pantera Digital Asset Index to see whether a revenue‑focused weighting delivers better returns than traditional market‑cap weighted crypto indices. Analyst inference
- Observe if other index providers adopt similar revenue‑based criteria, which could lead to broader re‑weighting of crypto portfolios toward fee‑earning tokens. Analyst inference
- Monitor Bitcoin’s price and institutional exposure for any reaction to its exclusion from a high‑profile benchmark, indicating investor sentiment shifts. Analyst inference
Affected assets
- HYPE — Hyperliquid
- ETH — Ethereum
- BNB — BNB
- BTC — Bitcoin
- SOL — Solana
- TRX — TRON