New S&P Pantera Index leaves Bitcoin out entirely

What happened

S&P and crypto firm Pantera launched the S&P Pantera Index, a benchmark of 18 crypto assets that deliberately excludes Bitcoin because it does not generate protocol revenue.

Confirmed

Global impact / market context

The exclusion signals that major index providers may prioritize assets with on‑chain earnings, potentially shifting investor focus toward cryptocurrencies that earn fees or rewards, rather than just price appreciation.

Analyst inference

Crypto indexes are increasingly used by institutional investors to gain exposure, and this new index adds a non‑Bitcoin option, highlighting a trend toward diversified crypto benchmarks that reward network activity.

Analyst inference

What to watch

1. If other index providers follow S&P’s lead, more crypto benchmarks could drop Bitcoin, affecting demand for Bitcoin‑linked investment products. Analyst inference
2. The performance of the 18 included assets will be monitored to see whether protocol‑revenue criteria translate into higher returns for investors. Analyst inference
3. Regulators may scrutinize how protocol revenue is defined, potentially influencing which cryptocurrencies qualify for future indexes. Analyst inference

Affected assets

• BTC — Bitcoin

Evidence

• cryptovalleyjournal.com