S&P Global launches first crypto fundamentals index tracking 18 blockchain networks, excluding Bitcoin
AI Market Summary
S&P Global launched its first crypto index as a fundamentals-based benchmark rather than a price index, excluding BTC under its methodology because it is not viewed as a revenue-generating protocol. The index tracks 18 networks led by ETH, BNB, SOL and TRX, emphasizing protocol revenue, network activity, on-chain utility and ecosystem growth. This reframes institutional evaluation toward measurable blockchain fundamentals, potentially shifting attention across smart-contract platforms.
Impact level
● Medium
Affected assets
ETH/USDT+2.08%
AI Insight · ETH/USDTAI Insight
● Neutral
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S&P Global has introduced its first crypto index and positioned it as a fundamentals-based benchmark rather than a price-weighted gauge. Under the index methodology, Bitcoin was not included because it is not considered a revenue-generating protocol, S&P CEO Kathy Clay said. The benchmark tracks 18 blockchain networks, including Ethereum (ETH), BNB, Solana (SOL) and TRON (TRX). The index focuses on measurable indicators such as protocol revenue, on-chain activity, utility and ecosystem expansion, and it is not accompanied by an ETF or other funded product at this stage.
