S&P Dow Jones Indices and Pantera Capital launched a new crypto benchmark that excludes bitcoin. The S&P Pantera Digital Asset Index comprises 18 tokens selected for real-world use and revenue-generating blockchains. Top constituents include ether, bnb, sol, tronix, and hype. The index deliberately avoids bitcoin because the cryptocurrency doesn't generate protocol revenue. Newly minted coins reward miners for network security, but bitcoin's price isn't driven by blockchain activity levels. Other major crypto benchmarks heavily weight bitcoin. The Nasdaq CME Crypto Index allocates nearly 77% to bitcoin, whilst the FTSE Digital Asset All Cap Index weights it at 75%. Bitcoin currently represents roughly 57% of total crypto market capitalisation. S&P Dow Jones Indices CEO Kathy Clay stated the index applies equity index principles to digital assets, focusing on "underrepresented assets in traditional crypto strategies.

Wall Street new crypto benchmark has one surprise: no Bitcoin. 2026.07.22 09:00 (GMT-7) Wall Street has a new crypto benchmark, and Bitcoin is not in it. S&P Dow Jones Indices, the firm behind the S&P 500, built the 18-token index with crypto fund Pantera Capital. The S&P Pantera Digital Asset Index went live on Monday, July 20, under the ticker SPPDA. It only accepts tokens that earn real revenue for their holders. One simple test, modeled on the S&P 500. To join the S&P 500, a company needs four straight quarters of profit. The new index copies that idea. A token gets in only if its protocol earns revenue, quarter after quarter. Analytics firm Artemis checks that revenue on the blockchain. The money must also flow back to holders. That can happen through buybacks, staking rewards, or payouts. The filter is brutal. S&P's broad crypto index holds 196 tokens. Only 18 passed the revenue test. Together, they earned over $3 billion in annualized revenue across the last two quarters, per Pantera's launch letter. Ether (ETH), BNB, Solana (SOL), TRON (TRX), and Hyperliquid (HYPE) carry the biggest weights. No single token can exceed 35% of the index. BREAKING: S&P Dow Jones Indices, the index provider behind the S&P 500, and Pantera Capital have launched an 18-asset crypto index focused on digital assets that generate tangible economic value for tokenholders. Its five largest constituents are ETH, BNB, SOL, TRX and HYPE. pic.twitter.com/yUQhuZRa6B - MSB Intel (@MSBIntel) July 22, 2026 The approach seems to work, at least on paper. Test runs from June 2021 through June 2026 returned 8.18% a year, per the official brochure. The 196-token index returned just 0.08%. However, S&P warns those results were simulated with hindsight. "S&P Dow Jones Indices helps investors cut through market noise with benchmarks you can trust. With the S&P Pantera Digital Asset Index, we bring that same discipline to digital assets, using a fundamentals-driven, economics-based framework built for diversified portfolios," S&P Dow Jones Indices CEO Cathy Clay explained the goal in a statement. Why the new crypto benchmark skips Bitcoin. Bitcoin earns no protocol revenue, so it fails the test. Pantera calls it a monetary asset, more like digital gold than a business. Investors who want it can simply buy it directly, as returning Bitcoin ETF inflows show. The index chases a bigger prize. Pantera, citing JPMorgan Private Bank research, says 89% of family offices still hold no crypto at all. The firm blames products that mix meme coins with real businesses. As BeInCrypto reported, the benchmark snubs Bitcoin over revenue, not size. Hyperliquid tells the opposite story. Its spot Hyperliquid ETFs only began trading in May. Now it sits in the top five. S&P has been moving this way for months. It launched its first hybrid crypto-equity benchmark last October. Pantera is already talking to asset managers about ETFs built on the index. The stakes are large. Around $13 trillion tracks the S&P 500. If even a small slice moves this way, the index will punch far above its size. Read the original story Wall Street new crypto benchmark has one surprise: no Bitcoin by lockridge okoth at beincrypto.com. Binance Coin (USD) Bitcoin vs US Dollar 66119. 6 7 Bitcoin vs Euro 57930.1 3 1 Bitcoin vs Yen Ethereum vs US Dollar

Bitcoin and XRP excluded from S&P Dow Jones & Pantera crypto index. July 22, 2026 - By CoinGape - Original - Updated Bitcoin and XRP are excluded from the new S&P Pantera Digital Asset Index due to revenue-generation criteria, sparking community backlash. Confidence: 70% Horizon: short-term Key numbers. * 66,000 (BTC price drop) * 1.16 to 1.13 (XRP price drop) * 5 (top assets in the index) Market drivers (micro). * Institutional focus on revenue-generating assets * Market reaction to exclusion of major cryptocurrencies * Shift towards structured investment strategies in crypto Context (macro). * Growing institutional interest in cryptocurrency benchmarks * Increased scrutiny on crypto asset fundamentals Who wins / who loses. * Winners: Ethereum, Binance Coin, Solana, Tron, and Hyperliquid as they gain prominence in the new index. * Losers: Bitcoin and XRP communities facing exclusion from a major index. Scenarios. Base The S&P Pantera Digital Asset Index will gain traction among institutional investors focusing on revenue-generating assets. Alt If Bitcoin and XRP can demonstrate revenue generation, they may be reconsidered for inclusion in future iterations of the index. What to Watch next. * Monitor Bitcoin and XRP price movements post-announcement. * Watch for potential reactions from institutional investors. * Keep an eye on future adjustments to the S&P Pantera Digital Asset Index. Full analysis. In a significant move for the cryptocurrency market, Bitcoin (BTC) and XRP have been excluded from the newly launched S&P Pantera Digital Asset Index. This index, created by S&P Dow Jones Indices in collaboration with Pantera Capital, aims to serve as a benchmark for institutional investors looking for a structured approach to digital asset allocation. Reasons for exclusion. The exclusion of Bitcoin and XRP has raised eyebrows within their respective communities. Kathy Clay, CEO of S&P Dow Jones Indices, stated that the primary reason for their exclusion was their failure to meet a key revenue-generation requirement. The index is designed to prioritize assets that demonstrate real-world utility and generate actual revenue, similar to traditional financial benchmarks. Top assets in the new index. The S&P Pantera Digital Asset Index features Ethereum (ETH), Binance Coin (BNB), Solana (SOL), Tron (TRX), and Hyperliquid (HYPE) as its top five constituents. This approach marks a departure from traditional crypto indices that typically track prices or market capitalization. Instead, the new index adopts a disciplined methodology, ensuring that no single token exceeds 35% of the total index weight and no other holding surpasses 20%. Market reactions. Following the announcement, Bitcoin's price fell below $66,000, having previously reached a 24-hour high of $66,910. XRP also saw a decline, dropping from $1.16 to $1.13. The communities surrounding these cryptocurrencies have expressed their dissatisfaction with the new index, arguing that it overlooks significant assets in the crypto space. Conclusion. As the cryptocurrency market continues to evolve, the introduction of the S&P Pantera Digital Asset Index reflects a growing trend towards more structured and disciplined investment strategies. Investors will need to adapt to these changes and consider how the exclusion of major assets like Bitcoin and XRP may impact their portfolios moving forward.