S&P has launched its own cryptocurrency index for the first time, but Bitcoin (BTC) is not included.
S&P CEO Kathy Clay explained that Bitcoin was excluded because “Bitcoin is not one of the protocols that generates revenue.”
A total of 18 digital assets were included in this index, and the main constituents are as follows.
✅ Ethereum (ETH) ✅ Binance Coin (BNB) ✅ Solana (SOL) ✅ Tron (TRX) ✅ Hyper Liquid (HYPE)
This index is meaningful in that it presents a new evaluation standard that considers actual network activities, the economic feasibility of protocols, and profit generation structures, rather than simply focusing on market capitalization.
However, this does not mean that Bitcoin's value is low. It can be interpreted as a reflection of the fact that while Bitcoin is evaluated as a means of storing value like 'digital gold', it has a different nature from smart contracts and blockchain protocols that generate fee income.
Attention will be paid to whether the criteria by which institutional investors evaluate digital assets will expand from 'store of value' to 'actual network profits and usability' in the future.