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S&P, Pantera launch new crypto index; why Bitcoin and XRP are excluded

S&P Dow Jones Indices has launched an institutional cryptocurrency index with Pantera Capital that selects constituents based on protocol revenue rather than market value. The S&P Pantera Digital Asset Index includes 18 digital assets such as Ethereum, BNB, Solana, Tron and Hyperliquid. Bitcoin and XRP were excluded because they do not meet the index’s protocol revenue requirement. The methodology also excludes staking rewards and investment returns.