Bitcoin, XRP left out – The S&P Digital Asset Index shows crypto’s biggest shift yet

KUALA LUMPUR, 23 JULY 2026 —

The market could be on the verge of its biggest divergence this cycle. Pantera Capital, in partnership with S&P Dow Jones Indices, has launched the first-ever S&P Digital Asset Index, featuring a basket of 18 cryptocurrencies. Naturally, the announcement sparked a market frenzy. It spread like wildfire across social media, and the timing couldn't have been better. Bitcoin had just broken above $66,000, flipping the market back into risk-on mode.

Against this backdrop, Pantera's announcement added another layer to the bullish narrative. However, the real discussion wasn't about what made the S&P Digital Asset Index. It was about what didn't. For context, the index will hold 18 cryptocurrencies, but only the first five have been confirmed so far: Ethereum, BNB, Solana, Hyperliquid, and Tron. That's where the market frenzy began. Despite being the two biggest names in crypto, Bitcoin and XRP were left out.

That immediately caught the market's attention, sparking a broader debate over what the index is actually trying to capture. According to AMBCrypto, this is exactly what could be setting up one of the biggest divergences in crypto's next cycle. Until now, digital assets have largely traded as one high-beta risk trade, with Bitcoin leading the narrative. But the exclusion of Bitcoin and XRP suggests the market may be underestimating a much bigger shift.

If this is the direction institutional products are heading, the next cycle could look very different. S&P Digital Asset Index puts fundamentals first After years of scaling and network upgrades, it looks like those efforts are finally paying off. All the confirmed assets in the S&P Digital Asset Index share one key trait - They are fundamentally strong networks.

Over the years, these Layer-1 ecosystems have scaled, upgraded, and hard-forked to improve throughput, utility, and on-chain activity, moving beyond the “speculative asset” narrative. That shift is already showing up in the data. One analyst noted on X that the tokens included in the index generated $3 billion in annualized revenue over the past six months despite a bear market.

In other words, the index appears to reward networks generating real economic activity, not just the largest market caps. With most of the market focused on BTC and XRP, this may be the bigger takeaway that's being overlooked.

Interestingly, Jon Ma, who worked with Pantera Capital and S&P Dow Jones Indices to build the S&P Digital Asset Index, called it the “fundamental index for crypto.” His thesis is simple: The next $10 trillion entering crypto is more likely to flow toward networks with strong fundamentals, sustainable revenue, and real-world utility than toward assets driven by market cap alone.

In this context, the S&P Digital Asset Index launch could mark a major turning point for the broader crypto market. As institutional capital gains exposure through these benchmarks, the gap between price-driven momentum and fundamental strength could become one of the biggest themes shaping future crypto cycles. Final Summary The S&P Digital Asset Index favors strong crypto projects: It focuses on networks with real growth, usage, and value.

Crypto’s next cycle could change as institutions may start choosing assets based on fundamentals, not just market trends. (AI-assisted rewrite, based on the original source)