Bitcoin's exclusion from the S&P Pantera Digital Asset Index due to lack of revenue generation signals institutional skepticism about its fundamental value proposition
Too little corroboration in the last 3 days to call a trend (3 articles). Watching for it to gain traction.
Still mostly niche and specialist coverage — not yet picked up broadly by mainstream press.
"S&P Dow Jones Indices and Pantera Capital just launched the S&P Pantera Digital Asset Index, the first institutional crypto benchmark built on protocol revenue instead of token hype, and the fact that Bitcoin was excluded tells you everything about where the smart money is looking."
"S&P Dow Jones Indices CEO Kathy Clay said Bitcoin and XRP were excluded from the S&P Pantera Digital Asset Index due to their failure to meet a key revenue-generation requirement."
"Bitcoin is not in there because it's really not one of those revenue-generating protocols that we think belongs in this index and meets all of the criteria. Unlike smart-contract platforms, Bitcoin rewards miners with newly issued coins and transaction fees for securing its network. S&P's methodology, however, focuses on revenue linked to activity across protocols and applications, which favors blockchains that collect fees from transactions, trading and other services."