Revenue-Based Index Launches, Adding Pressure to Crypto Markets
Crypto markets have taken a hit this week as the S&P Dow Jones Indices launched a new revenue-based blockchain index. Unlike traditional price- or market-cap-based indices, this one ranks blockchains by their actual protocol revenue.
The largest holdings in the index are capped at 35%, while others sit below 20%. Eighteen networks made it onto the list, with Ether, BNB, Solana, TRON, and Hyperliquid leading the pack as top holdings. However, Bitcoin and XRP did not qualify as major constituents.
Rising oil prices, climbing bond yields, and stalled crypto regulation have all contributed to the selling pressure on crypto markets. Oil futures climbed to $89.9 per barrel, while the two-year Treasury yield jumped to 4.31%, its highest mark since February 2025.