In the crypto newsletter for today’s advisers, Patrick Murphy de Eightcap, provides information on the maturation of crypto as an actor and compares the evolution of clues in the first days of S&P.
Then, Leo Mindyuk of Mltech answers the questions on the ASK A Expert indices.
Happy reading!
– Sarah Morton
What the S&P 500 has done for the actions, the indices will do for the crypto
Like crypto today, actions at the beginning of the 20th century were an emerging and largely unregulated market, characterized by significant fragmentation and a lack of generalized public understanding. In 1957, when the S&P 500 was introduced, it revolutionized the financial landscape, providing a reference to investors. Not only did this legitimize the actions as a asset class, but it also paved the way for consumer adoption. Are we at a crossroads with similar paths with a cryptocurrency? With clues ready to play a transformative role in its maturation, it seems to be.
The maturation of cryptocurrency and the evolutionary role of clues make catalysts of clues for a broader adoption of cryptography. For example, the Coindesk 20 index (CD20) serves as a reference for the wider market of cryptography, helps to provide market information and acts as a building block for products in order to expand investor opportunities.
A fragmented and volatile market?
The cryptography market is a fragmented landscape, a paradox of innovation and instability. While more than 23,000 cryptocurrencies exist, the vast majority suffer from a low commercial volume and limited liquidity. This “long tail” includes a large percentage of projects that have never gained ground; Estimates suggest that more than 50% of cryptocurrencies launched since 2021 have ceased to exist. A net example: 1.8 million tokens became “dead parts” in the first quarter of only 2025.
Despite this volume, commercial activity remains strongly concentrated in a handful of upper cryptocurrencies, highlighting the real fragmentation of the market.
High volatility is a decisive characteristic of the fragmentation of the crypto, manifestly demonstrated by dramatic bitcoin accidents and bull races. The price “pumps” often appear unexpectedly, and paradoxically, the market can remain stagnant even in the face of important news. Prices frequently challenge logical movements after major announcements, only to climb or suddenly fall without obvious catalyst. This unpredictability underlines how much thin and concentrated trade remains through the market.
An example of this phenomenon is the Approval of ether by dry (Eth) Fund negotiated in exchange (ETF) In May 2024. Despite being a major regulatory step, ETH barely passed the day of the announcement. A week later, however, he jumped 15% without new noticeable information. These types of delayed and illogical reactions are surprisingly common, emphasizing the fine liquidity, concentrated assets and exchanges focused on feeling continue to dominate large segments of the cryptography market.
Signs of maturation
Despite its current challenges, the cryptography market shows clear signs of maturation. Institutional interest increases, the main financial players invest, associate and develop products from crypto. Regulatory clarity also improves globally.
Key regulatory and institutional milestones
- ETF approvals: beyond the initial Bitcoin spot And ETH ETF approvals, they are now extending to Solana and other cryptocurrencies.
- Mica regulation: EU markets in crypto-active (Mica) Framework represents the first complete cryptography license on a level 1 market. OKX was the world’s leading exchange to secure a Mica license, allowing it to offer regulated services to more than 400 million Europeans. Since then, Coinbase, Kraken, Robinhood and Bybit have also obtained mica licenses, signaling industry growth and wider adoption.
- Stablecoin engineering law: this new American federal framework for stablecoin issuers aims to provide regulatory clarity, promote innovation and protect consumers. The recent List of Circle sur le Nyse, coupled with the digital currency of the central bank (USDC) Become the favorite capable of the EU (Adopted by exchanges like Coinbase, OKX and Binance)Mark a pivotal moment for stablecoins.
Growing adoption of stablecoin
EightCAP data in 2025 show that stablecoin payments now represent 18% of monthly deposits, and the most popular of these deposits are attached reflecting a broader trend. In 2024, Stablecoins treated approximately 27.6 billions of dollars, exceeding the volume of combined visa and mastercard transactions of 7.7%.
The role of clues
The current cryptography market is parallel to the equity market before the S&P 500. The introduction of wide indices on the market marks a significant step forward.
A call to action
Time is essential for developing cryptocurrency indices that can take order to current chaos. Coindesk 20, now available in more than 20 investment vehicles worldwide via Eightcap, ML Tech, Wisdomtree and others, illustrates how the indices can provide clarity, transparency and diversified exposure to digital assets. The industry must rely on this foundation, creating even more robust tools for merchants and investors. The complete integration of digital assets in the global financial ecosystem is not only a possibility, but an inevitability.
– Patrick Murphy, commercial director, eightcap
Ask an expert
Q: Why are cryptographic clues the next logical step for institutional adoption, similar to what the S&P 500 has done for actions?
A: Simplified S&P 500 complexity, providing a structure, comparative analysis and ease of access. Instead of having to subscribe to each individual actions, investors could access a wide proxy and based on rules for the US stock market exhibition. This thousands of billions unlocked in capital entrances. Crypto remains fragmented, noisy and difficult for the reference today. He needs the same evolution. Institutional beneficiaries and many retail investors do not ask “What token should I have?” – They ask how to access a diversified and well -balanced exposure to the asset class. Index products are the way crypto becomes a large -scale investable. It is not a question of choosing special parts, but providing exposure through systems based on rules that meet the standards of compliance, liquidity and transparency. The emergence of cryptocurrency clues and systematic strategy packaging is the necessary evolution to move from speculation to evolutionary allocation.
Q: Why does the absence of cryptographic clues hinder adoption by institutional beneficiaries and financial advisers?
A: Indices are essential tools for allowance, comparative analysis and communication. Without them, it is almost impossible for investors or institutional advisers to justify exposure to cryptography in traditional asset allocation frameworks. They do not have a reference point for performance, volatility and risk contribution. Advisers cannot model it; DSIs cannot take it out; Committees cannot approve it. The result is the friction between investment, conformity and operational layers. The clues are what translates the crypto of an abstract opportunity in a defined and investable exposure.
Q: How does the indexing of the crypto reshape the opportunity set for beneficiaries and systematic strategies?
A: The clues create the structure of which beneficiaries and quantum managers need. For institutions, they offer compactive exhibitions that can be modeled, monitored and approved in traditional investment executives. For systematic strategies, clues become usable components: entries for factorial models, roofing layers or allocation signals. But to fully unlock this potential, participants need an institutional heritage management infrastructure: P&L in real time and risk dashboards, access to customizable strategy via the API and non -guardian secure deployment on high -level exchanges. Using the right platform of wealth, the clues pass from passive benchmarks to the dynamic constituent elements: ready to be allocated, systematically exchanged and integrated directly into the quantitative institutional workflows.
– Leo Mindyuk, CEO, ML Tech
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