Bitcoin and XRP Are Missing From This Key New Crypto Index. Are They Still Worth Buying?

The article argues that Bitcoin and XRP’s exclusion from the new S&P Pantera Digital Asset Index highlights a growing split in crypto between assets with meaningful protocol revenue and those without. Bitcoin is left out because its transaction fees accrue to miners, not tokenholders, so it fails the index’s revenue-based test. XRP also misses the cut due to low chain revenue and limited value accrual to holders, despite its institutional payments narrative. The piece says the omission has little immediate price impact because no ETF or fund tracks the index yet, but it could matter later if index-linked products attract passive inflows. Overall, the article is mildly bearish on XRP’s long-term investment case, while viewing Bitcoin’s thesis as unchanged because it functions more like a store of value than a revenue-generating network.