CME and Nasdaq have jointly introduced a crypto index designed for price discovery rather than direct trading.

Its purpose is to deliver institutional-grade reference data, allowing large funds to execute and hedge positions without generating identifiable signals via on-chain metrics or stablecoin-based volume analysis.

This development suggests that on-chain data may gradually lose marginal effectiveness as crypto market activity becomes increasingly aligned with U.S. financial infrastructure.

Structurally, liquidity is expected to migrate from offshore, high-leverage venues toward regulated exchanges with verifiable liquidity, reducing market noise but raising the bar for short-term speculative strategies.

Notably, the index sources data exclusively from regulated exchanges such as Coinbase, Kraken, and Bitstamp, while excluding offshore, retail-driven venues like Binance, Bybit, and OKX, despite their larger reported volumes.

#cme #NASDAQ