In late July, S&P Global and Pantera Capital launched a new digital asset index based entirely on financial fundamentals. Two famous coins, Bitcoin and XRP, failed to qualify, while Ethereum (ETH -1.78%), Hyperliquid (HYPE +0.63%), and Solana (SOL -1.18%) were included, along with some of their peers.

It’s those divergent results that offer the clearest hint yet about which coins big money will want to buy and hold in the next crypto bull market.

Image source: Getty Images.

The clue is in what got left out

The S&P Pantera Digital Asset (SPPDA) Index includes only tokens whose networks earn real revenue and whose revenue is routed to holders. It’s aimed explicitly at financial institutions that need to have a sensible crypto…