(Source: https://blockmanity.com/michael-novogratz-partners-with-bloomberg-to-start-a-cryptocurrency-index/)
Mike Novogratz has partnered with Bloomberg to launch a crypto Index. Galaxy Digital which is headed by Novogratz is launching this Fund with constituents in the Top 10 by Market capitalization. Ethereum and Bitcoin have equal weightage of 30% each, while Ripple will have a weightage of 14%.
An Index is essential because it acts like a benchmark for the asset management industry. With the launch of an index in the cryptocurrency space, it is going to benefit immensely. Institutional investors are going to absolutely welcome a move like this. As Novogratz mentioned on his Twitter page "The herd is coming" , he referred to the barrage of institutional money that will pour in once a benchmark Index is created.
Institutional scale money is needed to drive the next big uptick in pricing
Agreed. Big fan of the liquidity that this will provide too to personal traders too
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This index gives rigorous approach to index construction to cryptos and is going to provide investors with a transparent benchmark to gauge the performance of the broader market.