GMCI recently launched its USA Select Index, which tracks U.S.-based crypto protocols. The index coins captured significant growth since November, rising from $95 to $269.04 (+183%) as of Jan. 24.
The index, comprising 13 assets, aims to provide a standardized benchmark for U.S.-focused crypto investment strategies. XRP, SOL and DOGE currently represent approximately 66% of the index's composition, with LINK, AVAX, SUI, ADA and LTC among other constituents.
The creation of the index comes off the back of some political developments correlating with the index's upward trajectory.
President Trump's executive order supporting U.S. cryptocurrency leadership fueled increased attention on domestically-based protocols. The new administration's regulatory clarity may contribute to investor confidence in U.S.-based digital assets, including a new crypto-focused task force in the SEC.
With such a strong flip in sentiment, the U.S. is quickly re-positioning itself as a hub for crypto activity. Retail users are pushing crypto app rankings in the app store to new highs while new users are being onboarded at rapid speed. Institutional investors are seeing elevated volumes across spot Bitcoin and Ethereum ETFs, and there are signs that more ETFs are in the pipeline.
The index may be an interesting measure of whether other crypto projects will choose to focus more efforts on the U.S. Previously, many crypto companies and protocols disallowed users from the U.S., and some chose to set up U.S.-specific entities such as Binance and FTX. Similarly, protocols often excluded U.S. users from airdrops and geoblocking access.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
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