CME Launches Emerging Crypto Index: Discover the Selected Coins
CME just launched a new crypto index that deliberately leaves out Bitcoin and Ethereum, but the ten coins it chose reveal exactly which assets institutions are willing to put their stamp of approval on right now.
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CME Group, in collaboration with CF Benchmarks, introduced the CME Emerging Crypto Index on August 31, 2026, a benchmark designed specifically to exclude Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). This index comprises ten carefully chosen cryptocurrencies: BNB (CRYPTO: BNB), XRP (CRYPTO: XRP), Solana (CRYPTO: SOL), Hyperliquid (CRYPTO: HYPE), Chainlink (CRYPTO: LINK), Stellar (CRYPTO: XLM), Sui (CRYPTO: SUI), Uniswap (CRYPTO: UNI), Avalanche (CRYPTO: AVAX), and Aave (CRYPTO: AAVE).
Additionally, CME has rolled out a sister benchmark—the CME CF Crypto Market Index—which includes the same ten coins along with Bitcoin and Ethereum. CF Benchmarks manages both indexes, publishing updated values every second and daily settlement prices at 4 p.m. in London, New York, and Singapore. However, CME has not launched any futures contracts linked to either index, so these benchmarks currently have no financial tracking.
BNB, XRP, Solana and Hyperliquid Hold About 93% of the Index
The CME Emerging Crypto Index calculates each coin’s weight based on its free-float market capitalization. This means it considers only coins available for trading and excludes those held back by teams or organizations. According to CF Benchmarks’ research from August 13, the preliminary weights of these coins are as follows:
- BNB: 32.0%
- XRP: 27.6%
- Solana: 18.5%
- Hyperliquid: 14.6%
- Remaining six combined: 7.3%
This composition shows the index largely functions as a four-coin basket, with BNB, XRP, Solana, and Hyperliquid accounting for about 92.8% of the total portfolio. The remaining six coins—Chainlink, Stellar, Sui, Uniswap, Avalanche, and Aave—share the rest and have minimal impact on the index’s movements.
Why Dogecoin, Cardano and Other Large Coins Missed the Cut
CF Benchmarks sets specific criteria for cryptocurrencies that want to join the index. Notably, meme coins, which are often built around jokes (like Dogecoin (CRYPTO: DOGE)), are excluded. Despite having a larger market cap than Chainlink, Dogecoin does not meet CF Benchmarks’ standards.
Additionally, CF Benchmarks conducts a protocol-use test, measuring the value deposited into a network’s applications against the token’s fully diluted market cap—which reflects the potential total value of every token that will ever exist.
Each coin must also meet custody requirements for secure institutional holding. Coins that don’t yet meet U.S. listing standards could still join at launch if they are expected to meet them within 30 days, and collectively they can account for up to 10% of the index.
CF Benchmarks also excluded other significant coins, such as Cardano (CRYPTO: ADA), Litecoin (CRYPTO: LTC), Hedera (CRYPTO: HBAR), Monero (CRYPTO: XMR), Zcash (CRYPTO: ZEC), and NEAR Protocol (CRYPTO: NEAR). Of the large coins left out, only Dogecoin’s elimination aligns specifically with the stated selection criteria. CF Benchmarks reviews and updates the index members and their weights biannually, on the first business day of June and December.
The CME Emerging Crypto Index Has Trailed the Broad Market With Bigger Swings
An analysis by CF Benchmarks, through August 13, shows that the Emerging Crypto Index’s ten-coin basket has underperformed the broader market index, which includes Bitcoin and Ethereum. Over the past year, it trailed the broader index by 14.8 percentage points and over three years by 7.7 percentage points. Additionally, the Emerging Crypto Index demonstrated greater price volatility, displaying an annual volatility rate of 67.3%.
Notably, during the 11 months when the overall index gained more than 10%, the Emerging Crypto Index averaged a 31.4% gain, compared with 19.6% for the broader market.
As of October 9, all index members experienced declines over the past week and displayed varying performance over 30 days:
| Coin | 7-Day Change | 30-Day Change | Market Cap |
|---|---|---|---|
| BNB | -5.4% | -1.5% | $98.5 billion |
| XRP | -9.0% | -1.6% | $88.3 billion |
| Solana | -8.9% | +7.1% | $65.4 billion |
| Hyperliquid | -5.3% | -0.1% | $19.2 billion |
| Chainlink | -10.4% | +6.8% | $9.7 billion |
| Stellar | -13.5% | +3.3% | $6.8 billion |
| Uniswap | -19.9% | +9.4% | $4.6 billion |
| Avalanche | -6.6% | +31.2% | $4.6 billion |
| Sui | -9.1% | +32.2% | $4.4 billion |
| Aave | -8.8% | +29.4% | $2.6 billion |
Among these, Sui, Avalanche, and Aave posted the biggest gains over 30 days; however, they collectively represent only about 7% of the index’s overall weight. Conversely, BNB and XRP, which account for about 60% of the index, slipped slightly over the same period.
What Does the CME Emerging Crypto Index Tell Investors?
Overall, the CME Emerging Crypto Index reflects the cryptocurrencies institutions are currently willing to track, rather than predicting which coins will deliver the best performance. The chosen coins—BNB, XRP, Solana, and Hyperliquid—make up about 93% of the index’s weight. The CFTC’s October proposal recognizes both XRP and Stellar as digital commodities, aligning well with the index’s focus on regulatory acceptance.
For the six smaller coins, inclusion in the index brings a CME label, though their limited weight means minimal market impact until futures contracts or funds are linked to them. The first assessment will occur during the December rebalance. If the top four coins still dominate with around 93% of the index’s weight, the index will stay a four-coin basket, and a futures listing could be the first event to send money into these selected cryptocurrencies.
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Sam Daodu is a crypto analyst who's spent nearly a decade making blockchain understandable—no easy task when most whitepapers read like fever dreams. He writes for 24/7 Wall St., covering Bitcoin, altcoins, and crypto market analysis for investors. Before crypto, he was a tech writer (back when explaining "the cloud" was peak innovation). Since 2018, he's written for CoinTelegraph, Yahoo Finance, The Block, Cryptonews, Zypto, Rain, and more—basically anywhere people want crypto news without the headache. Sam runs MacLabs Marketing, a content agency for crypto brands tired of sounding like AI wrote their website. He also publishes free crypto education on his site for Web3 enthusiasts who think "gas fees" is a typo. When he's not writing or staring at charts, Sam's either: - Watching anime (currently convinced One Piece has better tokenomics than most altcoins) - At the gym sculpting himself into a Greek god - Listening to the music your mum warned you only bad boys listen to Connect: LinkedIn | Email | MacLabs Marketing
