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2026-07-22：Institutional Focus Shifts from Pure Sovereignty to Protocol Revenue as S&P Redefines Crypto Blue Chips
Crypto's definition of a blue chip may be changing beneath the surface. A new institutional index is favoring protocol revenue over pure market size, placing Ethereum at the center of a major capital rotation, even as its chart points lower. Bitcoin whales accumulated 66,700 BTC, yet spot demand plunged to roughly negative 170,000 BTC. Ondo is turning tokenized stocks into DeFi collateral, while Worldcoin arrives with an ETF filing, sharply reduced emissions, and a startling concentration of supply. Meanwhile, Solana's leading DEX revenues are sliding fast. Is this the beginning of a more…
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