Recently, the market has been discussing the new crypto index product jointly launched by Nasdaq and CME Group, with many speculating which tokens will be the first to be included. Based on the "core exchange + core custody" dual threshold requirements announced by both institutions, I have summarized the current tokens in the US market that can meet the three main conditions: "high liquidity, compliant futures, and institutional custody."

Honestly, the number of tokens initially included in this index may not be many. Bitcoin is definitely a sure thing—CME has had BTC futures and options for a long time, with a highly mature custody network, the largest circulating market cap, and essentially being "the core of the core."

Ethereum is also highly likely to be included. CME's ETH futures have been running for some time, and importantly, the SEC has already implicitly approved its "commodity" status during recent ETF approval processes. Its custody system and liquidity also meet the standards, making these conditions quite solid.

Solana is a bit more interesting. Starting from the second half of 2025, SOL has significant spot trading volume on major US exchanges, and CME is already testing SOL futures quotes internally. In terms of activity and circulating market cap, SOL ranks in the third tier among crypto assets. If diversification is considered for the index, it should be easy for the governance committee to vote in favor of including it.

Other frequently mentioned tokens like ADA, AVAX, and LINK currently either do not have CME futures or are not yet on the whitelist of multiple major exchanges. Based on my judgment, these might be placed on an observation list first, and we can see if there’s a chance to expand the inclusion in Q2 next year.