New BTC Indicator Launches to Understand Crypto Media Sentiment
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State Street will expand their MediaStats indicator offering with a new BTC (BTC) Thematic Indicator to help investors understand the crypto media sentiment and its true impact on financial markets.
Financial services provider State Street announced the launch of a new BTC Thematic Indicator series to help investors contextualize the rising popularity of BTC. This is an expansion of their MediaStats indicator.
It will quantify media coverage of BTC, to measure the intensity or prevalence of the cryptocurrency relative to news at that time. This will also consider news sentiment over a given period.
How it works
This new indicator expands on State Street MediaStats, which was launched in November last year. This indicator analyses thousands of online news sources daily, generating sentiment signals for different assets. This was developed to help institutional investors form a more complete picture of what factors are driving the market as well as their portfolios.
State street decided to launch the BTC indicator after intense media coverage around the cryptocurrency, with head of investor behavior research Rajeev Bhargava saying:
“Over the last few months, media coverage around BTC has grown significantly relative to corporate, financial, and economic media markets and continues to trend higher.”
They aim to provide a quantitative measure of the tone and intensity of media discussion. The full range of thematic indicators tracks 77 broad market narratives, central bank indicators and foreign exchange, and country equity media indicators.
This is all built off of State Street’s hub for data science and academic partnerships, State Street Associates, which is an academic think tank aiming to bridge the gap between financial theory and practice.
Crypto adoption grows
State Street is one of the leading providers of financial services globally to institutional investors. Their services include investment servicing, investment management, as well as research and trading. At the end of March, they had $40.3 trillion assets under administration and $3.6 trillion in assets under management.
Undoubtedly another move towards the widespread acceptance of BTC and cryptocurrencies by traditional financial institutions, in February, JP Morgan signaled that once BTC is widely used by different asset managers and investors, Wall Street banks will embrace it.
The post New BTC Indicator Launches to Understand Crypto Media Sentiment appeared first on BeInCrypto.
