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Felipe Diaz

Analyst, Global Exchanges & Digital Assets, S&P Dow Jones Indices

Felipe Diaz is an Analyst on the Global Exchanges & Digital Assets Product Management team at S&P Dow Jones Indices (S&P DJI), where he focuses on digital asset indices and supports product development and innovation across tokenization, crypto and blockchain. In his role, Felipe works closely with research and commercial teams to deliver data-driven solutions for market participants.​
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May 5, 2026

Beyond Mega Caps: Navigating Concentration and Diversification in Crypto Index Construction

Cryptocurrency investing straddles two seemingly contradictory truths: market leadership changes fast, yet overall exposure remains dominated by a handful of top assets. From 2018 to 2025, Bitcoin and Ethereum—two mega caps¹—held a combined average weight of 78% in the S&P Cryptocurrency Broad Digital Asset (BDA) Index, while the top five constituents made up roughly 86%…

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