State Street will expand their MediaStats indicator offering with a new Bitcoin (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 Bitcoin Thematic Indicator series to help investors contextualize the rising popularity of bitcoin. This is an expansion of their MediaStats indicator.

It will quantify media coverage of bitcoin, 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.

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 bitcoin 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 bitcoin 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.

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 bitcoin and cryptocurrencies by traditional financial institutions, in February, JP Morgan signaled that once bitcoin 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.

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