Coin Metrics Flags Liquidity Risks in Long-Tail Crypto Index Performance

As crypto markets broaden beyond Bitcoin (BTC) and Ethereum (ETH), measuring the performance of so-called 'long-tail' tokens is becoming less about headline returns and more about a practical question: can the benchmark actually be replicated by real investors? That was the central takeaway from a recent Coin Metrics analysis dated May 13, which examined the design challenges of indices that include smaller, less mainstream assets.