The collaboration between Nasdaq and CME on unified crypto benchmarks signals something much deeper than pricing mechanics. What's really happening is institutional-grade standardization of cryptocurrency as a legitimate asset class. This kind of infrastructure—think standardized indexes and reference rates—typically precedes major capital inflows. Markets don't suddenly flood with institutional money; they follow established benchmarks and measurement standards. When two heavyweight platforms align on how to measure crypto, it's essentially laying the foundation for what comes next.