The biggest manager of institutional funds in Australia is adding a new indicator to measure market sentiment towards Bitcoin.

State Street’s Bitcoin Thematic Indicator will analyse thousands of digital news sources to quantify media coverage of Bitcoin and help contextualise the rising popularity of cryptocurrencies.

“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,” said Rajeev Bhargava, head of State Street’s Investor Behavior Research Team.

“Understandably, institutional investors are increasingly eager to learn how this rising attention is impacting traditional asset markets.”

The Bitcoin indicator is an addition to a suite of  77 media indicators that State Street began offering in conjunction with technology and data analytics company MKT MediaStats.

They’re built on research in natural language processing and machine learning.

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