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BNC builds industry benchmarks and custom indices for tracking crypto-currencies and other digital assets. Whether you require global market spots for price discovery, custom indices to power exchange traded products or reference rates for performance attribution, BNC has an index solution to meet your needs.





On the blockchain

Digital Assets


Asset Class

Full coverage

Custom Indices


Custom Indices

Built to spec


Bitcoin Liquid Index

BNC produces a line of indices that track new financial vistas relating to the world of blockchain finance and cryptocurrency. Our indices are designed to factor in dimensions that a traditional financial index wouldn’t have to consider such as the quality of liquidity and quality of exchange platforms. The blockchain finance industry is on the frontier of innovation, as well as risk and volatility.


Full Name

The BNC Bitcoin Liquid Index



Index Description

The BNC BLX aims to represent the fair value for bitcoin as sourced from the most trusted and liquid trading platforms across various currency pairs and continents.

Review of Index Methodology

Quarterly, by the BNC Index Committee, during the months of January, April, July & October.

Calculation Frequency

Once every 30 seconds.

Launch Date

August 28th 2015

Historical Data

Back to July 2010

Base Currency


Precision Level

Published with 8 Decimals.

Orange Line 750x3


BLX Governance & Index constituents qualifiers

BNC have developed the Liquid Index product in order to fulfill a marketplace requirement for a single reliable fair USD price for Bitcoin based on live real world trading activity. It targets the top most liquid exchanges by volume and order-book depth as sources of data for this purpose.

Since the exchanges are third-party organisations that may change their trading activities or form part of a marketplace that has new competitive entrants, BNC will periodically review the mix of candidates on a regular quarterly basis . 

Qualification for a constituent to be included in the BNC-BLX is based on a number of criteria including:

  • Offer fully automated trading of Bitcoin to Fiat Currencies.
  • Volume, depth and consistency of transactions.
  • Provide a stable API options for on-going live full trade data capture.
  • Exhibit a track record of uninterrupted customer deposits/withdrawals.
  • Exhibit compliance with regulation in operating jurisdiction(s).
  • Maintain orderly market conditions at all times and
  • After filtering through the above qualifications, maintain a top 10 position as liquidity source in respective trading pair during the previous 90 days.

The constituents and index rules are reviewed on the first Monday of each new quarter by the BNC-BLX Index Steering committee. All changes are implemented on the same day & published within 48 hours. 

The methodology & infrastructure supporting the maintenance of the Liquid Index has been deployed to provide a robust & reliable platform with built-in redundancy.

This gives the BNC-BLX the unique advantage of being capable of absorbing catastrophes at multiple exchanges simultaneously without service interruption. For example, if key exchanges ceased trading or others suffered API connectivity issues, the BNC-BLX would stand a high likelihood to continue producing an accurate representative price of bitcoin through such turbulence. 

In the event of some unforeseen failure in the system or of market circumstances outside its control the BNC Index Steering Committee will take action which might include temporary suspension and/or recalculation of recent Index tick values.

Bitcoin Liquid Index Process and Calculation

BNC taps multiple API's outputs from each constituent exchange in real-time to capture:

  • Time-stamp
  • Individual trade ID
  • Exchange ID
  • Trade volume (in BTC)
  • Trade Price in Fiat (USD, EUR or CNY)
  • Trade Type (buy or sell)
  • Orderbook Depth (both sides)

Data Filtering

During the real-time process, captured data is standardized into a common format and scrubbed for outlier transactions. Anomalous Outlier transactions are flagged and stored, with the remaining successful trades automatically go through to indexing. Anomalous data has no influence over the index.

Index Calculation

The Liquid Index calculates a USD price point for one Bitcoin at tick intervals of 30 seconds. The price is derived by BNC's proprietary 3-tier technique. After data filtering, each tick has a moving total volume sampled and non-USD trading is converted to USD. Each exchange also has a moving average order book depth sampled. The two proceses are used to blend all ticks produced from exchanges in any given 30 second period.

This rules-based trading history and book depth, offers a liquidity based price discovery, which allows the Index to be responsive to sudden market movement while limiting the impact of outlier transactions and market interruption events. The result is a superior index which portrays the majority of all legitimate bitcoin trading activity globally.


Index Constituents

The below list of exchanges provide reliable, real-time, public market data and have met the BLX constituency requirements for index entry.

Bitfinex BTC/USD
Bitstamp BTC/USD
Coinsetter BTC/USD (Q3 2014 to Q1 2016)
Gemini BTC/USD (From Q3 2016 to Q4 2016)
BTC-e BTC/USD (From Q3 2011 to Q3 2016)
OKcoin International BTC/USD
Kraken BTC/EUR
MtGox BTC/USD (From July 2010 - 2014 only)

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