Crypto indexes have become an increasingly popular way for investors to gain exposure to the digital asset market without picking individual cryptocurrencies. By tracking a group of assets—often based on market capitalization, sector, or performance—crypto indexes promise diversification, simplicity, and reduced emotional decision-making. However, behind this convenience lies a complex reality. Crypto indexes are not neutral or risk-free. They carry embedded biases, structural limitations, and unique risks that can significantly impact returns, especially during periods of high volatility or regulatory uncertainty. Many investors assume that because an index is diversified, it is inherently safer. In crypto markets, this assumption can…