Nasdaq said it is building a tool to predict cryptographic price movements

Nasdaq might be on the cusp of giving institutional investors an analytical edge on trading hundreds of crypto assets.

According to a person familiar with the company’s plans, the U.S. stock exchange is preparing to add tools for predicting the price movements of crypto assets to its Analytics Hub.

The hub, launched last year, draws on machine learning and natural language processing (NLP) capabilities to parse through social media and other alternative data sources to give investors a better way to assess market movement.

To date, the Analytics Hub has focused on traditional assets, but the addition of crypto seems to be another signal of Wall Street’s growing interest in the nascent sector.

The news comes after Nasdaq CEO Adena Friedman said earlier this year that the company was looking into offering some sort of bitcoin futures product. Further, in April, she said Nasdaq would even consider creating a crypto exchange.

Nasdaq won’t be alone in its pursuit, though.

Other well-known players in the alternative data analytics field include Reuters and Bloomberg, as well as Dataminr, which has previously made comments about providing Twitter data to crypto traders.