Reports · Methodology 2.1
C100 monthly report: January 2025
Backtested — before index launch. The index went live on Nov 1, 2026; this month applies the same rules to the market data of the time.
- C100
- +5.34%
- Bitcoin
- +9.65%
- Ethereum
- −0.97%
- C100 year to date
- +5.34%
C100 closed the month at 13,768.76 (Feb 1, 2025, 00:00 UTC), at its all-time high.
Summary
These figures are a backtest: the index went live on November 1, 2026, and earlier values apply the same rules to the market data of the time.
The C100 rose 5.3% in January 2025, underperforming Bitcoin (+9.6%) by 4.3 pp and outperforming Ethereum (−1.0%) by 6.3 pp.
The equal-weight C100-EW fell 5.5%, so the larger constituents did better than the average constituent.
Layer 1 added most to the return (+3.97 pp) and Memes detracted most (−0.84 pp).
Among the constituents at month end, XDC Network (XDC) had the largest gain (+52.9%) and Popcat (SOL) (POPCAT) the largest loss (−57.0%).
Year to date the index is up 5.3% and ended January at an all-time high of 13,768.76.
At the rebalance on February 3, 2025, weights were reset to target with one-way turnover of 6.8%. Membership is reviewed quarterly, so no assets were added or removed.
After the review, the ten largest constituents made up 64.2% of the index and Bitcoin and Ethereum together 28.5%; 7 assets' weights were set by a cap rule.
January 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | January | Year to date |
|---|---|---|
| C100 | +5.34% | +5.34% |
| C100 Equal Weight | −5.48% | −5.48% |
| C25 | +6.04% | +6.04% |
| C100 ex-BTC | +4.88% | +4.88% |
| Bitcoin | +9.65% | +9.65% |
| Ethereum | −0.97% | −0.97% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| XDC Network XDC | +52.91% | +0.02 pp |
| XRP XRP | +45.93% | +3.19 pp |
| Raydium RAY | +44.69% | +0.05 pp |
| GateToken GT | +43.44% | +0.07 pp |
| MANTRA OM | +39.23% | +0.19 pp |
| Asset | Return | Contribution |
|---|---|---|
| Popcat (SOL) POPCAT | −57.04% | −0.06 pp |
| THORChain RUNE | −52.58% | −0.11 pp |
| Virtuals Protocol VIRTUAL | −49.93% | −0.30 pp |
| dogwifhat WIF | −38.74% | −0.10 pp |
| FTX Token FTT | −38.34% | −0.06 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | +3.97 pp | 65.01% → 64.26% |
| Payments | +3.19 pp | 6.63% → 9.85% |
| Exchange | −0.08 pp | 8.56% → 7.61% |
| Memes | −0.84 pp | 7.64% → 7.19% |
| DeFi | −0.27 pp | 4.53% → 4.18% |
| Layer 2 | −0.24 pp | 2.65% → 2.54% |
| AI | −0.47 pp | 1.59% → 1.46% |
| Oracles & Infra | +0.02 pp | 1.03% → 0.99% |
| Privacy | +0.13 pp | 1.15% → 0.92% |
| Gaming & Metaverse | −0.10 pp | 0.72% → 0.57% |
| Other | +0.04 pp | 0.50% → 0.42% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on Feb 3, 2025
One-way turnover 6.81%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Bitcoin BTC | 17.93% | 14.24% | capped |
| XRP XRP | 9.70% | 7.12% | capped |
| Dogecoin DOGE | 3.88% | 4.50% | capped |
| Cardano ADA | 4.05% | 4.50% | capped |
| Ondo ONDO | 0.26% | 0.63% | |
| Avalanche AVAX | 1.64% | 1.95% | |
| Chainlink LINK | 1.91% | 2.17% | |
| Sui SUI | 1.47% | 1.71% | |
| Jupiter JUP | 0.18% | 0.40% | |
| BNB BNB | 6.07% | 5.86% | capped |
| Solana SOL | 6.76% | 6.55% | capped |
| Polkadot DOT | 1.16% | 1.35% | |
| Gram (prev. Toncoin) GRAM | 1.51% | 1.70% | |
| TRON TRX | 2.92% | 3.11% | |
| Shiba Inu SHIB | 1.36% | 1.54% |
Concentration
- Top 10 weight
- 64.23%
- Bitcoin + Ethereum
- 28.48%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.