Reports · Methodology 2.1
C100 monthly report: February 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
- −27.66%
- Bitcoin
- −17.65%
- Ethereum
- −32.23%
- C100 year to date
- −23.80%
C100 closed the month at 9,959.77 (Mar 1, 2025, 00:00 UTC), −0.3% from its all-time high of 9,994.08 (Feb 27, 2025).
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 fell 27.7% in February 2025, underperforming Bitcoin (−17.6%) by 10.0 pp and outperforming Ethereum (−32.2%) by 4.6 pp.
The equal-weight C100-EW fell 30.5%, so the larger constituents did better than the average constituent.
Every sector detracted from the return: Privacy least (−0.18 pp) and Layer 1 most (−16.74 pp).
Among the constituents at month end, MANTRA (OM) had the largest gain (+41.6%) and Raydium (RAY) the largest loss (−65.1%).
Year to date the index is down 23.8%; it ended February 0.3% below its all-time high of 9,994.08 (February 27, 2025).
At the rebalance on March 3, 2025, weights were reset to target with one-way turnover of 4.3%. Membership is reviewed quarterly, so no assets were added or removed.
After the review, the ten largest constituents made up 64.5% of the index and Bitcoin and Ethereum together 28.2%; 6 assets' weights were set by a cap rule.
February 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | February | Year to date |
|---|---|---|
| C100 | −27.66% | −23.80% |
| C100 Equal Weight | −30.45% | −34.26% |
| C25 | −27.42% | −23.03% |
| C100 ex-BTC | −29.24% | −25.79% |
| Bitcoin | −17.65% | −9.71% |
| Ethereum | −32.23% | −32.88% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| MANTRA OM | +41.57% | +0.29 pp |
| Maker MKR | +37.63% | +0.05 pp |
| Sonic S | +19.12% | +0.05 pp |
| Litecoin LTC | −0.07% | +0.02 pp |
| Celestia TIA | −5.87% | 0.00 pp |
| Asset | Return | Contribution |
|---|---|---|
| Raydium RAY | −65.13% | −0.18 pp |
| SPX6900 SPX | −55.45% | −0.08 pp |
| Brett (Based) BRETT | −53.64% | −0.06 pp |
| AIOZ Network AIOZ | −50.95% | −0.06 pp |
| Mog Coin MOG | −48.51% | −0.03 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | −16.74 pp | 64.26% → 65.12% |
| Exchange | −1.50 pp | 7.61% → 8.43% |
| Memes | −2.88 pp | 7.19% → 7.14% |
| Payments | −2.51 pp | 9.85% → 7.06% |
| DeFi | −1.67 pp | 4.18% → 4.24% |
| Layer 2 | −0.88 pp | 2.54% → 2.75% |
| AI | −0.53 pp | 1.46% → 1.42% |
| Oracles & Infra | −0.31 pp | 0.99% → 1.35% |
| Privacy | −0.18 pp | 0.92% → 1.18% |
| Other | −0.21 pp | 0.42% → 0.74% |
| Gaming & Metaverse | −0.23 pp | 0.57% → 0.56% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on Mar 3, 2025
One-way turnover 4.27%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Cardano ADA | 6.51% | 4.38% | |
| Ethereum ETH | 12.83% | 14.11% | capped |
| XRP XRP | 8.32% | 7.05% | capped |
| BNB BNB | 6.06% | 6.91% | capped |
| Dogecoin DOGE | 4.13% | 4.50% | capped |
| TRON TRX | 3.45% | 3.80% | |
| Hedera HBAR | 1.73% | 2.00% | |
| MANTRA OM | 1.18% | 1.40% | |
| Litecoin LTC | 1.59% | 1.77% | |
| Chainlink LINK | 1.90% | 1.78% | |
| Avalanche AVAX | 1.81% | 1.71% | |
| Monero XMR | 0.68% | 0.78% | |
| Solana SOL | 5.90% | 5.82% | capped |
| Gram (prev. Toncoin) GRAM | 1.51% | 1.57% | |
| OKB OKB | 0.46% | 0.51% |
Concentration
- Top 10 weight
- 64.49%
- Bitcoin + Ethereum
- 28.22%
- Weights set by a cap
- 6
- Constituents
- 100
Target weights after the review.