Reports · Methodology 2.1
C100 monthly report: March 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
- −9.36%
- Bitcoin
- −2.13%
- Ethereum
- −18.49%
- C100 year to date
- −30.93%
C100 closed the month at 9,027.76 (Apr 1, 2025, 00:00 UTC), −9.7% 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 9.4% in March 2025, underperforming Bitcoin (−2.1%) by 7.2 pp and outperforming Ethereum (−18.5%) by 9.1 pp.
The equal-weight C100-EW fell 18.0%, so the larger constituents did better than the average constituent.
Exchange added most to the return (+0.40 pp) and Layer 1 detracted most (−6.54 pp).
Among the constituents at month end, Cronos (CRO) had the largest gain (+34.5%) and Virtuals Protocol (VIRTUAL) the largest loss (−47.5%).
Year to date the index is down 30.9%; it ended March 9.7% below its all-time high of 9,994.08 (February 27, 2025).
At the reconstitution on April 7, 2025, weights were reset to target with one-way turnover of 7.2%. 9 assets were added and 9 removed.
After the review, the ten largest constituents made up 65.0% of the index and Bitcoin and Ethereum together 28.3%; 8 assets' weights were set by a cap rule.
March 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | March | Year to date |
|---|---|---|
| C100 | −9.36% | −30.93% |
| C100 Equal Weight | −18.02% | −46.11% |
| C25 | −8.55% | −29.61% |
| C100 ex-BTC | −10.87% | −33.85% |
| Bitcoin | −2.13% | −11.63% |
| Ethereum | −18.49% | −45.30% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| Cronos CRO | +34.46% | +0.13 pp |
| Gram (prev. Toncoin) GRAM | +23.48% | +0.40 pp |
| Bitget Token BGB | +12.03% | +0.11 pp |
| Curve DAO Token CRV | +11.69% | +0.01 pp |
| Mantle MNT | +10.83% | +0.05 pp |
| Asset | Return | Contribution |
|---|---|---|
| Virtuals Protocol VIRTUAL | −47.48% | −0.06 pp |
| Neo NEO | −44.65% | −0.06 pp |
| Jupiter JUP | −43.93% | −0.17 pp |
| Wormhole W | −41.70% | −0.03 pp |
| JasmyCoin JASMY | −41.67% | −0.07 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | −6.54 pp | 65.12% → 64.78% |
| Exchange | +0.40 pp | 8.43% → 10.88% |
| Memes | −1.24 pp | 7.14% → 6.84% |
| Payments | +0.24 pp | 7.06% → 6.44% |
| DeFi | −0.72 pp | 4.24% → 3.72% |
| Layer 2 | −0.41 pp | 2.75% → 2.73% |
| Privacy | −0.13 pp | 1.18% → 1.27% |
| AI | −0.30 pp | 1.42% → 1.19% |
| Oracles & Infra | −0.38 pp | 1.35% → 1.04% |
| Other | −0.16 pp | 0.74% → 0.63% |
| Gaming & Metaverse | −0.12 pp | 0.56% → 0.48% |
Contributions are in percentage points of the C100 return and add up to it.
Reconstitution on Apr 7, 2025
One-way turnover 7.20%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Bitcoin BTC | 16.88% | 14.13% | capped |
| BNB BNB | 8.86% | 7.07% | capped |
| Ethereum ETH | 12.74% | 14.13% | capped |
| Cardano ADA | 3.20% | 4.50% | capped |
| Hyperliquid HYPE | — | 0.86% | |
| TRON TRX | 5.15% | 4.50% | capped |
| Solana SOL | 4.96% | 5.60% | capped |
| Dogecoin DOGE | 4.03% | 4.50% | capped |
| XRP XRP | 6.64% | 7.07% | capped |
| DeXe DEXE | — | 0.26% | |
| MANTRA OM | 1.51% | 1.30% | |
| Movement MOVE | — | 0.20% | |
| Four FORM | — | 0.18% | |
| Ethena ENA | 0.20% | 0.38% | |
| Chainlink LINK | 1.66% | 1.81% |
Added (9)
- Hyperliquid HYPEentered at eligible rank #21 (newcomers need the top 90)
- DeXe DEXEentered at eligible rank #47 (newcomers need the top 90)
- Movement MOVEentered at eligible rank #54 (newcomers need the top 90)
- Four FORMentered at eligible rank #58 (newcomers need the top 90)
- Nexo NEXOentered at eligible rank #67 (newcomers need the top 90)
- Zcash ZECentered at eligible rank #76 (newcomers need the top 90)
- Jito JTOentered at eligible rank #78 (newcomers need the top 90)
- PancakeSwap CAKEentered at eligible rank #81 (newcomers need the top 90)
- Fartcoin FARTCOINentered at eligible rank #85 (newcomers need the top 90)
Removed (9)
- Neo NEOeligible rank #109; dropped because more than 100 assets qualified
- FTX Token FTTeligible rank #111; dropped because more than 100 assets qualified
- Aerodrome Finance AEROeligible rank #121, outside the top 120 that constituents need to stay
- AIOZ Network AIOZeligible rank #134, outside the top 120 that constituents need to stay
- Beam BEAMeligible rank #114; dropped because more than 100 assets qualified
- Akash Network AKTeligible rank #129, outside the top 120 that constituents need to stay
- Brett (Based) BRETTeligible rank #122, outside the top 120 that constituents need to stay
- Mog Coin MOGno longer eligible: outside the top 150 after exclusions
- Popcat (SOL) POPCATno longer eligible: outside the top 150 after exclusions
Concentration
- Top 10 weight
- 65.03%
- Bitcoin + Ethereum
- 28.27%
- Weights set by a cap
- 8
- Constituents
- 100
Target weights after the review.