Reports · Methodology 2.1
C100 monthly report: April 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
- +7.01%
- Bitcoin
- +14.12%
- Ethereum
- −1.55%
- C100 year to date
- −26.09%
C100 closed the month at 9,660.80 (May 1, 2025, 00:00 UTC), −3.3% 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 rose 7.0% in April 2025, underperforming Bitcoin (+14.1%) by 7.1 pp and outperforming Ethereum (−1.6%) by 8.6 pp.
The equal-weight C100-EW rose 15.0%, so the larger constituents did worse than the average constituent.
Layer 1 added most to the return (+4.77 pp) and Exchange detracted most (−0.33 pp).
Among the constituents at month end, Fartcoin (FARTCOIN) had the largest gain (+173.8%) and MANTRA (OM) the largest loss (−92.2%).
Year to date the index is down 26.1%; it ended April 3.3% below its all-time high of 9,994.08 (February 27, 2025).
At the rebalance on May 5, 2025, weights were reset to target with one-way turnover of 1.9%. Membership is reviewed quarterly, so no assets were added or removed.
After the review, the ten largest constituents made up 65.5% of the index and Bitcoin and Ethereum together 28.0%; 8 assets' weights were set by a cap rule.
April 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | April | Year to date |
|---|---|---|
| C100 | +7.01% | −26.09% |
| C100 Equal Weight | +14.98% | −38.04% |
| C25 | +5.62% | −25.65% |
| C100 ex-BTC | +5.63% | −30.13% |
| Bitcoin | +14.12% | +0.85% |
| Ethereum | −1.55% | −46.15% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| Fartcoin FARTCOIN | +173.78% | +0.17 pp |
| Virtuals Protocol VIRTUAL | +166.01% | +0.14 pp |
| Bonk BONK | +72.91% | +0.14 pp |
| Raydium RAY | +63.83% | +0.07 pp |
| Artificial Superintelligence Alliance FET | +62.52% | +0.15 pp |
| Asset | Return | Contribution |
|---|---|---|
| MANTRA OM | −92.19% | −1.17 pp |
| Movement MOVE | −39.22% | −0.04 pp |
| DeXe DEXE | −26.01% | −0.02 pp |
| Jito JTO | −23.07% | +0.02 pp |
| Gram (prev. Toncoin) GRAM | −23.01% | −0.55 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | +4.77 pp | 64.78% → 65.40% |
| Exchange | −0.33 pp | 10.88% → 8.21% |
| Memes | +0.87 pp | 6.84% → 7.57% |
| Payments | +0.40 pp | 6.44% → 6.87% |
| DeFi | +0.22 pp | 3.72% → 3.92% |
| Layer 2 | +0.17 pp | 2.73% → 2.59% |
| AI | +0.43 pp | 1.19% → 1.70% |
| Privacy | +0.23 pp | 1.27% → 1.40% |
| Oracles & Infra | +0.11 pp | 1.04% → 1.04% |
| Other | +0.11 pp | 0.63% → 0.70% |
| Gaming & Metaverse | +0.04 pp | 0.48% → 0.60% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on May 5, 2025
One-way turnover 1.91%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| BNB BNB | 6.33% | 6.82% | capped |
| Bitcoin BTC | 14.42% | 14.02% | capped |
| TRON TRX | 4.10% | 4.50% | capped |
| Solana SOL | 6.47% | 6.14% | capped |
| Ethereum ETH | 13.73% | 14.02% | capped |
| XRP XRP | 6.74% | 7.01% | capped |
| GateToken GT | 0.36% | 0.52% | |
| Dogecoin DOGE | 4.37% | 4.50% | capped |
| Litecoin LTC | 1.37% | 1.27% | |
| Hedera HBAR | 1.57% | 1.47% | |
| Sui SUI | 2.24% | 2.15% | |
| Chainlink LINK | 1.89% | 1.81% | |
| Hyperliquid HYPE | 1.42% | 1.35% | |
| Bittensor TAO | 0.64% | 0.59% | |
| Stellar XLM | 1.66% | 1.61% |
Concentration
- Top 10 weight
- 65.46%
- Bitcoin + Ethereum
- 28.03%
- Weights set by a cap
- 8
- Constituents
- 100
Target weights after the review.