Reports · Methodology 2.1
C100 monthly report: May 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
- +10.08%
- Bitcoin
- +11.09%
- Ethereum
- +40.98%
- C100 year to date
- −18.64%
C100 closed the month at 10,634.80 (Jun 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 10.1% in May 2025, underperforming Bitcoin (+11.1%) by 1.0 pp and underperforming Ethereum (+41.0%) by 30.9 pp.
The equal-weight C100-EW rose 1.8%, so the larger constituents did better than the average constituent.
Layer 1 added most to the return (+8.10 pp) and Layer 2 detracted most (−0.14 pp).
Among the constituents at month end, SPX6900 (SPX) had the largest gain (+79.1%) and Movement (MOVE) the largest loss (−43.1%).
Year to date the index is down 18.6% and ended May at an all-time high of 10,634.80.
At the rebalance on June 2, 2025, weights were reset to target with one-way turnover of 3.5%. 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 27.9%; 7 assets' weights were set by a cap rule.
May 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | May | Year to date |
|---|---|---|
| C100 | +10.08% | −18.64% |
| C100 Equal Weight | +1.79% | −36.93% |
| C25 | +10.97% | −17.50% |
| C100 ex-BTC | +11.06% | −22.40% |
| Bitcoin | +11.09% | +12.04% |
| Ethereum | +40.98% | −24.08% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| SPX6900 SPX | +79.15% | +0.08 pp |
| Hyperliquid HYPE | +64.27% | +0.86 pp |
| Aave AAVE | +50.51% | +0.25 pp |
| Quant QNT | +43.17% | +0.07 pp |
| Ethereum ETH | +40.98% | +5.59 pp |
| Asset | Return | Contribution |
|---|---|---|
| Movement MOVE | −43.14% | −0.05 pp |
| MANTRA OM | −36.25% | −0.03 pp |
| XDC Network XDC | −21.10% | −0.05 pp |
| Sonic S | −20.52% | −0.06 pp |
| Pyth Network PYTH | −19.90% | −0.02 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | +8.10 pp | 65.40% → 66.14% |
| Exchange | +0.80 pp | 8.21% → 8.71% |
| Memes | +0.73 pp | 7.57% → 7.60% |
| Payments | −0.04 pp | 6.87% → 6.44% |
| DeFi | +0.33 pp | 3.92% → 3.77% |
| Layer 2 | −0.14 pp | 2.59% → 2.23% |
| AI | −0.01 pp | 1.70% → 1.51% |
| Privacy | +0.26 pp | 1.40% → 1.49% |
| Oracles & Infra | +0.07 pp | 1.04% → 0.99% |
| Other | −0.03 pp | 0.70% → 0.60% |
| Gaming & Metaverse | +0.02 pp | 0.60% → 0.53% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on Jun 2, 2025
One-way turnover 3.50%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Ethereum ETH | 17.38% | 13.94% | capped |
| XRP XRP | 6.25% | 6.97% | capped |
| Cardano ADA | 4.03% | 4.45% | |
| Solana SOL | 5.95% | 6.17% | capped |
| BNB BNB | 6.80% | 6.97% | capped |
| TRON TRX | 4.36% | 4.50% | capped |
| Bitcoin Cash BCH | 1.40% | 1.51% | |
| Stellar XLM | 1.43% | 1.51% | |
| Avalanche AVAX | 1.54% | 1.61% | |
| Bitcoin BTC | 13.88% | 13.94% | capped |
| Chainlink LINK | 1.62% | 1.69% | |
| Polkadot DOT | 1.12% | 1.19% | |
| EOS EOS | 0.19% | 0.25% | |
| Bittensor TAO | 0.63% | 0.69% | |
| Hedera HBAR | 1.25% | 1.30% |
Concentration
- Top 10 weight
- 65.46%
- Bitcoin + Ethereum
- 27.89%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.