Reports · Methodology 2.1
C100 monthly report: July 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
- +22.77%
- Bitcoin
- +8.02%
- Ethereum
- +48.67%
- C100 year to date
- −3.27%
C100 closed the month at 12,643.88 (Aug 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 22.8% in July 2025, outperforming Bitcoin (+8.0%) by 14.7 pp and underperforming Ethereum (+48.7%) by 25.9 pp.
The equal-weight C100-EW rose 17.9%, so the larger constituents did better than the average constituent.
Every sector added to the return: Layer 1 most (+15.23 pp) and Privacy least (+0.03 pp).
Among the constituents at month end, Pudgy Penguins (PENGU) had the largest gain (+128.4%) and Jito (JTO) the largest loss (−24.4%).
Year to date the index is down 3.3% and ended July at an all-time high of 12,643.88.
At the rebalance on August 4, 2025, weights were reset to target with one-way turnover of 3.0%. Membership is reviewed quarterly, so no assets were added or removed.
After the review, the ten largest constituents made up 65.2% of the index and Bitcoin and Ethereum together 28.0%; 7 assets' weights were set by a cap rule.
July 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | July | Year to date |
|---|---|---|
| C100 | +22.77% | −3.27% |
| C100 Equal Weight | +17.90% | −31.03% |
| C25 | +22.99% | −0.73% |
| C100 ex-BTC | +25.98% | −5.74% |
| Bitcoin | +8.02% | +23.94% |
| Ethereum | +48.67% | +11.00% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| Pudgy Penguins PENGU | +128.42% | +0.22 pp |
| Ethena ENA | +114.01% | +0.37 pp |
| Data Network DATA | +103.74% | +0.15 pp |
| Bonk BONK | +80.09% | +0.17 pp |
| Curve DAO Token CRV | +79.23% | +0.11 pp |
| Asset | Return | Contribution |
|---|---|---|
| Jito JTO | −24.38% | −0.04 pp |
| Maple Finance SYRUP | −23.76% | −0.03 pp |
| Movement MOVE | −21.07% | −0.02 pp |
| Pi PI | −19.60% | −0.08 pp |
| Virtuals Protocol VIRTUAL | −16.56% | −0.03 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | +15.23 pp | 65.29% → 64.91% |
| Exchange | +1.71 pp | 9.00% → 8.63% |
| Memes | +1.88 pp | 6.97% → 7.95% |
| Payments | +2.46 pp | 7.61% → 7.80% |
| DeFi | +0.86 pp | 3.91% → 4.17% |
| Layer 2 | +0.22 pp | 2.25% → 2.05% |
| Privacy | +0.03 pp | 1.50% → 1.33% |
| AI | +0.07 pp | 1.27% → 1.11% |
| Oracles & Infra | +0.07 pp | 1.04% → 1.01% |
| Other | +0.15 pp | 0.59% → 0.61% |
| Gaming & Metaverse | +0.09 pp | 0.55% → 0.43% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on Aug 4, 2025
One-way turnover 3.04%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Ethereum ETH | 16.16% | 14.01% | capped |
| Bitcoin BTC | 12.42% | 14.01% | capped |
| XRP XRP | 7.71% | 7.00% | capped |
| Solana SOL | 5.65% | 5.98% | capped |
| BNB BNB | 6.73% | 7.00% | capped |
| TRON TRX | 4.38% | 4.50% | capped |
| Dogecoin DOGE | 4.44% | 4.50% | capped |
| Gram (prev. Toncoin) GRAM | 1.40% | 1.44% | |
| Ethena ENA | 0.60% | 0.56% | |
| Bonk BONK | 0.30% | 0.34% | |
| Avalanche AVAX | 1.45% | 1.49% | |
| Stacks STX | 0.17% | 0.20% | |
| Shiba Inu SHIB | 1.14% | 1.18% | |
| Bittensor TAO | 0.51% | 0.54% | |
| Sui SUI | 1.95% | 1.97% |
Concentration
- Top 10 weight
- 65.22%
- Bitcoin + Ethereum
- 28.01%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.