Reports · Methodology 2.1
C100 monthly report: August 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
- +5.48%
- Bitcoin
- −6.48%
- Ethereum
- +18.75%
- C100 year to date
- +2.03%
C100 closed the month at 13,336.68 (Sep 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 5.5% in August 2025, outperforming Bitcoin (−6.5%) by 12.0 pp and underperforming Ethereum (+18.8%) by 13.3 pp.
The equal-weight C100-EW rose 4.2%, so the larger constituents did better than the average constituent.
Layer 1 added most to the return (+3.17 pp) and Payments detracted most (−0.60 pp).
Among the constituents at month end, OKB (OKB) had the largest gain (+269.4%) and SPX6900 (SPX) the largest loss (−30.2%).
Year to date the index is up 2.0% and ended August at an all-time high of 13,336.68.
At the rebalance on September 1, 2025, weights were reset to target with one-way turnover of 4.2%. Membership is reviewed quarterly, so no assets were added or removed.
After the review, the ten largest constituents made up 66.0% of the index and Bitcoin and Ethereum together 27.6%; 7 assets' weights were set by a cap rule.
August 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | August | Year to date |
|---|---|---|
| C100 | +5.48% | +2.03% |
| C100 Equal Weight | +4.19% | −28.15% |
| C25 | +3.82% | +3.06% |
| C100 ex-BTC | +8.02% | +1.81% |
| Bitcoin | −6.48% | +15.91% |
| Ethereum | +18.75% | +31.82% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| OKB OKB | +269.40% | +1.22 pp |
| Cronos CRO | +110.77% | +0.78 pp |
| Pyth Network PYTH | +61.07% | +0.06 pp |
| Mantle MNT | +57.90% | +0.23 pp |
| Aerodrome Finance AERO | +44.77% | +0.05 pp |
| Asset | Return | Contribution |
|---|---|---|
| SPX6900 SPX | −30.19% | −0.07 pp |
| Fartcoin FARTCOIN | −23.12% | −0.04 pp |
| Sky SKY | −21.88% | −0.06 pp |
| XDC Network XDC | −19.55% | −0.05 pp |
| Four FORM | −19.20% | −0.04 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | +3.17 pp | 64.91% → 64.69% |
| Exchange | +1.48 pp | 8.63% → 9.85% |
| Memes | −0.26 pp | 7.95% → 7.44% |
| Payments | −0.60 pp | 7.80% → 6.18% |
| DeFi | +0.30 pp | 4.17% → 4.26% |
| Layer 2 | +1.64 pp | 2.05% → 3.56% |
| Privacy | −0.14 pp | 1.33% → 1.12% |
| Oracles & Infra | +0.05 pp | 1.01% → 1.01% |
| AI | −0.09 pp | 1.11% → 0.99% |
| Other | −0.04 pp | 0.61% → 0.54% |
| Gaming & Metaverse | −0.04 pp | 0.43% → 0.37% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on Sep 1, 2025
One-way turnover 4.16%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Ethereum ETH | 16.16% | 13.81% | capped |
| Bitcoin BTC | 12.20% | 13.81% | capped |
| OKB OKB | 1.59% | 0.57% | |
| XRP XRP | 6.06% | 6.90% | capped |
| BNB BNB | 7.35% | 6.90% | capped |
| Solana SOL | 6.81% | 6.57% | capped |
| TRON TRX | 4.30% | 4.50% | capped |
| Cardano ADA | 4.27% | 4.41% | |
| Cronos CRO | 1.41% | 1.53% | |
| Stellar XLM | 1.57% | 1.69% | |
| Hedera HBAR | 1.33% | 1.44% | |
| Ethena ENA | 0.55% | 0.65% | |
| Cosmos ATOM | 0.26% | 0.31% | |
| Dogecoin DOGE | 4.45% | 4.50% | capped |
| Bitcoin Cash BCH | 1.60% | 1.65% |
Concentration
- Top 10 weight
- 66.00%
- Bitcoin + Ethereum
- 27.62%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.