Reports · Methodology 2.1
C100 monthly report: September 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
- +0.88%
- Bitcoin
- +5.35%
- Ethereum
- −5.59%
- C100 year to date
- +2.93%
C100 closed the month at 13,453.50 (Oct 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 0.9% in September 2025, underperforming Bitcoin (+5.4%) by 4.5 pp and outperforming Ethereum (−5.6%) by 6.5 pp.
The equal-weight C100-EW fell 3.4%, so the larger constituents did better than the average constituent.
Exchange added most to the return (+0.82 pp) and DeFi detracted most (−0.34 pp).
Among the constituents at month end, Zcash (ZEC) had the largest gain (+84.0%) and Four (FORM) the largest loss (−65.8%).
Year to date the index is up 2.9% and ended September at an all-time high of 13,453.50.
At the reconstitution on October 6, 2025, weights were reset to target with one-way turnover of 3.8%. 6 assets were added and 6 removed.
After the review, the ten largest constituents made up 65.8% of the index and Bitcoin and Ethereum together 27.4%; 7 assets' weights were set by a cap rule.
September 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | September | Year to date |
|---|---|---|
| C100 | +0.88% | +2.93% |
| C100 Equal Weight | −3.42% | −30.61% |
| C25 | +2.05% | +5.18% |
| C100 ex-BTC | +0.49% | +2.32% |
| Bitcoin | +5.35% | +22.11% |
| Ethereum | −5.59% | +24.45% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| Zcash ZEC | +83.98% | +0.08 pp |
| Mantle MNT | +50.98% | +0.30 pp |
| Worldcoin WLD | +40.95% | +0.11 pp |
| Immutable IMX | +35.12% | +0.05 pp |
| Avalanche AVAX | +28.19% | +0.42 pp |
| Asset | Return | Contribution |
|---|---|---|
| Four FORM | −65.78% | −0.14 pp |
| Cronos CRO | −32.53% | −0.50 pp |
| Pi PI | −26.77% | −0.13 pp |
| Raydium RAY | −23.75% | −0.03 pp |
| Uniswap UNI | −20.65% | −0.19 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | −0.07 pp | 64.71% → 64.08% |
| Exchange | +0.82 pp | 9.53% → 10.26% |
| Memes | +0.19 pp | 7.54% → 7.67% |
| Payments | +0.18 pp | 7.02% → 7.14% |
| DeFi | −0.34 pp | 4.48% → 4.10% |
| Layer 2 | +0.25 pp | 2.52% → 2.75% |
| Privacy | +0.15 pp | 1.12% → 1.27% |
| Oracles & Infra | −0.11 pp | 1.10% → 0.98% |
| AI | −0.04 pp | 1.01% → 0.96% |
| Other | −0.02 pp | 0.56% → 0.53% |
| Gaming & Metaverse | −0.15 pp | 0.40% → 0.26% |
Contributions are in percentage points of the C100 return and add up to it.
Reconstitution on Oct 6, 2025
One-way turnover 3.78%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| BNB BNB | 8.62% | 6.86% | capped |
| Bitcoin BTC | 14.48% | 13.71% | capped |
| Ethereum ETH | 13.05% | 13.71% | capped |
| Dogecoin DOGE | 4.89% | 4.50% | capped |
| TRON TRX | 4.14% | 4.50% | capped |
| Bitget Token BGB | 0.88% | 0.55% | |
| MemeCore M | — | 0.31% | |
| KuCoin Token KCS | — | 0.30% | |
| Hyperliquid HYPE | 2.20% | 2.37% | |
| MYX Finance MYX | — | 0.17% | |
| Cardano ADA | 4.18% | 4.32% | |
| ether.fi ETHFI | — | 0.14% | |
| Sui SUI | 1.75% | 1.88% | |
| EigenCloud EIGEN | — | 0.11% | |
| Conflux CFX | — | 0.11% |
Added (6)
- MemeCore Mentered at eligible rank #40 (newcomers need the top 90)
- KuCoin Token KCSentered at eligible rank #42 (newcomers need the top 90)
- MYX Finance MYXentered at eligible rank #66 (newcomers need the top 90)
- ether.fi ETHFIentered at eligible rank #73 (newcomers need the top 90)
- EigenCloud EIGENentered at eligible rank #84 (newcomers need the top 90)
- Conflux CFXentered at eligible rank #85 (newcomers need the top 90)
Removed (6)
- Four FORMeligible rank #117; dropped because more than 100 assets qualified
- Helium HNTeligible rank #110; dropped because more than 100 assets qualified
- dYdX DYDXeligible rank #109; dropped because more than 100 assets qualified
- Core COREeligible rank #126, outside the top 120 that constituents need to stay
- THORChain RUNEeligible rank #121, outside the top 120 that constituents need to stay
- Movement MOVEno longer eligible: outside the top 150 after exclusions
Concentration
- Top 10 weight
- 65.83%
- Bitcoin + Ethereum
- 27.43%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.