Reports · Methodology 2.1
C100 monthly report: October 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
- −11.37%
- Bitcoin
- −3.93%
- Ethereum
- −7.20%
- C100 year to date
- −8.77%
C100 closed the month at 11,924.38 (Nov 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 fell 11.4% in October 2025, underperforming Bitcoin (−3.9%) by 7.4 pp and underperforming Ethereum (−7.2%) by 4.2 pp.
The equal-weight C100-EW fell 17.0%, so the larger constituents did better than the average constituent.
Privacy added most to the return (+0.82 pp) and Layer 1 detracted most (−7.67 pp).
Among the constituents at month end, Zcash (ZEC) had the largest gain (+444.6%) and MYX Finance (MYX) the largest loss (−86.8%).
Year to date the index is down 8.8% and ended October at an all-time high of 11,924.38.
At the rebalance on November 3, 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 65.8% of the index and Bitcoin and Ethereum together 27.4%; 7 assets' weights were set by a cap rule.
October 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | October | Year to date |
|---|---|---|
| C100 | −11.37% | −8.77% |
| C100 Equal Weight | −17.01% | −42.41% |
| C25 | −11.48% | −6.90% |
| C100 ex-BTC | −11.61% | −9.56% |
| Bitcoin | −3.93% | +17.31% |
| Ethereum | −7.20% | +15.48% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| Zcash ZEC | +444.62% | +0.79 pp |
| Bittensor TAO | +59.01% | +0.28 pp |
| Virtuals Protocol VIRTUAL | +34.69% | +0.04 pp |
| Maple Finance SYRUP | +14.76% | +0.01 pp |
| Monero XMR | +13.30% | +0.11 pp |
| Asset | Return | Contribution |
|---|---|---|
| MYX Finance MYX | −86.78% | −0.10 pp |
| Artificial Superintelligence Alliance FET | −56.61% | −0.12 pp |
| Data Network DATA | −50.75% | −0.22 pp |
| Fartcoin FARTCOIN | −48.37% | −0.04 pp |
| Sonic S | −45.48% | −0.05 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | −7.67 pp | 64.08% → 65.06% |
| Exchange | +0.34 pp | 10.26% → 9.71% |
| Payments | −0.86 pp | 7.14% → 7.17% |
| Memes | −1.38 pp | 7.67% → 7.07% |
| DeFi | −1.30 pp | 4.10% → 3.83% |
| Privacy | +0.82 pp | 1.27% → 2.43% |
| Layer 2 | −0.67 pp | 2.75% → 2.43% |
| Oracles & Infra | −0.23 pp | 0.98% → 0.89% |
| AI | −0.25 pp | 0.96% → 0.76% |
| Other | −0.13 pp | 0.53% → 0.48% |
| Gaming & Metaverse | −0.04 pp | 0.26% → 0.17% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on Nov 3, 2025
One-way turnover 2.98%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Bitcoin BTC | 14.80% | 13.71% | capped |
| BNB BNB | 7.69% | 6.86% | capped |
| Ethereum ETH | 14.30% | 13.71% | capped |
| Dogecoin DOGE | 4.00% | 4.50% | capped |
| TRON TRX | 4.74% | 4.50% | capped |
| Cardano ADA | 3.79% | 3.98% | |
| XRP XRP | 7.03% | 6.86% | capped |
| Bitcoin Cash BCH | 1.84% | 2.01% | |
| Hyperliquid HYPE | 2.52% | 2.64% | |
| Mantle MNT | 0.75% | 0.85% | |
| Zcash ZEC | 1.11% | 1.22% | |
| Chainlink LINK | 2.07% | 2.16% | |
| Stellar XLM | 1.68% | 1.77% | |
| Cronos CRO | 0.87% | 0.96% | |
| Sui SUI | 1.50% | 1.59% |
Concentration
- Top 10 weight
- 65.79%
- Bitcoin + Ethereum
- 27.43%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.