Reports · Methodology 2.1
C100 monthly report: November 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
- −19.76%
- Bitcoin
- −17.51%
- Ethereum
- −22.23%
- C100 year to date
- −26.80%
C100 closed the month at 9,568.10 (Dec 1, 2025, 00:00 UTC), −4.3% from its all-time high of 9,996.45 (Nov 20, 2025).
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 19.8% in November 2025, underperforming Bitcoin (−17.5%) by 2.3 pp and outperforming Ethereum (−22.2%) by 2.5 pp.
The equal-weight C100-EW fell 20.0%, so the larger constituents did better than the average constituent.
Privacy added most to the return (+0.35 pp) and Layer 1 detracted most (−13.44 pp).
Among the constituents at month end, MYX Finance (MYX) had the largest gain (+44.9%) and Jito (JTO) the largest loss (−48.3%).
Year to date the index is down 26.8%; it ended November 4.3% below its all-time high of 9,996.45 (November 20, 2025).
At the rebalance on December 1, 2025, weights were reset to target with one-way turnover of 2.2%. Membership is reviewed quarterly, so no assets were added or removed.
After the review, the ten largest constituents made up 65.4% of the index and Bitcoin and Ethereum together 27.5%; 7 assets' weights were set by a cap rule.
November 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | November | Year to date |
|---|---|---|
| C100 | −19.76% | −26.80% |
| C100 Equal Weight | −19.97% | −53.91% |
| C25 | −19.60% | −25.15% |
| C100 ex-BTC | −20.26% | −27.89% |
| Bitcoin | −17.51% | −3.23% |
| Ethereum | −22.23% | −10.19% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| MYX Finance MYX | +44.89% | +0.04 pp |
| Internet Computer ICP | +31.11% | +0.09 pp |
| Monero XMR | +30.31% | +0.34 pp |
| Quant QNT | +27.42% | +0.05 pp |
| Starknet STRK | +19.94% | +0.02 pp |
| Asset | Return | Contribution |
|---|---|---|
| Jito JTO | −48.28% | −0.03 pp |
| DeXe DEXE | −45.73% | −0.05 pp |
| MemeCore M | −43.09% | −0.21 pp |
| Data Network DATA | −42.53% | −0.11 pp |
| Pudgy Penguins PENGU | −40.64% | −0.09 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | −13.44 pp | 65.06% → 63.66% |
| Exchange | −1.85 pp | 9.71% → 8.93% |
| Payments | −0.97 pp | 7.17% → 7.52% |
| Memes | −1.84 pp | 7.07% → 7.39% |
| DeFi | −0.79 pp | 3.83% → 4.06% |
| Privacy | +0.35 pp | 2.43% → 3.66% |
| Layer 2 | −0.68 pp | 2.43% → 2.42% |
| Oracles & Infra | −0.18 pp | 0.89% → 0.95% |
| AI | −0.19 pp | 0.76% → 0.78% |
| Other | −0.13 pp | 0.48% → 0.46% |
| Gaming & Metaverse | −0.05 pp | 0.17% → 0.16% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on Dec 1, 2025
One-way turnover 2.25%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| TRON TRX | 5.35% | 4.50% | capped |
| Solana SOL | 6.14% | 6.69% | capped |
| Ethereum ETH | 13.22% | 13.77% | capped |
| XRP XRP | 7.38% | 6.88% | capped |
| Bitcoin BTC | 14.11% | 13.77% | capped |
| Bitcoin Cash BCH | 2.55% | 2.38% | |
| Zcash ZEC | 1.57% | 1.73% | |
| Hyperliquid HYPE | 2.50% | 2.65% | |
| Internet Computer ICP | 0.38% | 0.50% | |
| BNB BNB | 6.99% | 6.88% | capped |
| Monero XMR | 1.84% | 1.74% | |
| Avalanche AVAX | 1.33% | 1.40% | |
| Chainlink LINK | 2.01% | 2.07% | |
| Stellar XLM | 1.82% | 1.88% | |
| Dogecoin DOGE | 4.45% | 4.50% | capped |
Concentration
- Top 10 weight
- 65.44%
- Bitcoin + Ethereum
- 27.54%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.