Reports · Methodology 2.1
C100 monthly report: December 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
- −8.22%
- Bitcoin
- −3.17%
- Ethereum
- −0.83%
- C100 year to date
- −32.82%
C100 closed the month at 8,781.12 (Jan 1, 2026, 00:00 UTC), −12.2% 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 8.2% in December 2025, underperforming Bitcoin (−3.2%) by 5.1 pp and underperforming Ethereum (−0.8%) by 7.4 pp.
The equal-weight C100-EW fell 16.2%, so the larger constituents did better than the average constituent.
Privacy added most to the return (+0.29 pp) and Layer 1 detracted most (−4.36 pp).
Among the constituents at month end, MYX Finance (MYX) had the largest gain (+30.7%) and Flow (FLOW) the largest loss (−61.5%).
Year to date the index is down 32.8%; it ended December 12.2% below its all-time high of 9,996.45 (November 20, 2025).
At the reconstitution on January 5, 2026, weights were reset to target with one-way turnover of 3.5%. 11 assets were added and 11 removed.
After the review, the ten largest constituents made up 65.3% of the index and Bitcoin and Ethereum together 27.6%; 7 assets' weights were set by a cap rule.
December 2025: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | December | Year to date |
|---|---|---|
| C100 | −8.22% | −32.82% |
| C100 Equal Weight | −16.22% | −61.39% |
| C25 | −7.69% | −30.90% |
| C100 ex-BTC | −8.80% | −34.23% |
| Bitcoin | −3.17% | −6.30% |
| Ethereum | −0.83% | −10.93% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| MYX Finance MYX | +30.73% | +0.04 pp |
| Zcash ZEC | +19.77% | +0.34 pp |
| Maple Finance SYRUP | +17.59% | +0.01 pp |
| MemeCore M | +11.33% | +0.03 pp |
| Bitcoin Cash BCH | +10.58% | +0.25 pp |
| Asset | Return | Contribution |
|---|---|---|
| Flow FLOW | −61.54% | −0.05 pp |
| Aerodrome Finance AERO | −39.48% | −0.05 pp |
| EigenCloud EIGEN | −38.95% | −0.03 pp |
| Starknet STRK | −36.11% | −0.05 pp |
| The Graph GRT | −32.83% | −0.04 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | −4.36 pp | 63.94% → 64.91% |
| Exchange | −0.25 pp | 8.88% → 9.41% |
| Memes | −1.34 pp | 7.42% → 6.63% |
| Payments | −1.03 pp | 7.03% → 6.53% |
| Privacy | +0.29 pp | 3.73% → 4.38% |
| DeFi | −0.65 pp | 4.19% → 3.85% |
| Layer 2 | −0.31 pp | 2.47% → 2.35% |
| Oracles & Infra | −0.23 pp | 0.94% → 0.78% |
| AI | −0.18 pp | 0.79% → 0.66% |
| Other | −0.12 pp | 0.47% → 0.38% |
| Gaming & Metaverse | −0.04 pp | 0.17% → 0.13% |
Contributions are in percentage points of the C100 return and add up to it.
Reconstitution on Jan 5, 2026
One-way turnover 3.50%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| World Liberty Financial WLFI | — | 1.05% | |
| Ethereum ETH | 14.32% | 13.81% | capped |
| Aster ASTER | — | 0.42% | |
| KuCoin Token KCS | 0.34% | removed | |
| XRP XRP | 6.59% | 6.91% | capped |
| Hyperliquid HYPE | 2.20% | 1.96% | |
| Flare FLR | 0.21% | removed | |
| Bitcoin Cash BCH | 2.78% | 2.97% | |
| GateToken GT | 0.19% | removed | |
| Pump.fun PUMP | — | 0.19% | |
| Monero XMR | 1.65% | 1.82% | |
| TRON TRX | 4.65% | 4.50% | capped |
| Shiba Inu SHIB | 1.23% | 1.08% | |
| MemeCore M | 0.34% | 0.46% | |
| Dash DASH | — | 0.12% |
Added (11)
- World Liberty Financial WLFIentered at eligible rank #20 (newcomers need the top 90)
- Aster ASTERentered at eligible rank #34 (newcomers need the top 90)
- Pump.fun PUMPentered at eligible rank #54 (newcomers need the top 90)
- Dash DASHentered at eligible rank #70 (newcomers need the top 90)
- Chiliz CHZentered at eligible rank #76 (newcomers need the top 90)
- DoubleZero 2Zentered at eligible rank #78 (newcomers need the top 90)
- Morpho MORPHOentered at eligible rank #80 (newcomers need the top 90)
- pippin PIPPINentered at eligible rank #81 (newcomers need the top 90)
- AB ABentered at eligible rank #82 (newcomers need the top 90)
- Humanity Hentered at eligible rank #89 (newcomers need the top 90)
- Sun [New] SUNentered at eligible rank #90 (newcomers need the top 90)
Removed (11)
- KuCoin Token KCSno longer eligible: 30-day median volume below $5M
- Flare FLRno longer eligible: 30-day median volume below $5M
- GateToken GTno longer eligible: 30-day median volume below $5M
- Flow FLOWno longer eligible: outside the top 150 after exclusions
- DeXe DEXEno longer eligible: 30-day median volume below $5M
- Theta Network THETAeligible rank #110; dropped because more than 100 assets qualified
- Decentraland MANAeligible rank #114; dropped because more than 100 assets qualified
- Sonic Seligible rank #119; dropped because more than 100 assets qualified
- EigenCloud EIGENeligible rank #123, outside the top 120 that constituents need to stay
- Walrus WALeligible rank #128, outside the top 120 that constituents need to stay
- Jito JTOeligible rank #133, outside the top 120 that constituents need to stay
Concentration
- Top 10 weight
- 65.29%
- Bitcoin + Ethereum
- 27.63%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.