Reports · Methodology 2.1
C100 monthly report: April 2026
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
- +5.27%
- Bitcoin
- +11.85%
- Ethereum
- +7.23%
- C100 year to date
- −19.34%
C100 closed the month at 7,082.86 (May 1, 2026, 00:00 UTC), −29.1% 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 rose 5.3% in April 2026, underperforming Bitcoin (+11.8%) by 6.6 pp and underperforming Ethereum (+7.2%) by 2.0 pp.
The equal-weight C100-EW rose 6.4%, so the larger constituents did worse than the average constituent.
Layer 1 added most to the return (+3.26 pp) and DeFi detracted most (−0.33 pp).
Among the constituents at month end, Pudgy Penguins (PENGU) had the largest gain (+53.5%) and World Liberty Financial (WLFI) the largest loss (−38.5%).
Year to date the index is down 19.3%; it ended April 29.1% below its all-time high of 9,996.45 (November 20, 2025).
At the rebalance on May 4, 2026, weights were reset to target with one-way turnover of 1.8%. Membership is reviewed quarterly, so no assets were added or removed.
After the review, the ten largest constituents made up 65.2% of the index and Bitcoin and Ethereum together 28.3%; 7 assets' weights were set by a cap rule.
April 2026: C100 vs Bitcoin and Ethereum
Returns
| Index or asset | April | Year to date |
|---|---|---|
| C100 | +5.27% | −19.34% |
| C100 Equal Weight | +6.43% | −18.36% |
| C25 | +4.69% | −19.37% |
| C100 ex-BTC | +4.15% | −20.66% |
| Bitcoin | +11.85% | −12.81% |
| Ethereum | +7.23% | −23.95% |
Best and weakest constituents
| Asset | Return | Contribution |
|---|---|---|
| Pudgy Penguins PENGU | +53.53% | +0.07 pp |
| Zebec Network ZBCN | +52.72% | +0.03 pp |
| DeXe DEXE | +41.67% | +0.07 pp |
| Zcash ZEC | +41.22% | +0.53 pp |
| JUST JST | +41.08% | +0.06 pp |
| Asset | Return | Contribution |
|---|---|---|
| World Liberty Financial WLFI | −38.48% | −0.36 pp |
| Midnight NIGHT | −32.29% | −0.05 pp |
| LayerZero ZRO | −24.11% | −0.04 pp |
| OFFICIAL TRUMP TRUMP | −20.82% | −0.05 pp |
| Bittensor TAO | −18.78% | −0.18 pp |
Sectors
| Sector | Contribution | Weight start → end |
|---|---|---|
| Layer 1 | +3.26 pp | 63.97% → 61.54% |
| Memes | +1.22 pp | 7.78% → 8.38% |
| Exchange | −0.03 pp | 8.18% → 8.11% |
| Payments | +0.15 pp | 6.95% → 7.08% |
| Privacy | +0.89 pp | 3.67% → 5.91% |
| DeFi | −0.33 pp | 4.64% → 4.04% |
| Layer 2 | +0.01 pp | 2.13% → 1.90% |
| Oracles & Infra | +0.05 pp | 0.88% → 1.10% |
| AI | +0.06 pp | 0.79% → 1.07% |
| Other | 0.00 pp | 0.95% → 0.71% |
| Gaming & Metaverse | −0.01 pp | 0.07% → 0.15% |
Contributions are in percentage points of the C100 return and add up to it.
Rebalance on May 4, 2026
One-way turnover 1.81%, 100 constituents. All rebalances
| Asset | Before | After | Cap |
|---|---|---|---|
| Bitcoin BTC | 14.95% | 14.14% | capped |
| Dogecoin DOGE | 4.91% | 4.50% | capped |
| BNB BNB | 6.74% | 7.07% | capped |
| Ethereum ETH | 14.46% | 14.14% | capped |
| Solana SOL | 5.37% | 5.58% | capped |
| XRP XRP | 6.87% | 7.07% | capped |
| Zcash ZEC | 2.01% | 1.86% | |
| MemeCore M | 1.02% | 1.11% | |
| Cardano ADA | 2.54% | 2.61% | |
| TRON TRX | 4.44% | 4.50% | capped |
| Gram (prev. Toncoin) GRAM | 0.94% | 1.00% | |
| Chainlink LINK | 1.87% | 1.92% | |
| Stellar XLM | 1.48% | 1.54% | |
| Morpho MORPHO | 0.22% | 0.26% | |
| Bitcoin Cash BCH | 2.61% | 2.57% |
Concentration
- Top 10 weight
- 65.21%
- Bitcoin + Ethereum
- 28.28%
- Weights set by a cap
- 7
- Constituents
- 100
Target weights after the review.