CRYPTO100 ® - Top 100 Crypto Index

CRYPTO 100 ® Index (the “Index”) is a rules based benchmark designed to measure the performance of a diversified basket of leading cryptoassets, with a specific emphasis on volatility, adoption, liquidity and tokenomics, not just market cap.

The Index is part of the Crypto Owl Index family, which also includes: CRYPTO 10, CRYPTO 20 and CRYPTO 50 (together, the “Indices”). Each index applies the same core rules to different cut‑offs (top 10, 20, 50, 100).

CRYPTO 100 provides a broad, rules based measure of the cryptoasset market focused on selected cryptoassets and more liquid assets.

• Serve as an educational resource for UK investors using Crypto Owl content and tools (e.g. “how has a diversified crypto basket performed vs Bitcoin alone?”).

• Provide a potential reference for future investment products or portfolios that seek diversified crypto exposure with selection and risk aware tilts.

The CRYPTO 100 Index is not investment advice and does not by itself constitute a financial product.

3.1 Administrator and calculation agent

• CRYPTO 100 Index Sponsor: Crypto Owl (Crypto Owl Limited, UK) – responsible for index design, methodology, and publication of rules.

• CRYPTO 100 Index Calculation Agent: Crypto Owl or a designated third‑party data provider may perform the daily calculation and dissemination of index levels under written procedures.

If, in future, the CRYPTO 100 Index is adopted as a regulated benchmark, an FCA‑authorised benchmark administrator will be appointed, and this document will be updated accordingly.

3.2 Oversight committee

An CRYPTO 100 Index Oversight Committee (the “Committee”) will be established to provide governance and oversight, including:

• Reviewing the Index methodology at least annually.

• Reviewing any proposed methodology changes, clarifications or corrections.

• Monitoring the quality of input data and the effectiveness of controls against errors or manipulation.

The Committee will consist of at least three members, including:

• One senior representative from Crypto Owl.

• One independent member with experience in benchmarks or risk management.

• One subject‑matter expert in digital assets or market structure.

The Committee will operate under documented terms of reference and will not make discretionary constituent picks or market‑timing calls, except where necessary to uphold the integrity of the Index (see “Extraordinary events and committee discretion”).

This CRYPTO 100 methodology document is intended to function as the benchmark statement and methodology for the Indices, including:

• Clear description of the benchmark’s purpose.

• Detailed specification of the underlying market and input data.

• Transparency of calculation methodology and governance.

• Policies for changes, errors, and cessation.

5.1 Asset type

The CRYPTO 100 Index includes spot cryptoassets (also referred to as “tokens” or “coins”) that:

• Are native digital assets on a public blockchain (e.g. Bitcoin, Ethereum).

• Or represent protocol‑level tokens used for fees, staking, or governance in public blockchain networks or decentralised applications.

5.2 Excluded asset types

The following are not eligible:

• Stablecoins intended to maintain a fixed value (e.g. 1:1 to fiat or crypto).

• Wrapped or synthetic versions of other tokens (e.g. wrapped BTC).

• Exchange reward points, non‑transferable loyalty tokens, or non‑fungible tokens.

• Privacy‑focused coins where regulatory status or traceability is materially uncertain.

• Tokens for which pricing is not robustly available from recognised spot markets.

These exclusions align with regulatory and financial‑stability concerns highlighted by the FCA and Bank of England.

5.3 Listing and trading requirements

Each eligible asset must:

• Be listed on at least two independent, reputable centralised exchanges (“Eligible Exchanges”) with robust market‑surveillance and compliance standards.

• Have at least 90 calendar days of observable daily pricing and volume data.

• Have a minimum 30‑day average daily trading volume in the equivalent of at least GBP 1 million, aggregated across Eligible Exchanges.

These criteria are intended to ensure that assets are sufficiently liquid and observable to serve as components of a robust benchmark.

5.4 Regulatory and integrity filters

Assets are ineligible or subject to removal if they are:

• Associated with sanctions, criminal findings, or regulatory enforcement actions that, in the Committee’s reasonable judgement, compromise market integrity.

• Subject to clear, unresolved evidence of fraud, material misrepresentation, or undisclosed related‑party trading that undermines reliable price formation.

This is aligned with regulatory expectations around market integrity and consumer protection.

Input data will be sourced from multiple, reputable providers to improve robustness, for example:

• Price and volume: aggregated from Eligible Exchanges via commercial or public market‑data providers.

• Market capitalisation: derived from circulating supply and consolidated price data.

• On‑chain metrics (where used): sourced from reputable blockchain analytics providers.

• Supply and tokenomics information: obtained from public project documentation, data aggregators, and, where suitable, third‑party research providers.

Where multiple data sources exist, Crypto Owl will favour providers with:

• Established track records.

• Clear methodologies.

• Reasonable controls and service‑level commitments.

7.1 Overview

The CRYPTO 100 ® Index is based on a Crypto Owl Selection Score (“Selection Score”) that seeks to identify and emphasise assets that combine scale with better liquidity, transparency, and risk characteristics.  

Eligible assets are scored on four main dimensions (each scaled 0–100), then combined into a single Selection Score:

1. Volatility (25%).  

2. Liquidity (25%).  

3. Adoption & transparency (25%).  

4. Tokenomics & supply profile (25%).  

Weights can be adjusted modestly over time (e.g. ±10 percentage points) with Committee approval and public notice, but the Selection Score will remain a balanced multi‑factor measure.  

7.2 Volatility score (25%)

- Measure: 90‑day realised volatility of daily returns, annualised.  

- Approach:  

 - Calculate annualised standard deviation of daily log‑returns over the past 90 days.  

 - Map this to a 0–100 score where lower volatility = higher score, using a monotonic transformation (e.g. percentile ranking relative to all eligible assets).  

Rationale: The Bank of England and other authorities highlight crypto volatility as a key risk; rewarding lower, more stable volatility supports a quality tilt without eliminating growth assets.

7.3 Liquidity score (25%)

- Measure: 30‑day average daily trading volume (ADTV) across Eligible Exchanges relative to free‑float market capitalisation, plus number of Eligible Exchanges trading the asset.  

- Approach:  

 - Compute ADTV / free‑float market cap.  

 - Score assets higher where:  

 - ADTV is higher relative to size.  

 - Trading is spread across more than one Eligible Exchange.  

Rationale: Illiquid assets are more vulnerable to manipulation and may not be investable at scale; prioritising more liquid assets improves benchmark robustness.

7.4 Adoption & transparency score (25%)

- Measures may include (where available):  

 - Number of active addresses and/or transactions, or relevant on‑chain usage indicators.  

 - Presence on major global exchanges (beyond the minimum) and inclusion in established institutional indices where applicable.  

- Approach:  

 - Normalise each measure vs the eligible universe.  

 - Combine into a single score, with higher adoption and wider venue coverage yielding higher scores.  

Rationale: Assets actually used and widely traded provide a more meaningful representation of the crypto ecosystem.

7.5 Tokenomics & supply profile score (25%)

- Measures may include:  

 - Circulating supply vs fully diluted supply (higher circulating share scores higher).  

 - Historical and expected inflation / emission rate (lower and more predictable scores higher).  

 - Evidence of credible economic design (e.g. transparent burn/buyback mechanisms, clear vesting schedules).  

- Approach:  

 - Normalise each component and combine into a single score.  

Rationale: Highly dilutive or opaque token structures can expose investors to hidden risks; a favourable supply profile is a key aspect of “quality”.

7.6 Overall Selection Score The overall Selection Score is the weighted average of the four dimension scores.  

Selection Score = 0.25×Volatility + 0.25×Liquidity + 0.25×Adoption + 0.25×Tokenomics (subject to small, disclosed weight adjustments over time).  

8.1 CRYPTO 100 - Constituent selection

1. Define the eligible universe according to Sections 5–7.

2. Compute the Selection Score for each eligible asset.

3. Compute Selection Adjusted Size = Free‑float market capitalisation × Selection Score.

4. Rank assets by Selection Adjusted Size in descending order.

5. CRYPTO 100: select the top 100 assets by rank.

The Index family cuts are then:

• CRYPTO 10: top 10 assets from the Crypto100 universe.

• CRYPTO 20: top 20 assets from the Crypto100 universe.

• CRYPTO 50: top 50 assets from the Crypto100 universe.

• CRYPTO 100: full set of the top 100 assets.

8.2 Weighting scheme and caps

Weights are proportional to Selection Adjusted Size, with diversification caps:

• Start with preliminary weight = Selection Adjusted Size / sum of Selection Adjusted Sizes of all index constituents.

• Apply top 10 aggregate cap (e.g. top 10 assets combined capped at 70-80%)

• Redistribute any excess proportionally to remaining constituents until all constraints are satisfied.

Rationale: This preserves a link to economic size while preventing excessive concentration in a small number of assets, in line with good benchmark practice and diversification expectations.

9.1 Regular review schedule

• Full reconstitution and rebalancing: Quarterly (e.g. March, June, September, December) based on data up to a pre‑defined cut‑off date.

• Buffer rules (optional): To reduce turnover, assets may only enter if they rise above rank 90, and leave if they fall below rank 110 (for CRYPTO 100), with similar buffers for other indices.

CRYPTO 100 Index levels are calculated and published daily; constituent lists and weights are updated and published on the effective rebalancing dates.

9.2 Extraordinary events and committee discretion

The Committee has limited discretion to act only to preserve the integrity of the Index, including:

• Removing assets that become clearly ineligible due to fraud, sanctions, or severe regulatory action between scheduled reviews.

• Making reasonable adjustments when data errors or exchange failures materially impact published input data.

Any such actions will be:

• Documented in Committee minutes.

• Disclosed publicly on Crypto Owl websites as soon as reasonably practicable, including the rationale and impact.

The Committee will not deliberately time the market or select constituents on subjective investment views.

CRYPTO 100 Index levels are calculated once per Business Day using closing prices (or a defined daily reference time, e.g. 16:00 London time) from the primary data providers.

• The CRYPTO 100 Index is calculated on a total return basis assuming no staking or yield is reinvested, unless otherwise specified. If a staking inclusive or income variant is created, it will be labelled separately.

• Index values and constituent lists will be published on crypto100.co.uk and/or cryptoowl.co.uk, and may be disseminated to third‑party data vendors.

Crypto Owl may amend this methodology where necessary to:

• Improve robustness or alignment with regulatory expectations.

• Reflect material, sustained changes in the underlying crypto markets (e.g. new data standards).

Changes will follow this process:

1. Proposal drafted by Crypto Owl or the Calculation Agent.

2. Review and approval (or rejection) by the Committee.

3. Public consultation where changes are material and affect index users.

4. Publication of a Methodology Change Notice at least 30 days before effective date, where reasonably possible.

Where urgent corrections are needed to address manifest errors or regulatory concerns, changes may be implemented more rapidly with appropriate disclosure.

• Crypto Owl does not warrant that the Indices are suitable for any particular use and does not provide investment advice.

• Cryptoassets are high risk investments and may not be appropriate for all investors; users should consider FCA and Bank of England communications on cryptoasset risks.