The first quarter of 2025 marks a pivotal moment for the digital asset landscape, as IX Asia Indexes releases the latest updates from its quarterly review of the ixCrypto Index Series. Effective April 18, 2025, these changes reflect shifting market dynamics, including fluctuations in market capitalization, trading volume, and project sustainability across the cryptocurrency ecosystem.
This comprehensive review impacts multiple indices within the ixCrypto family, including flagship benchmarks like the ixCrypto Index (IXCI), portfolio-focused indexes, stablecoin tracking tools, and infrastructure-based indexes. With Bitcoin’s dominance fluctuating and new entrants like Hedera and Sui gaining ground, investors and institutions alike are reevaluating exposure strategies in a maturing crypto market.
ixCrypto Index (IXCI): Streamlining for Market Relevance
The ixCrypto Index (IXCI), designed to represent the top 80% of free-float-adjusted market cap in the crypto universe while maintaining high liquidity standards, now includes 18 constituents—down from previous counts due to strategic deletions and one addition.
Key Changes:
- Added: Hedera (HBAR)
- Removed: Pepe (PEPE), Near Protocol (NEAR)
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These adjustments follow rigorous evaluation based on 90-day average market capitalization and trading volume. Post-rebalancing, the index covers 83.10% of total crypto market cap (excluding stablecoins), with 74.47% coverage in average trading volume.
Bitcoin remains the largest holding at a capped 40% weight—consistent with IXCI’s methodology to prevent overconcentration. Despite a 11.13% price drop since the last review, Bitcoin continues to anchor the index, followed by Ethereum at 23.56%. Notably, the broader crypto market saw an 8.65% increase in total market cap (rising from $2.89 trillion to $3.14 trillion), even as daily trading volumes declined by 19.73%—a sign of reduced speculative activity.
Why Hedera Was Added
Hedera Hashgraph has demonstrated consistent growth in enterprise adoption and network throughput. Its governance model, anchored by a council of global organizations, enhances credibility—making it a strong fit for index inclusion under strict regulatory-aware criteria.
Pepe, a meme coin lacking utility or sustainable demand, failed volume buffer requirements. Similarly, Near Protocol, though technologically robust, experienced declining liquidity relative to peers.
ixCrypto Portfolio Indexes: Strategic Rotation in Mid-Tier Assets
Portfolio-focused indexes aim to offer diversified exposure using equal-weight or square-root weighting models. The most notable changes occurred in the 10-asset variants.
ixCrypto 10 Equal Weight & Square Root Indexes (IXEW10 / IXSR10)
- Added: Chainlink (LINK), Stellar (XLM)
- Removed: Toncoin (TON), Shiba Inu (SHIB)
Chainlink’s re-entry underscores its enduring role in decentralized finance (DeFi) as a leading oracle provider. Stellar’s inclusion reflects renewed interest in cross-border payment solutions amid rising global remittance demand.
Shiba Inu and Toncoin were removed due to weakening volume profiles and increasing centralization concerns.
ixCrypto Altcoin 10 EW & SR Indexes (IXAEW10 / IXASR10)
- Added: Stellar (XLM), Sui (SUI)
- Removed: Toncoin (TON), Shiba Inu (SHIB)
Sui, a Move-based Layer 1 blockchain developed by former Meta engineers, is gaining traction for its high-speed transaction processing and developer-friendly environment—making it a forward-looking addition aligned with innovation trends.
BTC/ETH Index Dynamics: Rebalancing Market Realities
The relationship between Bitcoin and Ethereum has shifted significantly since late 2024.
As of March 31, 2025:
- Bitcoin represented 56.20% of combined BTC/ETH market cap
- Ethereum held 43.80%
This marks a reversal from December 2024 when Ethereum briefly surpassed Bitcoin in this dual-asset segment—driven by ETF approvals and network upgrades.
Adjustments to Key Indexes:
ixCrypto BTC/ETH 5050 Index (IX5050)
Weights will be reset to 50%/50%, maintaining its purpose as a balanced benchmark for investors seeking parity between the two giants.
ixCrypto BTC/ETH Proportional Index (IXPI)
Will reflect actual market weights: approximately 88.23% Bitcoin / 11.77% Ethereum, correcting distortions caused by temporary Ethereum momentum.
These recalibrations ensure that both strategic and passive investors can rely on accurate, real-time representations of market structure.
Stablecoin & Infrastructure Index Updates
ixCrypto Stablecoin Index
Now composed of four major players:
- Tether (USDT)
- USD Coin (USDC)
- Ethena USDe (USDe)
- Dai (DAI)
First Digital USD (FDUSD) was removed due to declining market confidence and transparency issues—an outcome of stricter exchange vetting processes.
Despite representing only 6.65% of the overall crypto universe, stablecoins are critical for pricing stability and on/off-ramp functionality. The current index covers 98.64% of stablecoin market cap liquidity.
ixCrypto Infrastructure Index
No changes were made—retaining all 23 constituents. This stability signals resilience among core blockchain infrastructure projects supporting consensus mechanisms, node operations, and decentralized storage.
Exchange Review: Trust, Liquidity, and Transparency
A robust index requires reliable price data. To ensure fair value calculations, IX Asia Indexes conducts quarterly exchange reviews assessing:
- Trading volume accuracy
- API reliability
- Founders’ background checks
- Pair availability (USD/USDT/USDC/BTC)
- Overconcentration risk
Approved Exchanges (8):
- Binance
- Bybit
- Coinbase Advanced
- OKEX
- Gate.io
- Bitrue
- Bitget
- Whitebit
Removed:
- Upbit
- DigiFinex
These exclusions follow concerns over data reporting inconsistencies and limited international accessibility.
All index values are derived from a fair average price across these approved platforms, updated every five seconds—ensuring real-time accuracy for traders and institutions.
Core Keywords & Market Implications
The key themes emerging from this quarter’s review include:
- Market maturation: Utility-driven projects outperforming speculative assets
- Institutional-grade standards: Emphasis on transparency, liquidity, and governance
- Index rebalancing discipline: Regular reviews maintain relevance and trust
Core Keywords: ixCrypto Index, crypto index rebalancing, Bitcoin dominance, digital asset portfolio, stablecoin market, cryptocurrency market cap, blockchain infrastructure, institutional crypto investing
These terms naturally align with growing search intent around benchmarking tools, investment strategy formulation, and regulatory-compliant digital asset management.
Frequently Asked Questions (FAQ)
Q: When do the index changes take effect?
A: All constituent changes are effective April 18, 2025.
Q: Why was Pepe removed from IXCI?
A: Pepe failed to meet minimum liquidity thresholds based on 90-day average trading volume—a core requirement for inclusion.
Q: How often are ixCrypto indexes rebalanced?
A: Quarterly, with fast-entry rules allowing immediate inclusion if a cryptocurrency meets exceptional growth criteria.
Q: Can I access real-time index data?
A: Yes—real-time feeds update every 5 seconds via Bloomberg, Reuters, and Nasdaq GIDS under tickers IXCI, IXBI, and IXEI.
Q: What is the weighting methodology for IXCI?
A: Free-float-adjusted market cap weighted, with a maximum cap of 40% per constituent to avoid dominance distortion.
Q: Why is Hedera considered index-worthy?
A: Hedera demonstrates strong enterprise adoption, auditable governance via a multi-org council, and consistent network performance—key factors in institutional acceptance.
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With increasing demand for transparent, rules-based benchmarks in digital assets, the ixCrypto Index Series continues to set the standard for accuracy and reliability in a rapidly evolving market. As we move deeper into 2025, expect further integration of these indexes into ETFs, structured products, and risk management frameworks worldwide.
Whether you're building a diversified portfolio or analyzing macro trends in blockchain adoption, staying informed on index movements offers actionable insights into where value is being created—and where it may be fading.
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