Updated for Q1 2025: Kaiko Spot Exchange Ranking
Welcome to the index in focus!
Welcome to the Index in Focus! After a bright start, the first quarter ended in a bloodbath for most digital assets. The shift in broad market sentiment over the quarter resulted in a shift to more established assets. In the report, we explore:
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KT10 Q1 Performance
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New Weightings Follow Market Shakeout
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XRP versus SOL
Introduction
The market decline in Q1 resulted in shifts in crypto indices weights, reflecting the trends seen in the underlying spot markets. There has been a flight to quality among cryptocurrency investors, and similarly, the KT10 is weighting more towards established assets and away from thematic tokens such as DOGE. XRP’s weighting in the KT10 is now 17.7%, up from 7% in January, as the token bucks trends seen in other altcoins.
XRP became a major competitor to other assets, such as SOL, over this quarter, as reflected by its highest weighting in Kaiko’s 10 Index and its returns: XRP’s quarterly returns closed at -7.25%, significantly outperforming SOL, which recorded a -34.7% decline.
XRP has gained substantial traction among U.S. asset managers, evidenced by having more open filings than any other digital asset since Gary Gensler’s last day. Despite the broader market downturn, positive sentiment toward XRP persists, supported by an enhanced liquidity on spot markets.
Read more on the shift in asset weights after our latest rebalancing in the report below!