The Agora by Kaiko returns to Cannes on April 13, 2027

Moving Beyond Bitcoin with the KT5 Index

20/02/2025

Welcome to the Index in Focus! This week we’re looking at one of Kaiko Indices Blue Chip product, the Kaiko 5 Index. The benchmark tracks the top five assets in our list of vetted tokens, while still offering diversified returns. In the full report we explore:

  • The performance of EGLC and its constituent assets.

  • The outlook for U.S. related assets.

  • How the U.S. election was a key driver of growth.

Introduction

The KT5 (Kaiko Top 5) is a multi-asset benchmark designed to track leading digital assets while minimizing concentration risk and single points of failure. As of the first quarter of 2025, its constituent assets are BTC, ETH, SOL, DOGE, and XRP. The chart below provides a breakdown of the weighting as of the last rebalance.

Screenshot 2025-02-20 at 15.18.09

The KT5 achieved log returns of over 160% since the beginning of 2023, outperforming ETH by around 50 percentage points. Although the index might have underperformed BTC recently, it has outperformed in early 2023, and in the month after the U.S. election, the index grew at a greater rate than BTC.

Screenshot 2025-02-20 at 15.37.15

Busting correlation myths

Skeptics of crypto indices argue that the industry is too highly correlated, diminishing the value of index investing. However, an analysis of the return correlations among the constituent assets in the KT5 reveals significant variation.

While some pairs, such as BTC and ETH, exhibit high correlation, this is not universally true. For example, SOL has a very low correlation (0.06) with DOGE, and XRP’s correlation with SOL is just 0.18.

These differences demonstrate that crypto indices can offer meaningful diversification benefits. Explore the full report below.

Download the Report.

Download



Explore kaiko data

Our industry-leading research is the direct result of combining our proprietary data with world-class in-house experts. Bringing the very best of Kaiko’s people and data together, we unlock the unique insights that form the basis for our discoveries and analysis. We believe in doing so, our data speaks for itself, helping both our clients and the wider industry get a better understanding of the crypto ecosystem, and the evolving trends and patterns in motion at a regional and global scale.

  • Market Explorer

    Price and transaction volume for centralized exchanges.

  • Market Depth

    All bids and asks on an order book.

  • Blockchain Monitoring

    All users, all transactions, and all history for blockchain wallets.

Never miss an analysis.

Subscribe to our free weekly Data Debrief email, or learn more about our premium research subscriptions here.

More Data Blogs from kaiko

  • Company

    New York

    Kaiko Joins the UK Wholesale Digital Markets Champion Taskforce

    As part of the Task Force Action Group 2, Kaiko will contribute its expertise in institutional-grade market data and data infrastructure to the development of practical secondary-market use cases.

    19/10/2026

    Read More
  • Company

    New York

    Kaiko Brings Its Reference Rates to Private Markets, Powering a 21shares Pre-IPO ETP on Anthropic

    Kaiko brings its reference rates to private markets, powering a 21shares pre-IPO ETP on Anthropic. The Kaiko Anthropic USD Reference Rate (USDT) (London) is Kaiko’s first pre-IPO benchmark embedded in a regulated investment product.

    14/10/2026

    Read More
  • Company

    New York

    S&P Dow Jones Indices and Kaiko Enable First Onchain OTC Swap Referencing a Tokenized Benchmark, Executed by DRW and Marex on Derivnex

    S&P Dow Jones Indices and Kaiko enable the first onchain OTC swap referencing a tokenized benchmark, executed by DRW and Marex on Derivnex. The transaction references the tokenized iBoxx USD Liquid Investment Grade Index and is represented on Derivne...

    13/10/2026

    Read More