Bitwise's prominent 10 Crypto Index ETF has undergone a significant adjustment, with Polkadot (DOT) and Avalanche (AVAX) being removed while Hyperliquid (HYPE) and Stellar (XLM) have been incorporated. This reshuffling, part of the fund's regular monthly rebalance, reflects the dynamic nature of the cryptocurrency market and Bitwise's strategy to maintain a portfolio that mirrors the top 10 largest eligible cryptocurrencies by market capitalization. The inclusion of HYPE and XLM provides investors with diversified exposure to these digital assets, enabling participation in their growth without the complexities of direct ownership.
The changes were formally announced following the fund's rebalancing process on July 9, 2026. Hyperliquid, with its impressive market valuation, has secured a 0.93% weighting in the ETF, positioning it as the fifth most substantial holding, surpassing other notable cryptocurrencies such as Cardano (ADA) and Chainlink (LINK). Stellar, while holding a smaller 0.38% weight, also met Bitwise's eligibility criteria, ensuring its place in the index. Bitcoin (BTC) continues to dominate the fund, maintaining a commanding 77.54% share. Hyperliquid's ascent is attributed to its substantial market capitalization, estimated at approximately $15 billion, and its strong performance, having recently approached an all-time high of $76.70. The project's leadership in the decentralized perpetual futures exchange market further solidifies its position.
The removal of Polkadot and Avalanche from the ETF does not signify a negative assessment of their underlying technologies or projects. Instead, it underscores their shift in market rankings. Both DOT and AVAX experienced considerable growth during the 2021 bull market, with DOT reaching a peak of $54.98 and AVAX exceeding $144. However, their market positions have since declined significantly, leading to their exclusion from the top-tier index. Despite these changes, the fundamental operations and development of both networks remain unaffected. Both cryptocurrencies were part of the BITW fund since its inception on NYSE Arca in December 2025.
Looking ahead, Hyperliquid appears poised to retain its spot in the Bitwise 10 Crypto Index ETF. Its current market value far exceeds that of Polkadot and Avalanche, and it shows strong demand signals, including fresh capital inflows into HYPE-related products. Bitwise itself has launched a dedicated spot Hyperliquid ETF, BHYP, indicating confidence in its long-term potential. However, a potential risk lies in the future unlock schedule of HYPE tokens. With only about 22% of its maximum supply currently in circulation, future unlocks could introduce price pressure if demand does not keep pace with the increased supply. The rapid decline of DOT from a launch constituent to its current ranking serves as a reminder of the volatile nature of the crypto market and the importance of sustained demand in maintaining a high-ranking position within such an index.
