Bitwise 10 Crypto Index ETF adds HYPE at 0.93% weighting

Bitwise has updated its Bitwise 10 Crypto Index ETF, or BITW, by adding Hyperliquid’s HYPE token at a 0.93% weight and Stellar’s XLM at 0.38%, while removing Polkadot and Avalanche in its latest monthly rebalance. The fund automatically holds the 10 largest eligible crypto assets by market capitalization after screening, giving investors exposure to the new entrants without buying the tokens directly. Bitcoin remains the dominant holding at 77.54%. The reshuffle reflects changes in rankings rather than a judgment on the underlying networks. Hyperliquid, which runs a leading decentralized exchange for perpetual futures, entered the fund as the 10th-largest cryptocurrency at roughly $15 billion in market value and traded near $67.92 after reaching an all-time high of $76.70 on June 16. Stellar ranked 18th overall, but qualified through Bitwise’s eligibility screens. Polkadot and Avalanche were removed after sharp declines from their 2021 cycle peaks. DOT, which peaked at $54.98 in November 2021, traded near $0.83 and ranked 53rd, while AVAX, which topped $144 that same month, traded near $6.76 and ranked 32nd. Both tokens were part of BITW when it debuted on NYSE Arca in December 2025 and remained in the fund for roughly six months. Recent crypto ETF flow data also pointed to fresh demand for HYPE-linked products even as Bitcoin funds saw outflows, and Bitwise runs a dedicated spot Hyperliquid ETF, BHYP. A key risk for HYPE remains token unlocks: only about 22% of its 1 billion maximum supply is currently circulating, leaving a fully diluted valuation of nearly $64 billion, more than four times its current market cap.