Hashdex has added Hyperliquid's native token HYPE to its Nasdaq Crypto Index US ETF, NCIQ, for the first time at a 3.4% weighting, making it the fifth-largest holding behind Bitcoin, Ethereum, XRP and Solana. The regulated fund tracks the Nasdaq CME Crypto Index and held roughly $431.37 million in net assets as of September 1, when shares closed at $19.46 against a net asset value of $19.50. Bitcoin's weighting dropped from 78% to 74.6% and Solana's share rose from 3.2% to 3.7%. Remaining holdings include Ethereum, XRP, Cardano, Chainlink, Stellar and Bitcoin Cash. Hyperliquid is a layer-1 blockchain built around on-chain perpetual futures trading. Perpetual futures enable traders to speculate on price without owning the underlying asset. HYPE reached an all-time high of $84.80 in late August driven by a buyback program funded by reserve yield. As of the latest data, HYPE trades at $81.76, up 5.74% in 24 hours, with a market capitalization near $18.31 billion, ranking tenth among cryptocurrencies. The inclusion reflects steady institutional demand for crypto ETFs, with strong spot Bitcoin ETF inflows and recent Solana ETF inflows at a multi-month high. Rival index providers take varied approaches to asset selection, including a Bitcoin-free benchmark from S&P Dow Jones and Pantera.