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Bitwise has added Hyperliquid (HYPE) to the Bitwise 10 Crypto Index ETF (BITW), the world's largest crypto index fund, while removing Polkadot (DOT) and Avalanche (AVAX). Stellar (XLM) was also added in the reconstitution.
Why it matters
HYPE enters BITW with an approximate 0.95% weighting, a small slice on paper but a meaningful legitimacy stamp for a token that posted $1.34 trillion in trading volume, $320 million in revenue, and a 165% year-to-date gain through the first half of 2026. Index inclusion is the mechanism that turns a strong performer into a default holding for passive flows.
Market impact
The removals are the other half of the story. DOT and AVAX had been entrenched index constituents, and their exit reflects Bitwise's quarterly recalibration toward market-cap rankings and weight optimization. Funds tracking BITW will mechanically sell DOT and AVAX and buy HYPE and XLM at the rebalance, a modest but predictable flow that adds one more bidder to Hyperliquid and one more seller to the two incumbents.
Frequently asked questions
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What changed in the Bitwise 10 Crypto Index ETF (BITW) this rebalance?
Bitwise added Hyperliquid (HYPE) and Stellar (XLM) to BITW, and removed Polkadot (DOT) and Avalanche (AVAX). HYPE enters with an approximate 0.95% weighting.
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Why did Bitwise add Hyperliquid to BITW?
HYPE posted $1.34 trillion in trading volume, $320 million in revenue, and a 165% year-to-date gain through H1 2026. Bitwise's reconstitution is driven by constituent weight optimization and market-cap rankings.
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What does BITW index inclusion mean for HYPE's price?
Funds tracking BITW mechanically buy HYPE at the rebalance. Even a 0.95% weighting produces a passive bid from the world's largest crypto index fund, converting a strong performer into a default holding.
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Why were DOT and AVAX removed from BITW?
Bitwise runs a quarterly recalibration that prioritizes market-cap rankings and weight optimization. DOT and AVAX fell out of the top tier this cycle and were replaced by HYPE and XLM.
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How large is the Bitwise 10 Crypto Index ETF?
BITW is described as the world's largest crypto index fund, giving its constituent changes real flow impact for any fund tracking the index.
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