According to reports from BeInCrypto, Bitwise has made significant changes to its flagship Bitwise 10 Crypto Index ETF (BITW) by removing Polkadot (DOT) and Avalanche (AVAX) from the fund's latest monthly rebalance on July 9, 2025. The fund has added Hyperliquid (HYPE) and Stellar (XLM) to replace the exiting tokens. BITW operates as a crypto stock index fund that automatically holds the 10 largest eligible coins by market cap, providing investors exposure to these new additions without direct purchase requirements.
As reported by BeInCrypto, the rebalance results show HYPE entering at a 0.95% weight and XLM at 0.38%. This positions HYPE as the fund's fifth-largest holding, ahead of Cardano (ADA), Chainlink (LINK), Litecoin (LTC), and Sui (SUI). Bitcoin (BTC) still accounts for 77.54% of the fund's total holdings. HYPE's market cap of approximately $15 billion ranks it 10th among all cryptocurrencies, while XLM ranks 18th overall but qualifies through Bitwise's eligibility screens. The protocol's dominance in decentralized perpetual futures trading drives its current ranking.
According to recent reports, Hyperliquid has delivered impressive financial results in the first half of 2026, recording approximately $1.34 trillion in trading volume and generating around $320 million in net revenue. Its native HYPE token has climbed 165% since the start of the year, making it one of the best-performing major crypto assets. The platform has attracted attention through its HIP-3 upgrade, which directs 99% of protocol fees toward token buybacks and burns, drawing comparisons to traditional stock buyback programs and making the token more appealing to institutional investors seeking sustainable value creation.
The portfolio adjustment comes as the Bitwise 10 Crypto Index ETF continues to recover from a prolonged decline. BITW reached a high of $78.74 in September 2025 before falling to $44.92 in April 2026 and now trades near $41.01. The ETF held $580.6 million in net assets as of July 6, 2026, and ETF.com recognized BITW with a best new crypto ETF award earlier in 2026. Despite the price weakness, the ETF has maintained solid market liquidity with its bid-ask spread on NYSE Arca remaining around 0.2%, indicating efficient trading conditions for investors. The latest rebalancing follows Bitwise's earlier push into Hyperliquid, with the asset manager launching a dedicated spot Hyperliquid ETF in May, beating competitors including Grayscale and VanEck to market.
For large players, this looks like a classic and straightforward stock buyback. The index urgently needed fresh blood. BITW has been sliding for almost a year: in September 2025, it peaked at $78.74, by April it had fallen to $44.92, and now it trades around $41.01. For Bitwise, this is a logical move. In May, it had already launched a separate spot ETF on Hyperliquid, beating Grayscale and VanEck. Now HYPE has officially secured its status as a new "blue chip." Institutions are clearly shifting priorities. Instead of promise-based blockchains, they are choosing projects that generate real revenue right now. This trend reflects the broader market's focus on projects with tangible financial performance, as evidenced by Hyperliquid's impressive trading volumes and revenue generation.
