Key Highlights
- Bitwise added Hyperliquid (HYPE) and Stellar (XLM) to its BITW ETF during the latest rebalance.
- Polkadot (DOT) and Avalanche (AVAX) were removed following changes in market capitalization rankings.
- Bitcoin (77.54%) and Ethereum (13.04%) continue to dominate the portfolio with over 90% combined weighting.
- The rebalance increases exposure to DeFi trading infrastructure and cross-border payments.
Bitwise Asset Management, a crypto asset manager, has updated the composition of its Bitwise 10 Crypto Index ETF (BITW), adding Hyperliquid (HYPE) and Stellar Lumens (XLM) while removing Polkadot (DOT) and Avalanche (AVAX).
The changes are reflected in the fund’s holdings data as of July 7, 2026. The ETF tracks the 10 largest cryptocurrencies by market capitalization, with periodic rebalancing to align with market developments.
Current Portfolio Composition
Bitcoin continues to dominate the fund, accounting for approximately 77.54% of holdings at a price of $62,140.83. Ethereum follows at around 13.04%, with XRP making up 4.21%.
The new additions include:
- Hyperliquid (HYPE) at $67.00, representing 0.93% of the portfolio.
- Stellar Lumens (XLM) at $0.18, with a 0.38% weighting.
Other holdings in the fund are Solana (2.78%), Cardano (0.39%), Chainlink (0.34%), Litecoin (0.21%), and Sui (0.17%).
Polkadot and Avalanche were removed from the index following the rebalance, consistent with shifts in their relative market capitalizations.
Details of the Rebalance
The inclusion of Hyperliquid introduces exposure to a blockchain focused on decentralized perpetual futures trading. Stellar Lumens, known for its focus on cross-border payments, also enters the portfolio. The departures of Polkadot, which emphasizes interoperability, and Avalanche, recognized for its subnet architecture, reflect changes in market rankings among major cryptocurrencies.
Implications for Investors
Bitwise applies a rules-based methodology for the index, adjusting components based on market capitalization and liquidity criteria. Such rebalances are standard for index-tracking ETFs and occur at regular intervals to maintain alignment with the underlying market.
For shareholders in BITW, the adjustments mean a shift in sector exposure. The addition of Hyperliquid increases the fund’s weighting toward decentralized finance (DeFi) trading infrastructure, while Stellar adds exposure to payments-focused assets. The removal of Polkadot and Avalanche reduces exposure to multi-chain and scalability platforms that had been part of the top 10 in prior periods.
The fund remains heavily concentrated, with Bitcoin and Ethereum together comprising over 90% of assets. This structure means BITW’s performance will continue to be driven primarily by the two largest cryptocurrencies, with smaller holdings contributing only marginal influence.
Investors should be aware that cryptocurrency markets are volatile. The inclusion of newer assets such as Hyperliquid may introduce different risk characteristics compared to the removed assets. All holdings remain subject to change, and current and future allocations carry market risk.
Bitwise CEO Highlights Hyperliquid as a Leading “Revenue Chain”
Bitwise Asset Management CEO Hunter Horsley has identified Hyperliquid as one of the top platforms in a new crypto asset class he calls “revenue chains,” blockchains that generate sustainable income through actual on-chain economic activity rather than token emissions.
The statement, made on May 21, comes shortly after Bitwise launched BHYP, the first spot Hyperliquid ETF available to U.S. investors. The ETF also enables staking of HYPE tokens through Bitwise’s infrastructure.
Horsley positioned Hyperliquid alongside Solana as leaders in this category, citing strong community, usage, and real-world utility. He suggested both platforms are well-placed to benefit from broader blockchain adoption.
HYPE price slips despite positive addition
Hyperliquid (HYPE) is currently trading at $67.40, down 0.64% in the last 24 hours but up 2.75% over the past week. The token has a market capitalization of approximately $17.06 billion and recorded 24-hour trading volume of $356.7 million.
The price remains well below its all-time high of $76.85 (reached June 16, 2026), reflecting a 12% drawdown from peak levels. However, it is significantly above its all-time low of $3.20 from November 2024.
With only about 26.5% of the total supply (953.38M) in circulation, HYPE exhibits notable volatility typical of newer large-cap tokens. Recent price action shows consolidation after a strong uptrend earlier in July.
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