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Bitwise has reshuffled the holdings of its Bitwise 10 Crypto Index ETF (BITW), removing Polkadot (DOT) and Avalanche (AVAX) while adding Stellar (XLM) and decentralized exchange token Hyperliquid (HYPE). The move highlights a growing institutional preference for crypto projects with strong revenue generation over blockchain networks focused primarily on future growth potential.
Hyperliquid entered the index with an allocation of roughly 0.95%, joining leading digital assets such as Bitcoin (BTC), Ethereum (ETH), and XRP. The inclusion underscores the token's rapid rise as one of the standout performers in the cryptocurrency market this year.
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 also attracted attention through its HIP-3 upgrade, which directs 99% of protocol fees toward token buybacks and burns. This mechanism has drawn comparisons to traditional stock buyback programs, 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. The fund now trades near $41.01.
Despite the price weakness, the ETF has maintained solid market liquidity. Its bid-ask spread on NYSE Arca has remained around 0.2%, indicating efficient trading conditions for investors.
The latest rebalancing follows Bitwise's earlier push into Hyperliquid. In May, the asset manager launched a dedicated spot Hyperliquid ETF, beating competitors including Grayscale and VanEck to market. With HYPE now included in the firm's flagship crypto index fund, the token has further strengthened its reputation as an emerging blue-chip cryptocurrency alongside Bitcoin, Ethereum, XRP, and Stellar.
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