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AVAX 
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DOT 
HYPE 
XLM Bitwise adjusts the composition of its flagship cryptocurrency index ETF: Remove Polkadot and Avalanche and include Hyperliquid and Stellar
Bitwise has removed Polkadot ($DOT) and Avalanche ($AVAX) from its flagship Bitwise 10 cryptocurrency index ETF (BITW) and replaced them with Hyperliquid ($HYPE) and Stellar ($XLM). The adjustment, announced on July 9, 2026, marks one of the most significant intergenerational changes since the fund\'s listing on the New York Stock Exchange in Arca.
Blue chips from the previous cycle took a back seat
During the 2021 bull market, both $DOT and $AVAX are considered top Layer-1 assets. Although this adjustment will not affect the actual functions of these two tokens on the chain, their withdrawal from the most well-known passive investment products in the cryptocurrency field has symbolic significance.
In the last bull market, these two were long regarded as blue-chip Layer-1 assets. However, a reorganization process based on component weight optimization and market value ranking determined that they no longer meet the inclusion criteria. Both tokens were added when BITW was listed on the New York Stock Exchange in Arca in December 2025 and will last for approximately six months.
The market value of $HYPE is approximately US$15 billion, which is 10 times that of $DOT and 5 times that of $AVAX. It is this market capitalization gap, not market sentiment, that drives BITW\'s methodology.
BITW aims to track the top ten cryptocurrency asset indices screened by Bitwise experts, using market capitalization weighting and rebalancing on a monthly basis.
$HYPE wins seat based on transaction volume rather than narrative
In the first half of 2026,$HYPE\'s transaction volume reached US$1.34 trillion, and revenue reached US$320 million, an increase of 165% during the year. The data makes it very different from most crypto assets, and Bitwise\'s exponential methodology captures this change.
The rebalancing results showed that $HYPE was added with a weight of 0.93%, becoming the fund\'s fifth largest position, ahead of Cardano, Chainlink, Litecoin and Sui. Bitcoin still accounts for 77.54% of the fund.
Hyperliquid is a decentralized perpetual contract exchange that belongs to DeFi-native infrastructure rather than the universal Layer-1 blockchain. Its addition, alongside established assets, shows that the index is increasingly willing to use real economic activity, revenue generation capabilities and on-chain transaction volume as measures of legitimacy.
Approximately 95% or more of trading revenue is used to repurchase $HYPE tokens on the open market, thereby reducing supply and supporting prices.
Bitwise\'s interest in Hyperliquid is not limited to the index. The Bitwise Hyperliquid ETF (NYSE: BHYP) began trading on May 15, 2026. As traditional financial investors increase their exposure to Hyperliquid, cumulative net inflows to the $HYPE ETF have exceeded US$100 million.
Index inclusion usually drives passive demand, while exclusion can quietly have the opposite effect. This means that the exit of $DOT and $AVAX from BITW may further drag down their already depressed prices.
BITW rebalances monthly and weights assets by market value after screening, which means that tokens may come in and out of the fund when rankings, liquidity and index checks change. The more pressing question for $HYPE is whether it can retain its seat in the next reorganization.
