Bitwise adds HYPE to top 10 crypto ETF, drops DOT and AVAX

Hyperliquid's HYPE token entered the Bitwise 10 Crypto Index ETF at a 0.93% weighting on July 9, replacing Polkadot and Avalanche in the fund's monthly rebalance.

The rebalance follows Bitwise's market-cap-weighted methodology, which automatically tracks the 10 largest eligible coins, the firm said in its index reconstitution report. Stellar also joined the fund at a 0.38% weight, while Bitcoin retained its dominant position at 77.54% of the portfolio.

HYPE's $15 billion market capitalization ranks it 10th among all cryptocurrencies, according to CoinGecko data. The token trades near $67.92, weeks after hitting an all-time high of $76.70 on June 16. Hyperliquid runs the dominant decentralized exchange for perpetual futures, leading that sector by a wide margin in trading volume. The platform recorded $1.34 trillion in trading volume and $320 million in revenue during the first half of 2026, a 165% year-to-date gain that helped secure its index seat.

The removals reflect market-cap rankings rather than any judgment on the projects themselves. DOT peaked at $54.98 in November 2021 but now trades near $0.83, a 98% decline that leaves it ranked 53rd among all cryptocurrencies. AVAX topped $144 the same month and has since lost 95%, sitting at $6.76 in 32nd place. Both tokens had joined BITW at its NYSE Arca debut in December 2025 and lasted roughly six months in the fund.

Token Unlocks Pose the Biggest Risk to HYPE's Position

HYPE's $15 billion market value is 10 times DOT's, five times AVAX's, and more than double Stellar's $6.2 billion, making a near-term ranking flip unlikely. Demand signals also support the token: recent crypto ETF flows showed HYPE products drawing fresh capital while Bitcoin funds recorded outflows, and Bitwise already runs a dedicated spot Hyperliquid ETF under the ticker BHYP.

The main threat comes from within. Only about 22% of HYPE's 1 billion maximum supply is circulating today, and its fully diluted value of nearly $64 billion is over four times its market cap. Scheduled token unlocks could pressure prices as new supply enters the market, according to BeInCrypto's Hyperliquid price outlook. HYPE's weighting in BITW makes it the fund's fifth-largest holding, ahead of Cardano, Chainlink, Litecoin and Sui.

For now, HYPE holds the strongest hand among BITW's smaller holdings, provided demand keeps outrunning its unlock schedule. DOT's slide from a top-10 launch roster to 53rd place shows how quickly the table can turn in crypto markets. The next BITW rebalance will determine whether HYPE can defend its seat or follow the same path as the tokens it replaced.

This article is for informational purposes only and does not constitute investment advice.