Bitwise Evicts DOT and AVAX From the ETF Lunch Table, HYPE Slides Into Seat #5 🍽️

Bitwise has removed Polkadot (DOT) and Avalanche (AVAX) from its Bitwise 10 Crypto Index ETF (BITW) following the fund's latest monthly rebalance, adding Hyperliquid (HYPE) and Stellar (XLM) in their place. BITW debuted on NYSE Arca in December 2025 and operates as a passively weighted index product that automatically holds the 10 largest eligible cryptocurrencies by market capitalization. The change lets investors gain exposure to HYPE and XLM without buying either token directly.

HYPE entered at a 0.93% weight and XLM at 0.38%, according to Bitwise's rebalance results. HYPE is now 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. HYPE ranks 10th among all cryptocurrencies at roughly $15 billion, per BeInCrypto Markets data, and trades near $67.92 after touching an all-time high of $76.70 on June 16. The protocol runs the largest decentralized exchange for perpetual futures. Stellar ranks 18th overall, with a market cap near $6.2 billion, but passed Bitwise's eligibility screens to enter the index.

The exit reflects market-cap rankings rather than any change to DOT and AVAX themselves, and neither network's staking, development, or payments are affected. DOT peaked at $54.98 in November 2021 and now trades near $0.83, down about 98% and ranked 53rd. AVAX topped $144 in the same month and trades near $6.76, down roughly 95% and ranked 32nd. Both assets had joined BITW at its December 2025 launch and remained in the fund for about six months.

BITW's smaller holdings remain at risk of reshuffling, since the fund tracks market-cap rankings each month. HYPE's roughly $15 billion valuation is about 10 times DOT's, 5 times AVAX's, and more than double XLM's, putting it in the strongest position among the fund's non-$BTC holdings. Demand signals also favor the new entrant: recent crypto ETF flows showed HYPE products attracting fresh capital while $BTC funds recorded outflows, and Bitwise operates a dedicated spot Hyperliquid ETF under the ticker BHYP.

The principal vulnerability sits on the supply side. About 22% of HYPE's 1 billion maximum token supply is currently circulating, and its fully diluted valuation of nearly $64 billion is more than four times its market cap, with scheduled unlocks flagged as the key risk in BeInCrypto's Hyperliquid price outlook. DOT's fall from launch roster to 53rd place shows how quickly the table can flip. For now, HYPE holds the strongest hand among BITW's smaller constituents, contingent on demand continuing to outpace its unlock schedule.