Bitwise Drops DOT and AVAX for Hyperliquid and Stellar
BITW added HYPE and XLM in its latest monthly rebalance, while DOT and AVAX dropped out. Bitcoin still dominates the fund, which trades on NYSE Arca as a regulated crypto ETP.
Key Takeaways
- Bitwise cut Polkadot and Avalanche from its flagship BITW fund and added Hyperliquid and Stellar in the latest monthly rebalance.
- HYPE received a 0.93 percent weight and XLM 0.38 percent, while Bitcoin still makes up 77.54 percent of the fund.
- DOT and AVAX were removed because of ranking and selection rules, but both networks continue operating on-chain as usual.
Bitwise has dropped Polkadot and Avalanche from its flagship BITW fund and added Hyperliquid and Stellar in the latest monthly rebalance. For BITW investors, that means the lineup of one of the best-known crypto index products just shifted again.
New BITW Composition
BITW is structured like a crypto equity index fund and automatically tracks the 10 largest eligible tokens by market cap. In practice, that gives investors exposure to HYPE and XLM without needing to buy the assets themselves. After the rebalance, HYPE carries a 0.93 percent weight and XLM sits at 0.38 percent.
That immediately puts HYPE in fifth place in the fund, ahead of Cardano, Chainlink, Litecoin, and Sui. Bitcoin is still the clear anchor of the portfolio at 77.54 percent. That matches BITW’s design, which has aimed since its launch in November 2017 to give broad exposure to the largest crypto assets.
Why HYPE Made the Cut
Hyperliquid earned its place largely on size. The token is currently around 10th among all cryptocurrencies, with a market value of about $15 billion (€13.1 billion). HYPE is trading near $67.92 (€59), only weeks after setting a new all-time high of $76.70 (€67) on June 16.
The project also runs the leading decentralized exchange for perpetual futures, a widely used type of crypto derivative. That position in the perp DEX market helps explain why Hyperliquid sits near the top of the rankings, even though BITW’s holdings still change only when the monthly rebalance takes place.
Stellar ranks lower, at 18th, but still clears Bitwise’s eligibility rules. That suggests the fund is not just chasing raw market cap, but also following the selection framework built into the index mandate.
What DOT and AVAX Lose
Polkadot and Avalanche were removed mainly because of the rankings, not because Bitwise is making a call on the projects themselves. Both tokens were major names during the 2021 bull market. DOT reached $54.98 (€48) in November 2021 and now trades around $0.83 (€0.73), while AVAX climbed to $144 (€126) back then and is now around $6.76 (€5.91).
On-chain, nothing changes for either network. Staking, development, and payments continue as normal. Both coins had been in the fund since BITW’s NYSE Arca debut in December 2025 and remained there for about six months.
Why This Matters
For European crypto watchers, the bigger point is that a regulated fund like BITW can change its makeup quickly. Bitwise launched the fund in 2017 as the first crypto index fund and converted it into an ETP on NYSE Arca in December 2025, giving investors a more formal and clearly defined way to access it. That also makes the SEC's rethink of ETF rules more relevant, since it shows how regulators are approaching funds like this.
The next question is whether HYPE can hold onto its spot. With a market value of about $15 billion (€13.1 billion), the token is still larger than DOT, AVAX, and Stellar, but its free float is limited because only about 22 percent of the maximum supply of 1 billion tokens is currently in circulation. That does not automatically put the position at risk, but it does make the upcoming unlocks worth watching.
