Hyperliquid enters Bitwise 10 ETF after 165% HYPE rally

Bitwise reshuffled its Bitwise 10 Crypto Index ETF on July 9, adding Hyperliquid's HYPE token and Stellar's XLM while removing Polkadot and Avalanche, as HYPE's 165% year-to-date rally pushed the decentralized exchange protocol into one of crypto's most prominent index products.

"HYPE's inclusion reflects its growth in trading activity and market capitalization," the Bitwise index methodology team said in the rebalance announcement. The fund tracks the Bitwise 10 Large Cap Crypto Index, which screens assets by market value and liquidity before weighting them by market cap.

Hyperliquid recorded $1.34 trillion in trading volume and $320 million in revenue during the first half of 2026, according to protocol data. The token now holds an approximate 0.95% weighting in BITW, which Bitwise describes as the world's first and largest crypto index fund. The monthly reconstitution process uses constituent weight optimization and market capitalization rankings to determine which assets qualify. Polkadot and Avalanche, both former top-ten mainstays, were removed after failing to meet the index's screening thresholds.

The entry marks a milestone for Hyperliquid, a decentralized perpetuals exchange built on its own L1 blockchain. HYPE-linked exchange-traded products had already crossed $100 million in cumulative net inflows before the BITW rebalance, though the Bitwise HYPE ETF later recorded its first daily outflow after 16 consecutive inflow days, crypto.news reported. For DOT and AVAX holders, the removal from BITW signals that index inclusion is not permanent — the same competitive dynamics that elevated HYPE can push established tokens out when market caps and liquidity rankings shift. BITW's composition will continue to evolve with each monthly rebalance as relative rankings change across the crypto market.

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