Bitwise Drops 2 Altcoins From Flagship Crypto ETF: Will Hyperliquid Keep Its Seat?

Bitwise has dropped Polkadot (DOT) and Avalanche (AVAX) from its flagship Bitwise 10 Crypto Index ETF (BITW). Hyperliquid (HYPE) and Stellar (XLM) were added to the fund’s latest monthly rebalance.

BITW works like a crypto stock index fund. It automatically holds the 10 largest eligible coins by market cap, so investors gain exposure to HYPE and XLM without buying them directly.

Why Hyperliquid and Stellar Entered the Bitwise 10 Crypto Index ETF

Bitwise’s rebalance results show HYPE entering at a 0.93% weight and XLM at 0.38%. That makes HYPE 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.

Bitwise 10 Crypto Index ETF holdings after adding Hyperliquid and Stellar, Source: Bitwise

Hyperliquid earned its seat through sheer size. The token ranks 10th among all cryptocurrencies at roughly $15 billion, according to BeInCrypto Markets data. HYPE trades near $67.92, weeks after hitting a new all-time high of $76.70 on June 16.

The project runs the dominant decentralized exchange for perpetual futures, a popular type of crypto derivative. It leads that perp DEX race by a wide margin.

Stellar ranks 18th overall, but Bitwise’s eligibility screens lift XLM into the qualifying group.

What the Exit Means for DOT and AVAX

The removals reflect rankings, not a verdict on either project. Both tokens led the 2021 bull market. DOT peaked at $54.98 in November 2021 but now trades near $0.83, a 98% fall that leaves it ranked 53rd. AVAX topped $144 the same month and has since lost 95%, sitting at $6.76, 32nd.

Polkadot (DOT) and Avalanche (AVAX) Price Performances. Source: TradingView

Neither network loses anything on-chain. Staking, development, and payments continue unaffected. Both coins had joined BITW at its NYSE Arca debut in December 2025 and lasted roughly six months.

Will Hyperliquid Keep Its Seat?

The near-term answer looks like yes. HYPE’s $15 billion market value is 10 times DOT’s, five times AVAX’s, and more than double Stellar’s $6.2 billion. A challenger would need to close that gap before the rankings flip.

Demand signals also point the right way. Recent crypto ETF flows showed HYPE products drawing fresh capital while Bitcoin funds recorded outflows. Bitwise even runs a dedicated spot Hyperliquid ETF, BHYP.

Spot Hyperliquid ETF Flows. Source: SoSoValue

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.

BeInCrypto’s Hyperliquid price outlook flags those scheduled unlocks as the key risk, since new supply can pressure prices.

DOT’s slide from launch roster to 53rd shows how fast the table can turn. For now, HYPE holds the strongest hand among BITW’s smaller holdings, provided demand keeps outrunning its unlock schedule.