The latest Bitwise 10 Crypto Index ETF (BITW) rebalance reflects how institutional investors are positioning themselves across the crypto market. While Bitcoin and Ethereum continue to dominate the portfolio, newer projects like Hyperliquid have entered the top 10. These new projects are replacing Polkadot and Avalanche. BITW is one of the world’s largest crypto index funds. It tracks the top digital assets based on market capitalization, liquidity, and other screening criteria.
Hyperliquid was the biggest winner in the latest rebalance after delivering one of the strongest performances in the crypto market this year. During the first half of 2026, the decentralized perpetual trading platform processed $1.34 trillion in trading volume. Moreover, it generated $320 million in protocol revenue.
Its native token, HYPE, has surged 165% year-to-date, making it one of the best-performing large-cap cryptocurrencies.
The strong growth helped HYPE enter the Bitwise ETF with a 0.93% portfolio weight and a market capitalization of $14.9 billion. Furthermore, the addition also reflects rising institutional interest. HYPE-related ETFs surpassed $100 million in cumulative net inflows earlier this year.
Although the Bitwise HYPE ETF recently recorded its first daily outflow after 16 consecutive days of inflows, investor interest remains strong.
Despite the latest changes, Bitcoin continues to dominate the ETF with a massive 77.54% allocation and a market capitalization of $1.25 trillion. This shows that it remains the preferred digital asset among institutional investors.
Ethereum follows with a 13.04% weight and a $209.5 billion market cap. Meanwhile, XRP (4.21%) and Solana (2.78%) continue to hold significant positions.
The rest of the portfolio includes Cardano (0.39%), Stellar Lumens (0.38%), Chainlink (0.34%), Litecoin (0.21%), and Sui (0.17%).
Stellar returned to the ETF as growing adoption of tokenized assets and blockchain-based payments boosted its position among the top cryptocurrencies.
Bitwise removed Polkadot (DOT) and Avalanche (AVAX) after they no longer met the fund’s market capitalization and weighting requirements. While both projects remain active, they were overtaken by faster-growing assets like HYPE and XLM during the latest review.
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