Bitwise Asset Management rebalanced its flagship BITW fund on July 9, 2026, adding Hyperliquid's native token HYPE to the Bitwise 10 Crypto Index ETF at a 0.95% weighting. Stellar (XLM) also entered, while Polkadot (DOT) and Avalanche (AVAX) were removed. HYPE now ranks as the fund's fifth-largest holding behind Bitcoin's 77.54% weight.
HYPE Joins Bitwise 10 ETF
Bitwise cited constituent weight optimization and market cap rankings for the reconstitution. The qualification was backed by strong on-chain fundamentals: Hyperliquid's platform recorded $1.34 trillion in trading volume during the first half of 2026, generating $320 million in revenue. The token posted a 165% year-to-date gain. Bitwise CIO Matt Hougan has called the asset "one of the most compelling investment opportunities in crypto," noting that rising platform activity directly benefits token holders.
Hyperliquid and Phantom Push CFTC for DeFi Rules
On July 9, the Hyperliquid Policy Center and wallet provider Phantom jointly submitted a comment letter to the CFTC, responding to a mid-June RFI from the CFTC and SEC. The letter makes three requests: confirm that publishing onchain protocol software alone does not trigger exchange or clearinghouse registration; allow registered firms to run clearing and settlement on onchain infrastructure; and codify Phantom's March 2026 no-action relief into a formal rule. Without changes, the groups warned, American users will remain walled off from onchain derivatives.
Token Unlocks and Buyback Absorption
Hyperliquid's cumulative protocol revenue crossed $1 billion on June 30. Roughly 99% of trading fees flow into open-market token buybacks through the Assistance Fund. On July 6, 9.92 million HYPE tokens (worth about $645 million) were unlocked, while the buyback fund held approximately 4.6 times that amount, absorbing supply pressure. Combined net inflows into the Bitwise BHYP and 21Shares THYP spot ETFs exceeded $170 million by early July. Grayscale's HYPG staking ETF launched on June 3 with a 0.29% expense ratio. Only about 22% of the 1 billion maximum supply circulates today, against a fully diluted valuation near $64 billion.
Price Levels and Market Sentiment
HYPE trades at $66 as of July 11, down 3% over 24 hours, still below its all-time high of $76.85 from June 16. Immediate resistance sits at $76.70; a breakout could target $88. Support rests at $63.66, with major support at $55.41. The Crypto Fear and Greed Index rose to 26 (Fear) from 23 a day earlier. On the regulatory front, Singapore's MAS added Hyperliquid to its Investor Alert List in late June, following earlier UK warnings.
The next monthly token unlock on August 6 will test whether buyback and ETF demand can absorb further supply. The CFTC's response to the July 9 filings will also shape the regulatory path for onchain derivatives access in the US.