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Bitwise announced on October 22 that NEAR will be added to several large-cap cryptocurrency indexes during the company’s scheduled rebalance on October 30. The inclusion replaces UNI in the Bitwise 10 Large Cap Crypto Index and the corresponding ex-Bitcoin index, while NEAR replaces AVAX in the Bitwise 10 Select Large Cap Crypto Index.
Specific Index Adjustments
The official rebalance notice details distinct constituent changes across different benchmarks. In the Bitwise 10 Large Cap Crypto Index, NEAR takes the place of UNI. This same replacement occurs in the corresponding ex-Bitcoin index. In the Bitwise 10 Select Large Cap Crypto Index, NEAR replaces AVAX. Additionally, the notice lists LIT replacing ETHFI in the decentralized-finance index. No rebalance was scheduled for the BTC/ETH Equal Weight index in this cycle.
These constituent decisions do not disclose the execution price of any fund trade, the value of assets tracking each index, or a completed purchase by every product that uses Bitwise branding. The notice serves as a reference for the new composition of the benchmarks rather than a record of immediate trading activity.
Index Mechanics and Market Impact
An index defines a set of assets and a method for weighting and updating them. A fund or other investment product may seek to track that framework, but the benchmark and the vehicle are separate entities. The SEC’s explanation of index funds notes that a tracking product can use different implementation methods and incur costs, meaning the return experienced by an investor can differ from the published index return.
While an addition can create demand from products required to hold the new constituent, the size and timing of that demand depend on how much money follows the index, the target weight, and the way managers execute the change. Traders may anticipate a publicly announced rebalance before it takes effect, making it difficult to infer a simple price response from the inclusion date alone. Other buyers, sellers, and broader market conditions remain relevant factors.
Similarly, a removal from an index is not automatically a judgment that the token’s technology has failed or that all investment managers have rejected it. It may lead to transactions by tracking products, but it does not dictate the long-term viability of the asset. The different outgoing assets in this cycle illustrate why the exact benchmark matters, as a main large-cap index, an ex-Bitcoin index, and a select index can use different eligibility rules, universes, or implementation constraints.
Frequently Asked Questions
Which tokens does NEAR replace in the Bitwise indexes?
NEAR replaces UNI in the Bitwise 10 Large Cap Crypto Index and the corresponding ex-Bitcoin index. In the Bitwise 10 Select Large Cap Crypto Index, NEAR replaces AVAX.
When does the Bitwise rebalance take effect?
The rebalance is scheduled for October 30, following the announcement made on October 22.
