What Is the Bitwise 10 Large Cap Crypto Index?

The Bitwise 10 Large Cap Crypto Index is the oldest continuously published multi-asset crypto index still in wide use, with an inception date of 22 November 2017. It holds the ten largest crypto assets by free-float-adjusted market capitalisation and rebalances monthly.

It is also, since August 2025, the most structurally unusual of the major benchmarks — because it now contains a rule that constrains its own holdings based on US regulatory approvals. That rule is the most important thing on this page.

Key facts

Provider	Bitwise Index Services, LLC
Index inception	22 November 2017
Constituents	10
Weighting	Free-float-adjusted market capitalisation
Reconstitution	Monthly, 4 p.m. ET on the last business day
Record date	4 p.m. ET one week before the rebalance date
Turnover control	10% market-cap buffer rule
Special constraint	Minimum 87.5% weight in “Approved Components”
Tracked by	Bitwise 10 Crypto Index ETF (BITW), NYSE Arca since 9 December 2025

At inception the ten constituents represented roughly 83% of total crypto market capitalisation. By the end of 2020 that had fallen to about 75% as the long tail of the market expanded — a useful illustration of what a fixed-count index does as an asset class matures.

Selection and eligibility

The index takes the top ten assets by free-float-adjusted market capitalisation, where free float means circulating supply rather than total or maximum supply. Market cap is price multiplied by that adjusted supply, calculated from prices on a selected set of public exchanges.

On top of the ranking sit qualitative eligibility screens. The published criteria consider market capitalisation, trading volume, custody support, exchange availability, security vulnerabilities, exploit history and associated risks, the strength of the development community, and the risk of an asset being deemed a security.

Because of those screens, the index’s ten constituents will not always match the top ten on a public aggregator. That is intentional — the screens exist to filter for investment feasibility, not to reproduce a ranking table.

The index has an advisory board: Spencer Bogart, Srikant Dash and Matt Hougan.

The 10% buffer rule

Every index that ranks by market cap faces the same problem: assets near the inclusion boundary swap places constantly, and mechanically following those swaps generates turnover that costs money and adds no information.

Bitwise handles it with an explicit buffer. An asset currently in the index is removed only if a challenger exceeds its free-float market capitalisation by more than 10%, and does so on each of the five consecutive days up to and including one week before the rebalance date.

So a challenger that briefly spikes past an incumbent does not trigger a swap. It has to hold a clear margin for a full week of measurement. This is standard practice in traditional indexing, imported into crypto where the case for it is even stronger given the volatility.

The 87.5% Approved Components rule

This is what makes the Bitwise 10 different from every other major crypto index, and it came in with the ETF conversion.

Adopted by the Bitwise Crypto Index Committee effective 25 August 2025, the rule works in two layers.

Layer 1 — at each monthly rebalance. Constituents are first weighted by free-float-adjusted market cap as normal. The index then checks what share of total weight sits in Approved Components — crypto assets that are the primary underlying of an exchange-traded product previously approved by the SEC to list and trade on a national securities exchange. If that share is below 87.5%, weight is reallocated from non-Approved Components to Approved Components, proportionate to their respective free-float market-cap weights, until the 87.5% floor is met.

Layer 2 — daily intraday check. On each NYSE Arca trading day, the index evaluates its holdings at 12:00 p.m. ET. If Approved Components have drifted below 86% of the index, an intraday rebalance is executed at 4:00 p.m. ET the same day to restore the 87.5% allocation.

The practical effect: assets without an approved single-asset US ETP are structurally limited to a combined 12.5% of the index, and a strong rally in those assets triggers a same-day trim rather than being allowed to run.

Monthly rebalancing: the trade-off

Monthly reconstitution is the most aggressive cadence among the major crypto benchmarks. The CoinDesk 20 and the Nasdaq Crypto Index both run quarterly.

What monthly buys you. Faster adaptation to a shifting top ten. In a market where an asset can enter and leave the top ten within a quarter, monthly capture is materially closer to the actual state of the market.

What it costs. Higher turnover, which means more execution cost inside any tracking product, and more taxable events in structures where that applies. The 10% buffer rule exists precisely to keep that cost in check.

Concentration reality

The index holds ten assets. In weight terms it has historically been dominated by bitcoin and ether, with a combined share near 90%. VERIFY current split against the latest factsheet.

That is not a flaw in the methodology. It is what free-float market-cap weighting produces in a market this concentrated. But it means the practical diversification benefit of holding ten assets instead of two is smaller than the headline count suggests — and the 87.5% rule, which pushes weight toward the largest and most established assets, reinforces the effect rather than counteracting it.

Investors specifically seeking the alt sleeve should look at ex-bitcoin constructions or equal-weighted alternatives — see why a ten-asset crypto index is mostly two assets and our own CI-Alts series.

The fund: BITW

The index is tracked by the Bitwise 10 Crypto Index ETF. The vehicle launched in November 2017 as a private index fund, converted to a Delaware statutory trust in 2020, traded over the counter for several years, and converted to an exchange-traded product on 9 December 2025, listing on NYSE Arca under the ticker BITW. It creates and redeems in cash-settled blocks and rebalances monthly alongside the index.

Product comparison sits in Best Crypto Index Funds and ETFs in 2026.

Frequently asked questions

How many coins are in the Bitwise 10 index?

Ten, selected by free-float-adjusted market capitalisation subject to eligibility screens.

How often does it rebalance?

Monthly, at 4 p.m. ET on the last business day of the month, with a record date one week prior. Plus a possible intraday rebalance if the Approved Components share falls below 86%.

Why doesn’t it match the top 10 on CoinMarketCap?

Because of the eligibility screens — custody support, exchange availability, exploit history, securities-law risk and others — which filter for investment feasibility rather than reproducing a raw ranking.

What are Approved Components?

Crypto assets that are the primary underlying of an SEC-approved exchange-traded product listed on a national securities exchange. The index maintains at least 87.5% of its weight in them.

Can I buy this index?

Not the index itself. BITW is the ETF that tracks it.

Is the series shown here the official index?

No. It is a public-price proxy published for comparison. The official index is administered by Bitwise Index Services.

The Bitwise 10 Large Cap Crypto Index is a product of Bitwise Index Services, LLC. Cryptoindex.ai is not affiliated with Bitwise and publishes an independent proxy series for informational purposes only. Nothing on this page is investment advice.