Bitwise announced on October 22 that its scheduled October 30 rebalance will add the NEAR token to several of its large‑cap cryptocurrency indexes.
Index changes
According to the rebalance notice, NEAR will replace 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 will replace AVAX.
Other adjustments
The notice also indicates that LIT will replace ETHFI in the decentralized‑finance index. No changes were scheduled for the BTC/ETH Equal Weight index in this cycle.
Implications for investors
The additions affect the composition of the reference portfolios used by funds that track these benchmarks. The change does not specify execution prices, fund asset values, or whether every product using Bitwise branding will immediately purchase NEAR.
Index inclusion may generate demand from tracking products, but the timing and size of any purchases depend on the amount of capital following the index, target weights, and managers’ execution strategies. Market reactions can also be influenced by broader conditions and trader expectations.
Understanding index mechanics
Indexes define a set of assets and weighting rules; they are separate from the investment vehicles that aim to replicate them. As explained by the SEC, tracking products can use different implementation methods and incur costs, leading to returns that may differ from the published index performance.
Therefore, while NEAR’s inclusion updates the benchmark composition, any price impact or inflows cannot be assumed without further evidence.
