Bitwise's 10 Crypto Index ETF (BITW) saw its net assets plunge 48.27% in the first half of 2026, dropping from $1.03 billion to $532.8 million. The fund also reported a negative 36.16% Principal Market NAV total return per share for the six-month period. The decline came as redemptions outpaced creations and the underlying crypto portfolio took a hit.
Where the money went
Operations did most of the damage. They reduced net assets by $339.4 million, including $430.7 million in unrealized depreciation and a $2.8 million net investment loss. That was partially offset by $94.1 million in realized gains. So the market's slide, not just investor exits, drove the bulk of the shrink.
Capital-share transactions cut another $157.7 million. Redemptions totaled $161.2 million against just $3.5 million in creations. The fund's outstanding share count fell 18.97% during the period.
Portfolio shifts
Bitcoin's share of the portfolio grew from 75.11% to 77.81%, while Ethereum's dropped from 15.41% to 12.59%. The fund also changed its constituents: Hyperliquid and Stellar were added, Avalanche and Polkadot were removed. BITW rebalances monthly according to a rules-based index, but the filing doesn't quantify how much of these shifts came from price changes versus rebalancing.
What the filing doesn't say
The filing doesn't identify the ultimate investors behind the redemptions, so it doesn't establish retail flight. It also doesn't say whether the diversified basket cushioned losses relative to Bitcoin or another benchmark. That leaves a key question open: how much of the asset decline was market-driven, and how much was investor choice?
The fund's next monthly rebalance will happen as scheduled, but the filing offers no breakdown of how price moves, redemptions, and rebalancing each contributed to the portfolio's new shape. That detail may have to wait for the next report.
