On May 6th, market analysts pointed out that DAT (Digital Asset Vault/Asset Management Vehicle) within the Hyperliquid ecosystem currently holds about 9% of the circulating HYPE, a proportion higher than that of similar structures for mainstream assets like BTC, ETH, SOL, and BNB.

The analysis believes that DAT, as an important vehicle for institutional participation, introduces a new "balance sheet buy-in" to the market, compensating for the lack of sustained allocation funds in previous cycles. Among them, HYPE is one of the few assets currently traded at a positive mNAV (market net value premium), which enhances the financing capacity of related vault tools.

Additionally, recent revisions to ETF application documents are seen as a sign that approval pathways are gradually becoming clearer. The report notes that, against the backdrop of DAT continuously absorbing circulating chips, if the ETF is approved, the new passive funds will directly impact the relatively limited circulating supply, and combined with early institutional holdings, could provide more direct price support.

However, the analysis also warns that HYPE's current circulating ratio remains relatively low compared to its fully diluted valuation (FDV), and structural supply release remains a potential variable. #美国寻求战略比特币储备