Analysis, approximately 9% of HYPE's circulating supply is held by DAT, and ETF expectations may strengthen price support.

ME News Report, May 6 (UTC+8), market analysts pointed out that in the Hyperliquid ecosystem, DAT (Digital Asset Vault/Asset Management Vehicle) currently holds about 9% of the circulating HYPE, a proportion higher than that of mainstream assets like BTC, ETH, SOL, and BNB in similar structures. Analysts believe that DAT, as an important vehicle for institutional participation, introduces a new “balance sheet buy” into the market, compensating for the lack of sustained allocation funds in previous cycles. Among them, HYPE is one of the few assets currently traded with 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 signals 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, may provide more direct support for the price. However, the analysis also warns that HYPE’s current circulating ratio is still relatively low compared to its fully diluted valuation (FDV), and structural supply release remains a potential variable. (Source: ChainCatcher)