Analysis: Approximately 9% of HYPE Circulation Held by DAT, ETF Expectations May Strengthen Price Support

On May 6, market analysts pointed out that DAT (Digital Asset Treasury/Asset Management Vehicle) currently holds about 9% of the circulating supply of HYPE, a higher proportion compared to mainstream assets such as BTC, ETH, SOL, and BNB. The analysis suggests that DAT, as an important vehicle for institutional participation, has introduced a new ‘balance sheet buy-side’ into the market, addressing the previous cycle’s lack of sustained allocation funds. Among these, HYPE is one of the few assets currently trading at a positive mNAV (market net asset value premium), which enhances the financing capabilities of related treasury tools. Furthermore, recent revisions to ETF application documents are seen as a signal that the approval pathway is becoming clearer. The report indicates that with DAT continuously absorbing circulating chips, if the ETF is approved, the influx of passive funds will directly impact the relatively limited circulating supply, combined with the early institutional holding structure, potentially providing more direct support for the price. However, the analysis also cautions that the current circulation ratio of HYPE remains relatively low compared to its fully diluted valuation (FDV), and structural supply release remains a potential variable.