Analysis shows that approximately 9% of HYPE's circulation is held by DAT, and the ETF is expected to strengthen price support

Market analysts point out that DAT (Digital Asset Treasury/Asset Management Vehicle) in the Hyperliquid ecosystem currently holds about 9% of the circulating supply of HYPE, a higher proportion than similar structures of mainstream assets such as BTC, ETH, SOL, and BNB. The analysis suggests that DAT, as an important vehicle for institutional participation, introduces new "balance sheet buying" to the market, addressing the issue of a lack of sustained allocation funds in previous cycles.

Among them, HYPE is currently one of the few assets trading at a positive mNAV (market net asset value premium), giving related treasury tools stronger financing capabilities. In addition, the recent revisions to ETF application documents are seen as a signal that the approval path is gradually becoming clearer. The report indicates 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 the early institutional holding structure, may provide more direct support for the price. However, the analysis also warns that the current circulating ratio of HYPE is still relatively low compared to the fully diluted valuation (FDV), and the structural release of supply remains a potential variable.