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

BlockBeats News, May 6 — Market analysts noted that in the Hyperliquid ecosystem, DAT (Digital Asset Vault/asset management vehicle) currently holds approximately 9% of the HYPE circulating supply, a higher proportion than the corresponding structures of mainstream assets such as BTC, ETH, SOL, and BNB.

The analysis believes that, as an important vehicle for institutional participation, DAT brings a new “balance sheet bid” to the market, addressing the problem from prior cycles of a lack of continuously allocated funds. Among them, HYPE is one of the few assets traded with a positive mNAV (market net value premium) at present, enabling the related vault tools to have stronger financing capacity.

In addition, recent revisions to ETF application documents are viewed as a signal that the approval pathway is becoming clearer step by step. The report states that, against the backdrop of DAT having continuously absorbed circulating chips, if the ETF is approved, the newly added passive capital will directly flow into a relatively limited float, and—together with the structure of early institutional holdings—may provide more direct support for prices.

However, the analysis also warns that HYPE’s current circulating ratio is still relatively low compared with its fully diluted valuation (FDV), and the release of structural supply remains a potential variable.