Hyperliquid's DAT Holds Significant Portion of HYPE Circulation

Market analysts have highlighted that the Digital Asset Treasury (DAT) within the Hyperliquid ecosystem currently holds approximately 9% of the circulating supply of HYPE. According to ChainCatcher, this percentage is higher than similar structures for mainstream assets like BTC, ETH, SOL, and BNB. Analysts suggest that DAT serves as a crucial vehicle for institutional participation, introducing new 'balance sheet buying' to the market, which addresses the previous lack of sustained allocation funds. HYPE is one of the few assets currently trading at a positive market net asset value (mNAV), enhancing the financing capabilities of related treasury tools. Additionally, recent amendments to ETF application documents are seen as a sign of a clearer approval path. The report notes that with DAT continuously absorbing circulating tokens, the approval of an ETF could lead to new passive funds directly impacting the relatively limited circulating supply. This, combined with early institutional holdings, could provide more direct price support. However, analysts caution that the current circulation ratio of HYPE compared to its fully diluted valuation (FDV) remains low, and structural supply release is still a potential variable.