According to BlockBeats, on May 6th, market analysts pointed out that DAT (Digital Asset Vault/Asset Management Vehicle) in the Hyperliquid ecosystem currently holds approximately 9% of the circulating supply of HYPE, a higher percentage than similar structures in mainstream assets such as BTC, ETH, SOL, and BNB.
Analysts believe that DAT, as an important vehicle for institutional participation, has introduced new "balance sheet buying" into the market, making up for the lack of continuous allocation funds in past cycles. Among them, HYPE is one of the few assets currently trading at a positive mNAV (market net asset value premium), giving related vault instruments stronger financing capabilities.
Furthermore, the recent revisions to ETF application documents are seen as a signal that the approval process is becoming clearer. The report points out that given DAT's continued absorption of circulating shares, if the ETF is approved, the new passive funds will directly impact the relatively limited circulating shares. Coupled with the early institutional holdings, this could provide more direct support for the price.
However, the analysis also points out that HYPE's current circulating share ratio is still relatively low compared to its fully diluted valuation (FDV), and the release of structural supply remains a potential variable.
