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BlockBeats News, May 6th, market analysts pointed out that within the Hyperliquid ecosystem, the Digital Asset Treasury (DAT) currently holds approximately 9% of the HYPE circulating supply, a higher percentage than similar structures of mainstream assets such as BTC, ETH, SOL, and BNB.

The analysis believes that as a key vehicle for institutional participation, DAT has introduced a new "balance sheet buying pressure" to the market, addressing the issue of a lack of sustained capital allocation in past cycles. HYPE is one of the few assets currently trading with a positive mNAV (market Net Asset Value) premium, giving related treasury tools stronger financing capabilities.

In addition, the recent revision of ETF application documents is seen as a signal of a gradually clearer approval path. The report notes that against the backdrop of DAT continuously absorbing circulating chips, if the ETF is approved, the additional passive funds will directly impact the relatively limited float and overlay the early institutional holding structure, potentially providing more direct price support.

However, the analysis also notes that the current circulation ratio of HYPE is still low compared to its fully diluted valuation (FDV), and structural supply release remains a potential variable.