Hyperliquid DATs hold nearly 9% of HYPE supply, surpassing BTC and ETH, with ETFs potentially boosting demand.

Hyperliquid digital asset treasury companies now hold about 9% of HYPE's circulating supply, exceeding the float-adjusted holdings of Bitcoin, Ethereum, Solana, and BNB. This strong institutional demand, combined with HYPE being the only asset trading at a positive modified net asset value (mNAV), facilitates fresh capital raises and market support. Recent ETF filing progress suggests potential approval, which could introduce new passive inflows into a tight supply, possibly driving prices higher. Legacy sellers have already distributed holdings, reducing the risk of sell pressure when ETF demand arrives, making HYPE structurally distinct in the current market cycle.