According to ChainCatcher, DAT (digital asset vault) currently holds approximately 9% of HYPE’s circulating supply, a proportion higher than similar structures in BTC, ETH, SOL, and BNB. The analysis notes that as a key institutional participation vehicle, DAT has introduced new “balance sheet buying” to the market. HYPE is currently among few assets trading with positive mNAV (market net asset value premium), enhancing vault financing capacity. Recent revisions to ETF application filings are viewed as signals of a clearer approval pathway. If approved, new passive inflows could directly impact the relatively limited circulating supply, potentially providing stronger price support when combined with early institutional holdings.
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