HYPE Treasury Vehicles Dominate Circulating Supply Amid ETF Hopes and Tight Float

Recent data has revealed that Hyperliquid treasury vehicles now hold nearly 9% of HYPE's circulating supply. This figure surpasses major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Binance Coin (BNB) when adjusted for float. The rising institutional positioning in HYPE is a key factor driving this trend.

The analyst noted that digital asset treasury companies, also known as DATs, have been buying and holding tokens on their balance sheets. This steady demand can create a stable market environment when these firms raise capital and purchase more tokens. Additionally, the fact that HYPE is the only DAT asset in the dataset trading at positive mNAV gives treasury vehicles more room to raise funds and add to their holdings.

The recent ETF filing amendments have also drawn attention to a possible approval path for HYPE products. While approval is not certain, these filings have increased market focus on the token's potential. A spot ETF could create a new source of passive demand, allowing investors to gain exposure without directly buying or storing the token.