WuShuo has learned that on-chain analyst @0xaletheia369 posted that Hyperliquid-related Digital Asset Treasury companies (DATs) currently hold nearly 9% of the circulating supply of HYPE. Based on circulating market metrics, this is higher than the treasury holdings ratio of BTC, ETH, SOL, and BNB. Currently, HYPE is the only DAT asset in their statistics trading at a positive mNAV, making it easier for related treasury tools to secure financing and continue absorbing supply. If the ETF gets approved, the influx of passive funds will face tighter circulating supply, early institutional holding structures, and existing treasury buy orders, which could potentially support the price. https://(wublock123.com)/news/news-60598