The Anchorage Digital Prime Signal: DATs, ETFs, and (Soon) Options Are Reshaping How HYPE Trades

TL;DR: It took years for treasury companies, ETFs, and a listed options market to rewire how Bitcoin trades: corporate treasuries arrived in 2020, the spot ETFs not until 2024, and the options complex built its depth across the better part of a decade before taking off in the past 18 months. HYPE is absorbing the same three constituencies in the span of only a few months and its market structure is already starting to change.

Every market ultimately reflects a census. Who holds the asset, why they hold it, and the factors that make them buy more or sell shapes price action over time. For most of its life, HYPE's census was crypto-native through and through: traders on the platform, ecosystem participants, a deep bench of crypto hedge funds and venture capital firms, and the protocol's own Assistance Fund which recycles nearly all trading fees into continuous buybacks.

That census is being rewritten.

The three new rowers in this boat include digital asset treasuries (DATs) compounding a permanent, staked position; ETF allocators who arrive through a ticker and rebalance on a calendar rather than a view; and the options dealer who will one day hedge a book against the float.

None of this is exotic. It is the natural maturation arc of any asset that graduates from crypto-native to institutional, and Bitcoin rowed exactly this course. What is surprising is the pace: Bitcoin seated these constituencies one at a time over the better part of a decade, while HYPE is seeing all three emerge at once, at different degrees, in a matter of months. 

The useful question is no longer whether the new rowers have arrived, but how hard each one is pulling. And the three oars turn out to be at very different depths.

‍Digital Asset Treasuries: Absorbing Float at Record Scale

According to data from Artemis, HYPE DATs hold roughly 31 million HYPE (or about $1.9 billion), representing 13.3% of circulating supply. For context: ETH's DAT cohort holds about 13.8% of its circulating supply; BTC's holds 4.9%; and SOL's sit at 2.8%. The data reveals a stark tiering in corporate treasury absorption: while BTC and SOL sit in the single digits, ETH and HYPE dominate the field, with HYPE trailing ETH by only a fraction of a percentage point.

Hyperliquid Strategies (NASDAQ: PURR), the Bob Diamond-chaired, Paradigm-structured treasury anchors this by holding roughly three-quarters of the cohort. They are flanked by Hyperion DeFi (HYPD) and a tail of smaller vehicles. 

Although PURR was already born big given its seed of 12.6 million HYPE in-kind (roughly $583 million) at signing plus $305 million at formation, it hasn’t stopped there. Artemis data shows purchases of 2–4 million HYPE per month over the past four months, which represent roughly 1.5–3.0% of monthly spot volume, sustained even with the flagship HYPE DATA trading near parity.

Going forward, it will be interesting to watch how much additional flow the HYPE DAT vehicles can drive. With structural float penetration already reaching double-digit percentages and stock prices trading near (or in some cases slightly below) mNAV, the key question is whether accretive capital raising can persist at these valuations or if treasury accumulation begins to approach a natural plateau in the short term.

‍Oar 2: Spot ETF Penetration: Outpacing Growth Velocity Relative to Cap

US spot HYPE ETFs launched on May 12 and already accumulated an AUM about $350 million, or roughly 2.5% of HYPE’s circulating market cap. This ratio is already higher than SOL's ETF complex (about 2.0%), whose first fund listed more than six months earlier. Reading this as a penetration curve and using the two largest crypto ETFs complexes as a proxy of how much ground is still left to cover, BTC's ETFs hold about 6% of its float while ETH's hold closer to 9%, which means eventually HYPE ETFs could still have room to grow 2-3x from its current base.

The chart below shows ETF performance measured by net flows, which can be a cleaner benchmark because it strips out price movements. SOL is the best comparison given that it also targets a high-throughput, trading-centric use case and that are newer than BTC and ETH.

At the 60-day mark, HYPE's ETFs had drawn roughly $320 million in net creations against SOL’s ~$750 million. While SOL captured higher nominal dollars, it has a circulating market cap three times higher, thus HYPE is already pulling ahead of stroke. Looking ahead, SOL’s net flows leveled off around the $1.0 billion mark by day 180 (~1.33x its 60-day sum). If HYPE continues to mirror SOL’s adoption curve at its current velocity, its ETF complex would be on track to reach approximately $450 million in cumulative net flows by November.

‍Oar 3: CEX listed options as the next phase of structural liquidity

Now the gap. Launched on June 23, Deribit HYPE options open interest (OI) stands near $22 million, or roughly 0.15% of circulating market cap, against 2.0% for BTC and 2.7% for ETH. Measured against the majors, HYPE's listed-options complex is therefore underbuilt by a factor of more than ten times. And this is not an asset-specific lag: SOL's Deribit options, which launched in March 2024, have an essentially identical OI to circulating market cap ratio.The CEX listed-options oar hasn't yet reached the water for HYPE, which is not surprising given how long it takes to build deep options markets.

The on-chain venue Derive could offer a preview of demand of HYPE options. Its book holds roughly $198 million of OI, which is larger than its ETH book ($171 million) and about 60% of its BTC book ($339 million). Derive is likely not a direct comparison given its audience is on-chain and its infrastructure is built around this holder base, down to accepting staked HYPE as collateral. But it can still be a useful reference: if the venue fits the holder, HYPE options demand already clears at major-asset scale.

Add an active OTC institutional options market and options on PURR equity as a leveraged proxy, and the picture sharpens. The appetite exists, it’s more that many of the leading channels are still maturing.

‍Market Structure Evolution: Exchange Realignment and the Mid-Cycle Outlook

In sum, the scorecard stands at HYPE DATs already accounting for 13% of the circulating supply and sitting ahead of its other ecosystem peers, U.S. spot ETFs gathering 2.5% and are already ahead of their stroke for their age, but options open interest on centralized venues are still starting to mature at only 0.2%.

This shift in ownership reflects the higher attention that HYPE is getting from more mainstream audiences and is already reshaping how it trades. 

The chart below shows how HYPE spot volumes rose more than six-fold following the launch of spot ETFsin May and June. These volumes are down during the U.S. summer season, which is normal, and watching how they behave once investors get back to their desks will be a key metric to watch besides ETF flows and DAT activity.

Moreover, the spot volume mix is aggressively shifting toward centralized exchanges. The bottom panel shows that the portion of HYPE spot volume traded on Hyperliquid itself fell from nearly 60% at the start of the year to about a third currently. Coinbase was the largest beneficiary, gaining roughly 10 percentage points of market share, followed by OKX and Kraken, which added about 2 points each.

Yet, volume only tells part of the story. The amount of buy or sell pressure each exchange is exerting can help contextualize which audiences are impacting price action the most.

Let’s consider, for example, HYPE’s recent correction from its latest all-time-highs at $72 to under $60 where it trades today over the past few weeks.

Despite the shift in trading volume toward traditional centralized exchanges, most of the net sell pressure during this correction actually came from Hyperliquid itself. A Cumulative Volume Delta (CVD) analysis across HYPE’s five most liquid spot pairs shows Hyperliquid the exchange down nearly 1.5 million HYPE in taker flow over the past month, which is more than all other four exchanges combined.

All this points to a textbook mid-cycle correction. The asset's 250% run-up between February and June was driven by a story capturing increasingly mainstream attention. However, this surge occurred against a backdrop of short-term revenue deceleration, prompting older holders to pause accumulation or take profits just as initial ETF inflows began to plateau.

Yet, the fundamental thesis for HYPE remains firmly intact. Perpetual futures continue to establish themselves as a core financial primitive, while upcoming HIP-4 deployments will allow the protocol to compete directly against established prediction markets. Furthermore, around-the-clock trading for pre-IPO equities and key commodities during weekend hours should continue to draw mainstream market participants, setting the stage for revenue growth to re-accelerate later in Q3.

If these tailwinds materialize, long-term fundamental holders can take comfort in knowing that HYPE’s underlying market structure has matured enough to support a far broader, more diverse set of institutional market participants.

‍‍

Disclosures

Custody, settlement, staking, and governance services are offered through Anchorage Digital Bank National Association (“Anchorage Digital Bank”). Digital asset trading services are provided by Anchorage Hold LLC (“Anchorage Hold”). Agency trading services are offered in New York by Anchorage Digital NY, LLC. BitLicense #0000041. A1 Ltd. is a principal trading business. Anchorage Services, LLC (“Anchorage Services”) is an NFA-registered introducing broker, NFA ID No. 0532710. Anchorage Digital Bank, Anchorage Hold, and Anchorage Services are not registered with the SEC or any state authority as a broker or dealer and are not authorized to engage in the business of the offer, sale, or trading of securities. Anchorage Digital services are offered to institutions and certain high net worth individuals in limited circumstances. Certain trading services are designed and available only for institutions who meet eligibility requirements, including qualification as an Eligible Contract Participant (ECP) under the rules of the U.S. Commodity Futures Trading Commission. For institutions participating in custody, staking, or governance with Anchorage’s Singapore entity, those services are offered through Anchorage Digital Singapore Pte Ltd (“Anchorage Digital Singapore”). Anchorage Digital does not provide legal, tax, or investment advice or private banking services. There can be no assurance that any cryptocurrency, token, coin, or other crypto asset will be viable, liquid, or solvent. No Anchorage Digital communication is intended to imply that any digital asset services are low-risk or risk-free. Digital assets held in custody are not guaranteed by Anchorage Digital and are not subject to the insurance protections of the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC).

For institutions participating in custody, staking, or governance with Anchorage’s Singapore entity, those services are offered through Anchorage Digital Singapore Pte Ltd (“Anchorage Digital Singapore”), a major payments institution licensed by the Monetary Authority of Singapore. 

Digital assets held in custody are not guaranteed by Anchorage Digital and are not subject to the insurance protections of the Singapore Deposit Insurance Corporation (“SDIC”). Anchorage Digital Singapore is not a member of the Singapore Deposit Insurance (“DI”) Scheme and assets are not subject to the protections enjoyed by depositors with DI Scheme member institutions.

Anchorage Digital Bank National Association offers fiat custody services through the use of an FDIC-insured, licensed sub-custodian.

This Stablecoin Rewards Program (the "Program") is offered by an entity separate from Anchorage Digital Bank, N.A. Stablecoins must be held with custody or wallet platforms offered by Anchorage Digital Bank National Association, Anchorage Digital Singapore Pte, Ltd., or Anchorage Innovations, LLC, in order to be eligible for rewards. This program is not offered by any of the aforementioned custody or wallet service providers. Please refer to the Stablecoin Rewards Program Terms & Conditions for all applicable terms and risks. By participating in the Program, participants acknowledge that they have read, understood, and agreed to be bound by this disclaimer and any other terms and conditions governing the Program. Information in this document is for general educational purposes only and eligibility limitations apply. This document is not intended to constitute an offer, solicitation, recommendation, investment, or any other advice on financial products. Availability is subject to jurisdictional limitations.

The Program is not subject to regulatory oversight in any jurisdiction. Participants in the Program acknowledge and understand that the Program is not regulated by any governmental authority. As such, there are no guarantees regarding the stability, security, or reliability of the Program. Participation in the Program carries inherent risks, including but not limited to the risk of loss of funds, lack of recourse in case of disputes, and potential volatility of a stablecoin's value. Participants are responsible for understanding and complying with all applicable laws, regulations, and requirements in their respective jurisdictions regarding the use, possession, and transfer of digital assets, including stablecoins. Nothing in the Program constitutes investment advice, financial advice, or any other form of professional advice. Participants should conduct their own research and seek appropriate professional advice before participating in the Program. Anchorage Digital Neo, Ltd. and its affiliates, officers, directors, employees, agents, and representatives shall not be liable for any losses, damages, liabilities, costs, or expenses arising out of or related to participation in the Program, regardless of the cause of action or legal theory asserted.

“Anchorage Digital Prime" is a trade name for a suite of digital asset products and services. It does not refer to any one specific legal entity. All services are provided by one or more of the specific Anchorage Digital entities. Custody, settlement, staking, and governance services are offered through Anchorage Digital Bank National Association (“Anchorage Digital Bank”). services are provided by Anchorage Hold LLC (“Anchorage Hold”). Agency trading services are offered in New York by Anchorage Digital NY, LLC. BitLicense #0000041. A1 Ltd. is a principal trading business. Anchorage Services, LLC (“Anchorage Services”) is an NFA-registered introducing broker, NFA ID No. 0532710. Anchorage Digital Bank, Anchorage Hold, and Anchorage Services are not registered with the SEC or any state authority as a broker or dealer and are not authorized to engage in the business of the offer, sale, or trading of securities. Anchorage Digital services are offered to institutions and certain high net worth individuals in limited circumstances. Certain trading services are designed and available only for institutions who meet eligibility requirements, including qualification as an Eligible Contract Participant (ECP) under the rules of the U.S. Commodity Futures Trading Commission. For institutions participating in custody, staking, or governance with Anchorage’s Singapore entity, those services are offered through Anchorage Digital Singapore Pte Ltd (“Anchorage Digital Singapore”). Anchorage Digital does not provide legal, tax, or investment advice or private banking services.

Find additional legal and compliance information at anchorage.com/legal.