About 76% of HYPE is staked, and almost all of it sits in direct protocol staking.

Liquid staking is still small in comparison, with ~22M HYPE, but even there concentration shows up fast. HyperLend alone holds close to half of that liquid staking supply, and a chunk is looped, users staking HYPE, wrapping it, then borrowing against it again. kHYPE dominates deposits, wHYPE shows up more on the borrow side.

This leaves a thin float relative to headline supply. When most tokens are locked, wrapped, or rehypothecated, price moves depend on a much smaller pool than it looks on paper.
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