Round 2 of delayed reactions between equity markets and crypto markets. Since yesterday's 4pm ET equity market close, $HYPE is up 4.2% to $48.31. The largest $HYPE DAT ($PURR) is up 11.9%. If HYPE were up the same amount it would be trading at $51.89. Although there are ETFs now (just launched by 21Shares and Bitwise), volumes are still growing in those vehicles and are significantly less than PURR at the moment. In my opinion this (temporary) outperformance is more a function of the scale of equity market vs. crypto market flows and not due to mNAV expansion in the DAT. If that's the case, like we saw last week, we should see a big catchup move in the HYPE token to close to the move PURR has had today. We'll see