To answer that question you must know that cacao powder does not dissolve in Water or Milk, there are still microscopic small cacao particles that are suspended in your liquid, so its not a solution, like when you put sugar in water, it is a suspension
In a solution the sugar would dissolve in its individual molecules
In an suspension the particles are much bigger and the liquid only holds these particles against gravity, if you let it stand without mixing it for a certain amount of time the cacao powder will settle on the bottom of your cup
To come back to your question cacao does not come from a water based state it is fat based, the cacao bean is afaik to 50% fat and only ~5% water
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