Mizuho analyst Dan Dolev stated that the current rebound in the cryptocurrency market is not driven by high leverage, as open contracts on the cryptocurrency side have fallen to a one month low, and the funding structure is driven by spot and ETFs. Over the past week, the net inflow of spot Bitcoin ETFs reached approximately $1.9 billion, reaching a new high since October 2025. If the rebound continues, platform companies such as Robinhood, eToro, and BitGo will benefit from the revenue improvement brought by the rebound in trading volume. Mizuho believes that this round of rebound leverage foam is less, and crypto shares have a clearer performance transmission path.
