Loading...
**[Mizuho: The Quality of This Crypto Rebound is Superior to Previous Ones, Driven by Spot and ETFs]** BlockBeats News, August 26 — As Bitcoin regains strength and crypto-related stocks recover, investment bank Mizuho believes that the quality of this crypto market rebound may be better than previous ones. Analyst Dan Dolev from Mizuho stated that the current rally is not primarily driven by high leverage. Bitcoin-denominated open interest has fallen to a one-month low after the initial rebound, indicating that the funding structure is more driven by spot and ETFs. This is crucial for market sentiment. In past crypto rebounds, leverage accumulation often amplified volatility, and once prices fell, it easily triggered cascading liquidations. However, Mizuho believes that in this round of market movement, spot Bitcoin ETF inflows are more prominent, with net inflows of approximately $1.9 billion over the past week — the strongest week since October 2025 — showing that traditional funding channels continue to support crypto assets. Mizuho suggests that if the rebound continues, platform companies such as Robinhood, eToro, and BitGo will benefit the most. The reason is that the recovery in trading volume will directly improve brokerage, custody, and institutional service revenues. Particularly in the context of retail trading recovery, sustained ETF demand, and expanding institutional custody needs, crypto infrastructure companies will find it easier to achieve stable revenue elasticity compared to individual tokens. However, the market will still be influenced by U.S. Treasury yields, dollar trends, and risk appetite. If the Jackson Hole symposium signals a hawkish stance or if the AI-related sectors of the U.S. stock market continue to pull back, crypto assets may face short-term pressure. Mizuho’s outlook leans more toward the mid-term structure: this rebound has less leverage-driven bubbles, and if spot demand continues to flow in, crypto stocks will have a clearer path to performance transmission.