Mizuho: Quality of This Round of Crypto Rebound Superior to Past, Fund Structure Driven by Spot and ETF

BlockBeats News, August 26th - Amid Bitcoin's resurgence and the recovery of crypto-related stocks, the investment bank Mizuho believes that the quality of this round of crypto market rebound may be better than before. The bank's analyst Dan Dolev stated that the current rise is not primarily driven by high leverage, as open interest in coin-margined futures contracts fell to a one-month low after the initial rebound, indicating a fund structure closer to spot and ETF-driven.

This is crucial for market sentiment. In past crypto rebounds, rapid leverage accumulation often amplified volatility, and once the price fell, it easily triggered a chain liquidation. However, Mizuho believes that in this round of the market, the inflow of spot Bitcoin ETF funds is more prominent, with a net inflow of about $1.9 billion in the past week, marking the strongest week since October 2025, indicating that traditional funding channels are still supporting crypto assets.

Mizuho believes that if the rebound continues, platform-type companies such as Robinhood, eToro, and BitGo will benefit the most. This is because the increase in trading volume will directly improve broker, custody, and institutional service revenues. Especially against the backdrop of retail trading recovery, sustained ETF demand, and expanding institutional custody needs, crypto infrastructure companies will find it easier to gain stable revenue elasticity compared to individual tokens.

However, the market will still be influenced by U.S. bond yields, the U.S. dollar trend, and risk appetite. If Jackson Hole sends a hawkish signal, or if the AI chain of the U.S. stock market continues to pull back, crypto assets may still face short-term pressure. Mizuho's assessment leans more towards the medium-term structure: this round of rebound has less leverage bubble, and if spot demand continues to flow in, crypto stocks will have a clearer path for performance transmission.