Mizuho said on Aug. 26 that the current rebound in crypto markets may be stronger in quality than prior rallies, as Bitcoin regains momentum and crypto-related stocks recover.
According to Mizuho analyst Dan Dolev, the latest move higher does not appear to be driven mainly by heavy leverage. Coin-margined open interest fell back to a one-month low after the first leg of the rebound, suggesting that the funding mix is closer to spot demand and exchange-traded fund inflows. Dolev said that point is important for market sentiment.
Lower leverage sets this rebound apart
Mizuho said many past crypto rallies were marked by a fast build-up in leverage, which tended to magnify volatility. When prices turned lower, that often increased the risk of cascading liquidations.
In this cycle, the bank said spot Bitcoin ETF inflows have stood out more clearly. Net inflows into spot Bitcoin ETFs reached about $1.9 billion over the past week, the strongest weekly total since October 2025. Mizuho said that shows traditional capital channels are still supporting crypto assets.
Platform companies could see the biggest benefit
Mizuho said Robinhood, eToro and BitGo would be among the clearest beneficiaries if the rebound continues. The bank's reasoning is straightforward: higher trading volumes would directly improve brokerage, custody and institutional-services revenue.
It also said that as retail trading recovers, ETF demand holds up and institutional custody demand expands, crypto infrastructure companies may have a clearer path to steadier revenue elasticity than single-token exposures.
Macro factors still matter in the short term
Even so, Mizuho said crypto markets remain sensitive to U.S. Treasury yields, dollar moves and overall risk appetite. If Jackson Hole delivers a hawkish signal, or if the AI trade in U.S. equities extends its pullback, crypto assets could still face short-term pressure.
The bank's view is centered more on the medium-term structure of the rally. With less leverage froth in the system, continued spot demand could give crypto stocks a clearer earnings transmission path.