According to CoinMeta, as reported by A early in 2021, Mizuho analyst Dan Dolev stated that this round of rebound in the crypto market is not driven by high leverage. The number of open contracts denominated in cryptocurrencies has fallen to a one-month low, and the capital structure is being driven by spot trading and ETF. Over the past week, there has been a net inflow of approximately $1.9 billion into spot Bitcoin ETF, reaching a new high since October 2025. If the rebound continues, platform-based companies such as Robinhood, eToro, and BitGo will benefit from the improved revenue brought about by increased trading volume. Mizuho believes that there is less leverage bubble in this round of rebound, and crypto stocks have a clearer path for performance transmission.