A sustained rebound in digital assets is under way, according to Mizuho Securities, which has identified three structural shifts supporting the latest crypto rally.
Coin-denominated open interest has retreated to a one-month low and has shown little sign of rebuilding, a sign that leveraged bets are not driving the advance. Spot and exchange-traded fund demand are now the primary engines, Mizuho analyst Dan Dolev noted. "The continuation is being carried by spot and ETF demand rather than leveraged longs," he said.
Retail trading activity remains subdued by historical standards, with exchange volumes still near three-year lows. However, the recent firming of flows into these depressed volumes suggests a late-stage consolidation pattern that could precede broader participation, the bank added.
Spot Bitcoin ETFs recorded inflows of roughly $1.9 billion over the past week, the strongest weekly total since October 2025. The surge was led by BlackRock’s IBIT, which posted five consecutive days of positive flows.
Among the beneficiaries of this shift, Mizuho highlighted three listed names. Robinhood is cited as having achieved a multi-quarter record 40% share of spot retail volume in the second quarter of 2026, supported by the highest operating leverage among peers and elevated activity per funded customer. eToro, trading near 52-week lows at a sub-10x price-to-earnings multiple after a post-earnings pullback, has grown its funded accounts by 18% to 4.28 million, with a differentiated non-U.S., multi-asset model. BitGo, rated Outperform, is positioned as the infrastructure and custody winner, benefiting from institutional accumulation routed through the ETF wrapper.
