SUH-HO: THIS ROUND OF ENCRYPTION REBOUNDS WITH BETTER QUALITY THAN IN THE PAST, WITH A FINANCIAL STRUCTURE OR DRIVEN BY SPOT AND ETF

On 26 August, at a time when Bitcoin had returned to the warmth of its encrypted-related stocks, the investment bank Mizuho (Seo) believed that the current round of encryption markets might have been of better quality than in the past. According to the bank analyst, Dan Dolev, the current increase is not driven primarily by high leverage, and the fact that the unsettled contract has fallen to a lower level of one month after the initial round rebound indicates that the funding structure is closer to the spot and ETF-driven. This is critical to market sentiment. In the past, the rapid accumulation of leverage in multiple rounds of encryption tended to magnify volatility and, once prices fell, could easily trigger a chain of liquidation. Mizuho, on the other hand, believes that in this turn, cash flows are more prominent than those of ETF, with net inflows of about $1.9 billion over the past week, the strongest week since October 2025, indicating that traditional financial channels still support encrypted assets. However, the market will continue to be affected by the rate of return on United States debt, the United States dollar movement and risk preferences. If Jackson Hole releases a hawk signal, or if the U.S. shares AI chain continues to switch back, the encrypted asset shortline may still be under pressure. Mizuho's judgement is more in favour of medium-term structure: this round has fewer rebound leverage foams and if spot demand continues to flow, the encryption unit will have a clearer performance route。