The latest cryptocurrency rebound appears to be driven by spot demand (buying the underlying asset directly) and exchange-traded fund demand rather than leverage speculation (trading with borrowed funds), Mizuho Securities said. Bitcoin ETFs attracted about $1.9 billion over the past week, the highest level since October 2025, suggesting the advance may be more durable than previous rallies. Among related stocks, Mizuho identified Robinhood as its top choice because it holds about 40% of spot retail trading share, while also taking a bullish view of BitGo for capturing demand from eToro and institutional investors.