The latest crypto market rebound appears less dependent on leverage than previous rallies, according to Mizuho analyst Dan Dolev, as reported by Investing.com. Coin-denominated open interest fell to its lowest level in a month after the initial rebound and has not recovered, suggesting spot and ETF demand—not a short squeeze or leveraged long positions—is driving the advance. Bitcoin spot ETFs recorded about $1.9 billion in net inflows over the past week, their largest weekly inflow since October 2025. Retail trading volumes remain at a three-year low, Dolev said, potentially creating additional upside momentum if activity returns.