Bernstein: Despite weak market performance, cryptocurrency companies continue to perform strongly.

According to Odaily Odaily, a team of Bernstein analysts led by Gautam Chhugani stated that while the cryptocurrency market remains weak and is still searching for a bottom, cryptocurrency companies are executing "transformative" changes not seen in previous corrections. Examples include Coinbase's expanding product line, token issuance activities, and emerging consumer applications. The industry's overall operating performance contrasts sharply with market prices, highlighting ongoing business model reforms and favorable regulatory environment as evidence of its potential resilience. Analysts believe the industry is entering a new phase, with companies executing strategies previously constrained by regulatory uncertainty and expanding beyond cyclical trading revenue. (The Block)