According to ChainCatcher, citing The Block, analysts at research brokerage Bernstein noted that the industry is "still waiting for a clear signal that Bitcoin has bottomed out," but emphasized that this round of decline is fundamentally different from previous corrections—core crypto operating companies are actively transitioning to new revenue models, and their business fundamentals are "strong."
In a report to clients on Monday, analyst Gautam Chhugani's team acknowledged that the weak sentiment has impacted crypto-related stocks: Coinbase has fallen 21% in the past 30 days, Circle has fallen 37%, and Robinhood has fallen 12%. However, they pointed out that most speculative bubbles exist only in the tail end of projects that are following Strategy, and reiterated that "no real-world scenario threatens Strategy's long-term survival."
Bernstein emphasized the stark contrast between industry operating performance and market prices, highlighting the deep resilience demonstrated by business model innovation and favorable regulatory environment. Analysts believe the industry is entering a new phase, with companies beginning to implement strategies previously constrained by regulatory uncertainty and expanding beyond cyclical trading revenue.
