Bernstein: Crypto companies' fundamentals are "performing strongly", and the current bear market downturn is fundamentally different from previous cycles

BlockBeats News, December 1, research brokerage firm Bernstein analysts pointed out that the industry is "still waiting for a clear signal of bitcoin bottoming out," but emphasized that this round of decline is fundamentally different from previous corrections—the core crypto operating companies are actively transitioning to new revenue models, and business fundamentals are "performing strongly."

In a report to clients on Monday, analyst Gautam Chhugani's team acknowledged that weak sentiment has affected crypto-related stocks: one exchange fell 21% in the past 30 days, Circle dropped 37%, and Robinhood fell 12%. However, they noted that most speculative bubbles only exist in tail-end projects following the herd Strategy, and reiterated that "there is no real-world scenario that threatens the long-term existence of Strategy."

Bernstein emphasized the sharp contrast between the industry's operational performance and market prices, stating that business model innovation and favorable regulation are demonstrating deep resilience. Analysts believe the industry is entering a new phase, with companies beginning to implement strategies previously constrained by regulatory uncertainty, expanding into areas beyond cyclical trading income.