Bernstein: The fundamentals of encryption companies are "performing strongly", and the fall in this round of the Bear Market is fundamentally different from previous ones.

On December 1, analysts from the research brokerage firm Bernstein pointed out that the industry “is still waiting for a clear signal of Bitcoin hitting bottom,” but emphasized that this round of decline is fundamentally different from previous pullbacks—core encryption operating companies are actively transitioning to new revenue models, and the 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: CEX has fallen 21% in the past 30 days, Circle has dropped 37%, and Robinhood is down 12%. However, they noted that most speculative bubbles only exist in the tail projects of trend-following strategies and reiterated that “no realistic scenario threatens the long-term viability of the strategy.” Bernstein highlighted the stark contrast between the industry's operational performance and market prices, with innovation in business models and favorable regulations reflecting 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 revenue.