Berenstein: Crypto Company Fundamentals "Remain Strong," Current Bear Market Decline Shows Fundamental Differences
BlockBeats News, December 1st, a Bernstein analyst 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 past pullbacks — core crypto operating companies are actively transitioning to new revenue models, and the business fundamentals are "strong."
In a report to clients on Monday, analyst Gautam Chhugani's team acknowledged that the bearish sentiment has affected crypto-related stocks: Coinbase has dropped 21% in the past 30 days, Circle has dropped 37%, and Robinhood has dropped 12%. However, they pointed out that most speculative bubbles exist only in the tail end of trend-following projects and reiterated that "no real-world scenario would threaten the long-term viability of the projects."
Bernstein emphasized the stark contrast between industry operational performance and market prices, highlighting that business model innovation and regulatory tailwinds are demonstrating deep resilience. The analyst believes that the industry is entering a new stage, where companies are beginning to implement strategies that were previously limited by regulatory uncertainty to expand into areas beyond transactional revenue.
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