Bernstein: This round of adjustment is different, encryption companies are quietly transforming.

[Block Rhythm] At the beginning of December, Bernstein's analyst team made an interesting observation - the market is all focused on when BTC will hit the bottom, but this round of adjustment is different from the previous ones.

They noticed that although the coin prices are falling, the fundamentals of those core crypto companies are actually quite solid. It's not just talk; they are genuinely transforming and exploring new ways to make money.

In a client report led by Gautam Chhugani, it is acknowledged that, indeed, crypto-related stocks have not been performing well recently: Coinbase dropped 21% in a month, Circle fared worse with a 37% loss, and Robinhood also fell by 12%. However, they believe that the real bubble is mainly in those marginal projects that blindly follow the Strategy play. As for the Strategy itself? The team directly stated: there is fundamentally no need to worry about its survival in the long term.

The most crucial point is this contrast—stock prices are falling, but operational data of companies is rising. Bernstein believes the industry is undergoing a turning point: things that were previously avoided due to unclear regulations can now be done freely. Companies are starting to think seriously about how to sustain themselves more stably, aside from relying on trading fees that depend on market conditions.