Bernstein "Bitcoin price is weak... but crypto asset operating companies are resilient"

The bearish trend in the crypto asset (cryptocurrency) market continues, but analysis shows that the business fundamentals of major operating companies are rather strengthening.

On the 1st (local time), according to crypto-focused media The Block, research and brokerage firm Bernstein said, "Bitcoin (BTC) showed a retracement from the $82,000 range to $92,000 and then adjusted back to the mid-$80,000s, so a clear bottom signal has not been confirmed," but added, "unlike past down cycles, this correction is characterized by the strong earnings fundamentals of key operating companies."

Bernstein analyst Gautam Chugani said, "The bearish sentiment is reflected in the stock prices of related companies such as Coinbase, Circle, and Robinhood, but excessive speculative funds in the market are mainly concentrated in small altcoins or similar projects," and "no risk signals have been detected that would threaten the sustainability of major infrastructure companies."

Bernstein analyzed that operational performance across the industry is expanding, contrary to market prices. As regulatory uncertainty is resolved, companies are diversifying their businesses away from fee-dependent trading models into new revenue sources such as capital markets, asset tokenization, and consumer applications.

For example, Coinbase is pursuing a strategy to integrate cryptocurrency trading, tokenized stocks, prediction markets, and consumer payments into a single platform. Bernstein predicted, "In the medium to long term, Coinbase and Robinhood are highly likely to form a competitive dynamic in the multi-asset financial platform space."

The report diagnosed, "Although the price correction phase continues, operating companies are executing structural transitions in line with a stabilizing regulatory environment," and "this correction could become a long-term growth opportunity for the industry."