Bernstein: The coin price is bottoming out, but the business logic of encryption companies has changed.

The Bernstein analyst team (led by Gautam Chhugani) has some interesting new views: although the coin market is still bottoming out, encryption companies have already started playing different tricks.

This wave of transformation is truly different from past cycles. Look at how a certain leading compliant platform is wildly expanding its product line, with various token issuance activities happening one after another, along with those new consumer-grade applications that have emerged—behind these actions, there is a reconstruction of business logic. More critically, there is a strong contrast between these companies' actual operating data and the coin price trends.

The analyst team believes that the industry is entering a new stage. Those strategies that were previously avoided due to unclear regulations are now being boldly implemented by companies. Moreover, they are no longer focused solely on periodic transaction fees, but are beginning to expand towards a more diverse revenue structure. The loosening of the regulatory environment combined with innovation in business models may be the core reason for this wave of companies demonstrating resilience.