Behind the collective plummet of stock prices: What encryption companies are quietly doing

[Block Rhythm] The market has indeed been a bit tough recently, and the latest views from the analyst team of a well-known research institution are worth following—they said they are still “waiting for the real bottom signal of Bitcoin,” but this time it is somewhat different from the previous big dumps.

First, let's look at the data: over the past month, Coinbase's stock price has fallen by 21%, Circle has been even worse, directly halving nearly 40%, and even Robinhood couldn't hold up, dropping by 12%. However, these analysts seem quite calm, saying that the real bubble is actually concentrated in those small projects that blindly follow the crazy Strategy model, while the fundamentals of the core enterprises are still quite solid.

They mentioned an interesting point: many mainstream cryptocurrency companies are now quietly transforming, no longer relying solely on trading fees to get by. When the regulatory environment was unclear, many ideas were not dared to be implemented; now that the policy environment is warming up, these companies are starting to truly expand new business lines. So on the surface, stock prices are falling, but in reality, the industry's business model is becoming healthier.

In simple terms: a price fall does not mean the industry is doomed, and the necessary transformations are still being promoted. This round of adjustment may be more like squeezing out the excess, allowing the truly capable projects to settle down.