$BTC Seeks Bottom but Firms Execute Transformative Shifts, Says Bernstein


Core crypto operating businesses are demonstrating strength through business model transformations despite continued weak market performance, according to Bernstein analysts. The research firm noted this correction differs from past downturns because companies are actively executing strategic shifts toward new revenue sources.


$BTC finished November fluctuating between $82,000 and $92,000 before dropping to $86,000 on Monday. Bernstein analysts led by Gautam Chhugani stated markets still lack clear bottoming signals, though operating performance across the industry contrasts sharply with price action.


#Crypto equity valuations have declined alongside digital asset prices. Coinbase fell 21% over 30 days, Circle dropped 37%, and Robinhood declined 12%, according to the Monday client note.


The analysts argued most speculative excess remains limited to Strategy copycat firms. Bernstein maintained its position that no realistic scenario threatens Strategy's viability, citing regulatory improvements and business model evolution as sources of sector resilience.

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December 01, 2025 at 6:55 PM
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