Analysts at Bernstein have highlighted the resilience of core cryptocurrency operators despite ongoing weak market sentiment. In a report, they noted that while the industry is still seeking signs of Bitcoin's bottom, operators are actively adapting their business models to explore new revenue streams. This shift is seen as a departure from previous market corrections. The report acknowledged the impact of market sentiment on crypto-related stocks, with Coinbase, Circle, and Robinhood experiencing declines of 21%, 37%, and 12% respectively over the past month. However, Bernstein emphasized that the industry's operational performance remains robust, supported by business model reforms and regulatory advantages. The analysts pointed to Coinbase's product expansion and new consumer applications as evidence of strategic shifts beyond traditional transaction revenue.