[Bernstein: Despite Weak Market Trends, Crypto Companies Remain Strong] Odaily Planet Daily News – A team of Bernstein analysts led by Gautam Chhugani stated that although the cryptocurrency market remains weak and is still searching for a bottom, crypto companies are undergoing 'transformational' changes not seen in previous adjustments. Examples of these changes include Coinbase's continuously expanding product line, token issuance activities, and emerging consumer applications, all of which illustrate shifts in business models. The operational performance of the entire industry stands in stark contrast to market prices, highlighting ongoing business model reforms and favorable regulatory developments as evidence of its underlying resilience. Analysts believe the industry is entering a new phase, with companies implementing strategies previously constrained by regulatory uncertainty and expanding beyond cyclical trading revenue. (The Block)