According to Bernstein Research, the crypto market is still searching for a bottom, signaling ongoing downside risk and elevated volatility for traders (source: Bernstein Research). Bernstein Research states that major operating businesses are reshaping their models toward new revenue lines in ways not seen in prior corrections, indicating structural shifts in sector fundamentals (source: Bernstein Research). Bernstein Research indicates this transformation may drive wider performance dispersion across tokens and listed crypto equities, making identifiable new revenue streams and improving cash-flow durability key selection factors for trade setups and risk management (source: Bernstein Research).

According to @kwok_phil, the past 24 hours saw extreme crypto volatility, but he expects future dispersion as assets with intrinsic demand become the oil of the financial system, leading to step-function repricing followed by more stable baselines; this view points traders toward monitoring tokens with real utility and demand resilience for lower forward volatility and more durable support zones (source: Phil Kwok on X, Oct 11, 2025).