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).