Bernstein analysts Gautam Chhugani and his team published a note on Monday arguing that the 60% collapse in cryptocurrency-adjacent stocks from their all-time highs represents a “rare chance to buy the dip at a ‘big’ discount” — language that runs directly against the prevailing mood of Extreme Fear gripping the market. The note maintained Outperform ratings on Coinbase, Robinhood, and Figure Technology Solutions while lowering price targets on all three to reflect expectations of weak first-quarter results when those companies report earnings in the coming weeks. Bernstein’s argument rests on a structural view rather than a near-term price call: the