Bernstein reports that crypto-related stocks including Coinbase, Robinhood, and Figure Technology Solutions have retreated approximately 60% from their recent highs. Valuations are more reflective of short-term sentiment rather than fundamentals. As the first-quarter results are finalized and announced, the market may be approaching a cyclical bottom; despite lowering target prices, institutions still maintain a "beat the market" rating on these companies. (TheBlock)