Crypto stocks may be nearing a bottom, according to Bernstein analysts.

“The combination of geopolitics and temporary crypto weak sentiment is offering big discounts” on crypto stocks, wrote Bernstein’s Gautam Chhugani and his team.

Shares of trading platforms Coinbase (COIN) and Robinhood (HOOD), as well as fintech Figure Technology Solutions (FIGR), have fallen roughly 60% from their all-time highs. Bitcoin is trading below $68,000 after surging past $120,000 last summer and fall.

Bernstein maintained an Outperform rating on the three crypto stocks. But it lowered its price targets due to expectations of weak first quarter results later this spring.

“We believe, we will see a bottom in crypto stocks into weak Q1…