Wall Street broker Bernstein says crypto-linked equities are approaching a cyclical bottom following a steep ~60% drawdown from 2025 highs, framing the pullback as a potential “big discount” opportunity ahead of first-quarter earnings.

In a Monday note led by analyst Gautam Chhugani, the firm said the combination of macro uncertainty, geopolitical tension, and weak crypto sentiment has pressured valuations across the sector, but argued that fundamentals tied to long-term growth themes remain intact, according to Investing.com.

Despite the bullish longer-term view, Bernstein lowered price targets across major names: it cut its target on Coinbase to $330 from $440, Robinhood to $130 from $160, and Figure to $67 from $72. All three…