Bernstein: The encryption bull run cycle is "still in the early stages".

On July 31, The Block reported that Bernstein stated that the current crypto bull run cycle is still in its early stages, and trading platforms like Robinhood and CEX are expected to benefit from the rise in volume and mainstream market adoption. Bernstein reiterated its "outperform" rating for these two companies, maintaining confidence in their performance. The report showed that Robinhood's second-quarter performance released on Wednesday was impressive, and it continues to expand its crypto asset products. In July, its trading volume soared to a six-month high, thanks to the resurgence of market fluctuations and factors such as the listing on Circle, which has increased investor interest in ETH, SOL, and DeFi tokens, with expectations that crypto asset trading volume will significantly rebound in the second half of the year. Additionally, the report mentioned that CEX has reached a strategic partnership with JPMorgan, which greatly promotes the adoption of digital assets. Bernstein believes that the current crypto bull run is still early, and recent developments support this view, stating that "no action is needed" at this time.