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The crypto industry is not dead yet. BlackRock is about to revive it, says Bernstein

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If you think crypto is dead, think again, says Bernstein's digital assets analyst.

The price of bitcoin has fallen 5.8% over the past six months, according to CoinMetrics, and the flagship crypto has failed to hold onto any significant gains tied to positive catalysts as of late. However, Bernstein says the crypto industry is alive and well — even if the price isn't reflecting that.

Circuit sided with crypto investment giant Grayscale against the SEC, which had denied the company's application to convert its Grayscale Bitcoin Trust into an exchange-traded fund. Other factors are boosting crypto's prospects, including various applications by institutions for a spot bitcoin ETF. BlackRock , Fidelity , Franklin Templeton and Invesco are among the largest names attempting to launch bitcoin ETFs.

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