The thing to keep in mind is that streamers don’t have tonal characteristics, and anyone’s individual experience is likely to be different based upon their setup. The reason that different streamers seem to exhibit slight tonal or sonic differences, apart from digital processing differences like up/oversampling, dsp, etc., is primarily due to electrical engineering factors like jitter, power supply noise, and electrical isolation (galvanic isolation) impacting the DAC's performance.
So while they pass the same digital bits, the quality of the transport (handling of timing/noise) differs as follows:
- Jitter (Timing Errors): High-precision clocks reduce jitter, which can affect the DAC's analog output, resulting in different perceived soundstaging or, rarely, tonal qualities.
- Electrical Noise & Isolation: Poorly designed streamers can introduce electrical noise (EMI/RFI) into the DAC via USB or SPDIF, affecting the analog stage.
- Power Supply: Better, cleaner power supplies (linear vs. switching) reduce noise floor, allowing for a cleaner signal, often perceived as a "blacker" background or more detail.
- The DAC's Sensitivity: If the DAC is well-designed with good jitter rejection and isolation, these differences can become nearly inaudible.
In sum, the interaction of these factors influence the extent to which one can hear fully the characteristics of one’s DAC. But you do not have to spend more than $2k to get state of the art performance - i.e., vanishingly low noise levels.
Finally, there is some evidence that even when streaming “bit perfect”, there could be subtle differences among different streaming software platforms, based on levels of CPU usage associated with software efficiency. However, this is again related to noise, that is, the potential for heavier CPU usage to leak into digital outputs.
Here’s a thread that explores these issues more fully:

