A report circulating online and attributed to Fundstrat Global Advisors presents a notably bearish outlook for cryptocurrencies, seemingly at odds with recent public remarks from the firm’s co-founder, Tom Lee.
Screenshots shared on X show what is described as Fundstrat’s internal 2026 crypto strategy guidance. The document reportedly warns of a “meaningful drawdown” in the first half of 2026, projecting downside targets that include Bitcoin retreating to the $60,000–$65,000 range, Ether falling to $1,800–$2,000, and Solana sliding to between $50 and $75, before potential buying opportunities emerge later in the year.
Fundstrat has not publicly released the material, and Cointelegraph has not independently verified its authenticity at the time of publication. Nevertheless, several crypto-focused accounts, including Wu Blockchain, claim the report was circulated among the firm’s internal clients.
Tom Lee, a managing partner and head of research at Fundstrat, has recently expressed more optimistic views publicly. The circulating 2026 crypto outlook is reportedly authored by Sean Farrell, the firm’s head of digital asset strategy.
Lee’s public remarks paint a sharply different picture. Speaking on stage at Binance Blockchain Week in Dubai earlier this month, Tom Lee described Ether as “grossly undervalued” and said Bitcoin could surge to $250,000 within the coming months.
Lee said that if Ether were to revert to its eight-year average ratio against Bitcoin, its price could climb to around $12,000. A return to the relative levels seen in 2021 would imply valuations near $22,000, while an ETH/BTC ratio of 0.25 could push Ether’s price above $60,000, according to his presentation.
He reinforced that bullish view in November, arguing that Ether is beginning a trajectory similar to Bitcoin’s historic run since 2017, when BTC rose more than 100-fold. “We believe ETH is embarking on that same supercycle,” Lee said.
BitMine, the firm associated with Lee, has continued to step up its Ether accumulation even as broader market conditions soften.
In a Dec. 8 disclosure, BitMine reported holding nearly 3.9 million ETH as of Dec. 7, after purchasing more than 138,000 ETH in just one week. The company said its holdings now account for over 3.2% of Ether’s total circulating supply.
