A recent report attributed to Fundstrat Global Advisors presents a bearish outlook for cryptocurrencies, contradicting Tom Lee’s latest public statements.
Screenshots shared on X indicate that the document, seemingly Fundstrat’s internal strategy guidance for crypto in 2026, cautions about a “significant drawdown” expected in the first half of 2026. The report forecasts lower targets with Bitcoin (BTC) potentially dropping to $60,000–$65,000, Ether (ETH) falling to $1,800–$2,000, and Solana (SOL) decreasing to $50–$75 before possible buying opportunities arise later in the year.
This material has not been publicly confirmed by Fundstrat, and Cointelegraph has not independently verified its authenticity at the time of publication. Nonetheless, several crypto-focused sources, including Wu Blockchain, assert that the document was circulated among internal clients.
Lee is a managing partner and the head of research at Fundstrat. The circulated 2026 crypto report appears to have been drafted by Sean Farrell, the firm’s head of digital asset strategy.
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Tom Lee calls ETH “grossly undervalued”
The circulating outlook is in stark contrast to the comments Lee made at Binance Blockchain Week in Dubai earlier this month. In a public statement, Lee mentioned that Bitcoin could reach $250,000 within months and referred to Ether around $3,000 as “grossly undervalued.”
Lee contended that if Ether were to return to its eight-year average ratio against Bitcoin, its price could climb to approximately $12,000. Returning to 2021 relative levels would indicate prices nearing $22,000, while an ETH/BTC ratio of 0.25 could suggest valuations exceeding $60,000, based on Lee’s presentation.
In November, Lee also stated that Ether is starting down a path similar to the one Bitcoin took, which saw its price multiply over 100 times since 2017. “We believe ETH is beginning that same Supercycle,” he declared.
Cointelegraph reached out to Fundstrat for comments but had not received a response by the time of publication.
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BitMine ramps up Ether buying
As Cointelegraph has reported, Lee’s BitMine has continued to aggressively accumulate Ether despite a challenging market environment.
In a disclosure from Dec. 8, the company stated it held nearly 3.9 million ETH as of Dec. 7, having added over 138,000 ETH in just one week. The firm noted that its holdings now account for over 3.2% of Ether’s total supply.
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