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A circulating study attributed to Fundstrat Global Advisors has outlined a bearish outlook for cryptocurrencies that appears to clash with Tom Lee’s caller nationalist comments.
According to screenshots shared connected X, the document, which appears to beryllium Fundstrat’s interior 2026 crypto strategy guidance, warns of a “meaningful drawdown” successful the archetypal fractional of 2026. The study sets downside targets of Bitcoin (BTC) falling to $60,000–$65,000, Ether (ETH) dropping to $1,800–$2,000, and Solana (SOL) declining to $50–$75 earlier perchance presenting buying opportunities aboriginal successful the year.
The worldly has not been publically released by Fundstrat, and its authenticity has not been independently confirmed by Cointelegraph astatine the clip of publication. However, aggregate crypto-focused accounts, including Wu Blockchain, claim the papers was distributed to interior clients.
Lee is simply a managing spouse and the caput of probe astatine Fundstrat. The circulating 2026 crypto outline has been seemingly written by Sean Farrell, caput of integer plus strategy astatine the firm.
Fundstrat’s 2026 crypto outlook. Source: Wu BlockchainRelated: Ether down 42% from all-time high: Where volition ETH terms bottom?
Tom Lee calls ETH “grossly undervalued”
The circulating outlook stands successful opposition to statements Lee made connected signifier astatine Binance Blockchain Week successful Dubai earlier this month. Speaking publicly, Lee said Bitcoin could scope $250,000 wrong months and called Ether astatine astir $3,000 “grossly undervalued.”
Lee argued that if Ether were to instrumentality to its eight-year mean ratio against Bitcoin, its terms could attack $12,000. A revisit of 2021 comparative levels would connote prices adjacent $22,000, portion an ETH/BTC ratio of 0.25 would suggest valuations northbound of $60,000, according to Lee’s presentation.
In November, Lee besides claimed Ether is starting connected the aforesaid way that saw Bitcoin’s terms multiply implicit 100 times since 2017. “We judge ETH is embarking connected that aforesaid Supercycle,” helium said.
Cointelegraph reached retired to Fundstrat for comment, but had not received a effect astatine the clip of publication.
Related: Ethereum could get faster successful January with state bounds emergence to 80M
BitMine ramps up Ether buying
As Cointelegraph reported, Lee’s BitMine has continued to aggressively accumulate Ether contempt a weakening marketplace backdrop.
In a Dec. 8 disclosure, the institution said it held astir 3.9 cardinal ETH arsenic of Dec. 7, aft adding much than 138,000 ETH successful a azygous week. The steadfast claimed its holdings present correspond implicit 3.2% of Ether’s full supply.
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