A circulating report attributed to Fundstrat Global Advisors has outlined a bearish outlook for cryptocurrencies in early 2026.
The contents appear to conflict with recent bullish comments made publicly by Fundstrat managing partner Tom Lee.
Screenshots shared on social media suggest the document represents internal 2026 Crypto strategy guidance.
The report warns of a “meaningful drawdown” during the first half of the year.
It outlines downside targets for several major cryptocurrencies before potential buying opportunities emerge later in 2026.
According to the document, Bitcoin could fall to a range between $60,000 and $65,000.
Ether is projected to decline to between $1,800 and $2,000.
Solana is shown with downside targets ranging from $50 to $75.
Questions Surround Authenticity and Distribution
The material has not been publicly released by Fundstrat.
Its authenticity has not been independently confirmed.
However, multiple crypto-focused accounts have claimed the document was shared with internal clients.
The outline is reportedly authored by Sean Farrell, Fundstrat’s head of digital asset strategy.
Tom Lee serves as managing partner and head of research at the firm.
The contrast between the circulating report and Lee’s public remarks has fueled debate across crypto markets.
Tom Lee Maintains Aggressive Bullish Outlook
Earlier this month, Lee struck a sharply optimistic tone while speaking at Binance Blockchain Week in Dubai.
During the event, he said Bitcoin could reach $250,000 within months.
He also described Ether, trading near $3,000 at the time, as “grossly undervalued.”
Lee argued that a return to Ether’s eight-year average ratio against Bitcoin could imply a price near $12,000.
A move back to relative levels seen in 2021 would suggest valuations closer to $22,000.
An ETH-to-BTC ratio of 0.25 would imply prices exceeding $60,000, according to his presentation.
In November, Lee reiterated his long-term conviction.
“We believe ETH is embarking on that same Supercycle,” he said, drawing comparisons to Bitcoin’s performance since 2017.
BitMine Continues Ether Accumulation
Despite the bearish tone of the leaked outlook, Lee’s affiliated firm BitMine has continued accumulating Ether.
The company disclosed on Dec. 8 that it held nearly 3.9 million ETH as of Dec. 7.
That figure followed the addition of more than 138,000 ETH in a single week.
BitMine claimed its holdings now represent over 3.2% of Ether’s total supply.
The aggressive accumulation underscores the disconnect between the circulating strategy document and Lee’s actions.
Fundstrat has not publicly commented on the report.
The divergence has left investors weighing whether caution or conviction will define the next phase of the crypto market.