Fundstrat’s circulating 2026 crypto outlook warns of pullback, contrasting Tom Lee

Hold up — Fundstrat’s internal 2026 crypto strategy just leaked, and it’s painting a bearish picture that totally contradicts Tom Lee’s recent hype. According to screenshots circulating on X (shared by Wu Blockchain), the report warns of a “meaningful drawdown” in H1 2026, with downside targets that’ll make you sweat:

The doc — allegedly written by Sean Farrell, Fundstrat’s head of digital asset strategy — hasn’t been officially released, and Cointelegraph hasn’t verified it yet. But crypto insiders claim it was distributed to internal clients. Plot twist: this clashes hard with Tom Lee’s recent public takes.

At Binance Blockchain Week in Dubai earlier this month, Lee was all gas, no brakes. He said Bitcoin could hit $250K within months and called Ether at ~$3K “grossly undervalued.” His math: if ETH/BTC returns to its 8-year average ratio, ETH could approach $12K; a revisit of 2021 levels implies ~$22K; and a 0.25 ratio would push it past $60K. In November, he even claimed ETH is starting the same “Supercycle” that sent BTC up 100x since 2017.

Cointelegraph reached out to Fundstrat for comment — no response yet.

Meanwhile, Lee’s BitMine is aggressively stacking ETH despite the shaky market. A Dec. 8 disclosure shows they held nearly 3.9 million ETH as of Dec. 7, adding over 138,000 ETH in a single week. That’s over 3.2% of Ether’s total supply. So while the internal report screams caution, Lee’s firm is buying the dip hard. Mixed signals much?