A circulating report attributed to Fundstrat Global Advisors has outlined a bearish outlook for cryptocurrencies that appears to clash with Tom Lee’s recent public comments.

According to screenshots shared on X, the document, which appears to be Fundstrat’s internal 2026 crypto strategy guidance, warns of a “meaningful drawdown” in the first half of 2026. The report 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 before potentially presenting buying opportunities later in the year.

The material has not been publicly released by Fundstrat, and its authenticity has not been independently confirmed by Cointelegraph at the time of publication. However, multiple crypto-focused accounts, including Wu Blockchain, claim the document was distributed to internal clients.

Lee is a managing partner and the head of research at Fundstrat. The circulating 2026 crypto outline has been apparently written by Sean Farrell, head of digital asset strategy at the firm.

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Tom Lee calls ETH “grossly undervalued”

The circulating outlook stands in contrast to statements Lee made on stage at Binance Blockchain Week in Dubai earlier this month. Speaking publicly, Lee said Bitcoin could reach $250,000 within months and called Ether at around $3,000 “grossly undervalued.”

Lee argued that if Ether were to return to its eight-year average ratio against Bitcoin, its price could approach $12,000. A revisit of 2021 relative levels would imply prices near $22,000, while an ETH/BTC ratio of 0.25 would suggest valuations north of $60,000, according to Lee’s presentation.

In November, Lee also claimed Ether is starting on the same path that saw Bitcoin’s price multiply over 100 times since 2017. “We believe ETH is embarking on that same Supercycle,” he said.

Cointelegraph reached out to Fundstrat for comment, but had not received a response at the time of publication.

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BitMine ramps up Ether buying

As Cointelegraph reported, Lee’s BitMine has continued to aggressively accumulate Ether despite a weakening market backdrop.

In a Dec. 8 disclosure, the company said it held nearly 3.9 million ETH as of Dec. 7, after adding more than 138,000 ETH in a single week. The firm claimed its holdings now represent over 3.2% of Ether’s total supply.

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