A widely circulated report, allegedly from Fundstrat Global Advisors, painted a grim picture of the cryptocurrency market outlook — a view seemingly contrary to Tom Lee's recent optimistic statements to the public.
According to shares on the X platform, this document is said to be Fundstrat's internal cryptocurrency strategy guide for 2026. The report warns of the possibility of a “major correction” in the first half of 2026, while also providing specific bearish scenarios: Bitcoin could retreat to the $60,000–65,000 range, Ether may drop to $1,800–2,000, and Solana risks falling to $50–75, before the market may present buying opportunities late in the year.
So far, Fundstrat has not officially published the aforementioned document, and Coin Photon has also not been able to independently verify the authenticity of the report at the time of writing. Nonetheless, many accounts closely monitoring the cryptocurrency market, including Wu Blockchain, assert that this document has been circulated within the company's internal client group.
“According to @_FORAB, in the latest cryptocurrency strategy report for 2026 sent exclusively to internal clients, the Fundstrat fund managed by Tom Lee has made a rather cautious assessment: the market is likely to experience a strong correction in the first half of the year, completely contrary to the optimistic statements that Tom Lee himself had publicly made earlier.
Specifically, this internal report sets a price target for Bitcoin (BTC) in the $60,000–65,000 range, Ethereum (ETH) at $1,800–2,000, and Solana (SOL) around $50–75. Notably, this information surfaced just minutes after Tom Lee spoke at Binance Week, asserting that Ethereum around the $3,000 mark is seriously undervalued. Not long before, he also predicted ETH could reach $15,000 by the end of 2025, further highlighting the contrast between public opinion and internal assessment.
Currently, Tom Lee serves as the managing partner and research director at Fundstrat. The circulating cryptocurrency strategy outline for 2026 is said to have been directly drafted by Sean Farrell, head of digital asset strategy at Fundstrat.
Tom Lee calls ETH “seriously undervalued”
This circulating outlook is completely contrary to Lee's recent statements at the Binance Blockchain Week event in Dubai earlier this month. On stage, he appeared particularly optimistic, stating that Bitcoin could reach the $250,000 mark in just a few months, while suggesting that Ether around the current $3,000 mark is being “seriously undervalued.”
According to Lee, if Ether returns to the average rate over eight years compared to Bitcoin, the price of ETH could approach $12,000. In a more optimistic scenario, if it re-establishes the correlations of 2021, Ether could get close to the $22,000 mark. Even with an ETH/BTC ratio reaching 0.25, Ether's valuation could exceed $60,000, he noted in his presentation.
Earlier, in November, Lee also stated that Ether is beginning to follow a growth trajectory similar to Bitcoin — the coin that has increased in value more than 100 times since 2017. “We believe that ETH is entering a similar supercycle,” he emphasized.
BitMine intensifies Ether purchases
According to Coin Photon, Lee's BitMine remains steadfast in its strategy of accumulating Ether, despite the market context facing significant downward pressure.
In the announcement released on December 8, the company stated that as of December 7, BitMine is holding nearly 3.9 million ETH, after purchasing over 138,000 ETH in just one week. The business emphasized that this amount of Ether currently represents more than 3.2% of the total circulating supply, thereby affirming BitMine's growing position in the Ethereum ecosystem.