CoinVoice has learned that Fundstrat's cryptocurrency strategy chief Sean Farrell responded on the X platform regarding the disagreement between his market views and those of Tom Lee, stating that the cautious perspective from the first half of the year reflects risk management rather than a completely bearish outlook. The current market pricing is almost close to perfect, but risks still exist, including government shutdowns, trade fluctuations, uncertainties in artificial intelligence capital expenditures, and changes in the Federal Reserve chair. Additionally, there is a tightening of high-yield bond spreads and low cross-asset volatility. Recent capital flows have also shown divergence. Bitcoin is currently in a 'no man's land' in terms of valuation. In the long term, with the involvement of major brokerages, ETF demand should improve, but in the short term, it still faces pressures from original holders selling off, miner pressure, the potential removal of MSTR by MSCI, and fund redemptions. Fundstrat has multiple analysts, each with their own independent research framework and different investment time horizons, aimed at meeting various clients' investment goals. My research mainly targets portfolios with a high allocation of crypto assets and adopts a relatively more aggressive market operation strategy. Tom Lee's research primarily serves large asset management institutions and investors who allocate 1%–5% of their assets to BTC and ETH. Such strategies require a high level of discipline and a long-term perspective to grasp structural (long-term) trends in order to achieve excess returns over time. My goal is to assist clients and subscribers with a high allocation of crypto assets (approximately 20% or more) by continuously outperforming the market through proactive rebalancing across different cycles. Current benchmark judgment: a rebound may occur at the beginning of the year, followed by another pullback in the first half, providing a more attractive opportunity for year-end positioning. If the judgment is incorrect, I prefer to wait for confirmation signals. For investors focused on this outlook, I still expect Bitcoin and Ethereum to challenge new historical highs before the end of the year, thus ending the traditional four-year cycle with a shorter and smaller bear market. [Original link]