A circulating report attributed to Fundstrat Global Advisors has outlined a bearish outlook for cryptocurrencies that appears to contradict recent public comments from Tom Lee.
According to screenshots, that's at $50-$75 before potential buying opportunities arise later within the 12 months.
The material has not been publicly released by Fundstrat and its authenticity has not been independently verified by Cointelegraph on the time of publication. However, several crypto-focused accounts, including Wu Blockchain, claim the document was distributed to internal customers.
Lee is managing partner and head of research at Fundstrat. The circulating crypto draft for 2026 was apparently written by Sean Farrell, the corporate's head of digital asset strategy.
Fundstrat's 2026 Crypto Outlook. Source: Wu Blockchain
Tom Lee describes ETH as “severely undervalued”
The outlook circulating is in contrast to statements Lee made on stage at Binance Blockchain Week in Dubai earlier this month. In a public speech, Lee said Bitcoin could reach $250,000 inside months and called Ether “severely undervalued” at around $3,000.
Lee argued that Ether's price could approach $12,000 if Ether's ratio to the eight-year average versus Bitcoin were reached again. Revisiting relative levels in 2021 would suggest prices near $22,000, in response to Lee's presentation, while an ETH/BTC ratio of 0.25 would suggest valuations above $60,000.
In November, Lee also claimed that Ether is following the identical path that has seen the value of Bitcoin multiply 100-fold since 2017. “We imagine ETH is starting the identical supercycle,” he said.
Cointelegraph reached out to Fundstrat for comment but didn’t receive a response on the time of publication.
BitMine increases Ether purchases
As Cointelegraph reported, Lee's BitMine has continued to aggressively accumulate Ether despite a weakening market environment.
In a Dec. 8 disclosure, the corporate said it held nearly 3.9 million ETH as of Dec. 7, after adding greater than 138,000 ETH in a single week. The company said its holdings now represent over 3.2% of the overall Ether supply.
