Fundstrat's 2026 Crypto Outlook: Caution Ahead

A report circulating from Fundstrat Global Advisors presents a bearish outlook for cryptocurrencies, suggesting significant pullbacks ahead. This perspective notably diverges from the optimistic projections made by Tom Lee, Fundstrat's managing partner.

Key Takeaways

A report from Fundstrat warns of a potential decline in the cryptocurrency market in early 2026.
Predictions include Bitcoin dropping to $60,000–$65,000, Ether decreasing to $1,800–$2,000, and Solana falling to $50–$75.
Tom Lee has made contrasting bullish predictions, suggesting substantial growth potential for Bitcoin and Ether.
Despite market concerns, Lee's BitMine continues to buy Ether aggressively.

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

Fundstrat's Cautious 2026 Forecast

A report attributed to Fundstrat Global Advisors outlines a pessimistic outlook for the cryptocurrency market, which appears to contradict Tom Lee's recent comments. Screenshots shared on X indicate that this document serves as Fundstrat’s internal strategy guidance for 2026, warning of a "meaningful drawdown" expected in the first half of the year. The report predicts that Bitcoin could decline to between $60,000 and $65,000, Ether might hit $1,800 to $2,000, and Solana may drop to between $50 and $75 before potentially providing buying opportunities later in the year.

Although Fundstrat has not publicly released this document, various crypto-focused accounts, including Wu Blockchain, suggest that it has been shared with internal clients. Tom Lee, the head of research and a managing partner at Fundstrat, has indicated that this outlook was likely crafted by Sean Farrell, the firm’s head of digital asset strategy.

Fundstrat’s 2026 crypto outlook. Source: Wu Blockchain

Tom Lee's Optimistic Views on ETH

The bearish outlook from Fundstrat stands in stark contrast to statements made by Lee during the Binance Blockchain Week event in Dubai this month. In his speech, Lee suggested that Bitcoin could surge to $250,000 within a few months and described Ether, then priced around $3,000, as "grossly undervalued."

Lee pointed out that if Ether were to revert to its standard eight-year average ratio against Bitcoin, its price could soar to approximately $12,000. Referring to 2021's price levels, he hinted at valuations near $22,000, while a ratio of 0.25 for ETH/BTC could suggest values exceeding $60,000. He believes that Ethereum is following a similar trajectory to Bitcoin, which has appreciated over 100 times since 2017. “We believe ETH is embarking on that same Supercycle,” he noted.

As of the time of publication, Cointelegraph had reached out to Fundstrat for further comments but had not received a reply.

BitMine's Increased Ether Accumulation

In related news, Lee’s company, BitMine, has been ramping up its Ether acquisitions amidst a challenging market environment. On December 8, BitMine disclosed that it held close to 3.9 million ETH as of December 7, having added over 138,000 ETH within a week. The firm now claims its holdings represent over 3.2% of the total Ether supply.

Related Articles:

Ether down 42% from all-time high: Where will ETH price bottom?
Ethereum could get faster in January with gas limit rise to 80M
2026 is the year of pragmatic privacy in crypto — Canton, Zcash and more