Circulating Fundstrat Report Warns of Crypto Pullback in Early 2026

A document circulating among crypto traders and analysts, attributed to Fundstrat Global Advisors, is stirring debate after outlining a sharply bearish scenario for digital assets in early 2026 - one that appears at odds with the firm’s more optimistic public messaging.

The material, shared widely on social media, describes a potential market reset during the first half of 2026, with major cryptocurrencies facing deep pullbacks before longer-term recovery opportunities emerge. While the report has not been officially published or confirmed by Fundstrat, several industry accounts claim it reflects internal guidance distributed to select clients.

According to the document, Bitcoin could retrace to the low-$60,000 range, while Ether may fall back toward levels last seen before the 2024 rally. Solana is also flagged as vulnerable in a risk-off environment, with projections pointing to a steep decline before any sustained rebound. The report frames these moves not as the end of the cycle, but as a valuation reset that could create opportunities later in the year.

What has drawn particular attention is the contrast between this cautious outlook and recent public remarks by Fundstrat’s co-founder and head of research, Tom Lee. In multiple appearances over recent months, Lee has argued that crypto markets remain structurally bullish. He has described Ether as deeply undervalued and suggested that Bitcoin could see substantial upside in the near term if macro conditions align.

Bearish Scenario Clashes With Public Bullish Narrative

Lee has repeatedly pointed to historical price relationships between Bitcoin and Ether, arguing that a return to long-term averages could imply significantly higher ETH valuations. He has also compared Ether’s current positioning to Bitcoin’s early-stage growth phase years ago, suggesting a similar long-term trajectory.

The apparent disconnect between the circulating report and Lee’s public stance has fueled speculation about whether Fundstrat is presenting different narratives to different audiences – or whether the document reflects scenario planning rather than a base-case forecast. The report is said to have been authored by the firm’s digital asset strategy team, though this has not been independently verified.

Adding to the complexity, entities associated with Lee continue to increase exposure to Ether. Recent disclosures show aggressive accumulation of ETH despite broader market weakness, reinforcing the view that at least some within Fundstrat remain confident in Ethereum’s long-term prospects.

Until the firm publicly confirms or denies the report’s authenticity, the episode highlights a familiar tension in crypto markets: the gap between short-term risk management and long-term conviction. Whether the bearish 2026 scenario proves prescient or merely hypothetical remains an open question – one that investors are now watching closely.