Fund Analyst from Tom Lee's Firm Responds to Disagreement with Tom Lee's Viewpoint: We Serve Different Types of Investors with Their Own Emphases on Strategy

**Fundstrat’s Sean Farrell Addresses View Disparity With Tom Lee, Lays Out Crypto Outlook** On December 21, Sean Farrell—head of crypto strategy at Fundstrat (Tom Lee’s firm)—addressed claims of differing market views with Lee, noting Fundstrat’s analysts operate with independent frameworks and time horizons to serve diverse client goals. Farrell’s research focuses on portfolios with **20%+ crypto allocations**, using a more aggressive strategy. His first-half caution reflected risk management, not full bearishness. While current pricing is near “perfect,” risks remain: government shutdowns, trade volatility, AI capex uncertainty, Fed chair transitions, tight high-yield spreads, and low cross-asset volatility. Fund flows are also diverging, with Bitcoin in a valuation “no man’s land.” Long-term: Big broker participation and ETF demand should improve, but near-term pressures include: original holders selling, miner stress, potential MSCI exclusion of MSTR, and fund redemptions. Farrell’s base case: A Q1 bounce followed by a deeper H1 pullback, creating attractive year-end entry points. If wrong, he’ll wait for confirmation signals. He still expects BTC/ETH to hit new all-time highs (ATHs) by year-end, ending the traditional four-year cycle with a shorter, shallower bear market. Earlier reports: Lee said BTC could reach a new ATH by late January 2026; Farrell, in a Dec 20 note, projected BTC to $60k–$65k and ETH to $1.8k–$2k in H1 2026.