Fundstrat's encryption strategy director responds to disagreements with Tom Lee, still optimistic about BTC and ETH hitting new highs.

CoinVoice has learned that Sean Farrell, the head of cryptocurrency strategy at Fundstrat, responded on the X platform regarding the “discrepancy between his market views and those of Tom Lee”. He stated that his previously cautious outlook in the first half of the year reflected risk management rather than a complete bearish stance. The current market pricing is almost perfect, but risks still exist, including government shutdowns, trade fluctuations, uncertainty in artificial intelligence capital expenditures, and changes in the Fed chair. At the same time, there is a tightening of high-yield bond spreads and low cross-asset volatility. Recently, capital flows have also shown divergence. Bitcoin is currently in a “no man's land” in terms of valuation. In the long term, as large brokerages join, ETF demand should improve, but in the short term, there are still pressures from original holders selling, miner pressure, MSCI potentially removing MSTR, and fund redemptions. Fundstrat has multiple analysts, each with independent research frameworks and different investment time horizons, aimed at meeting the diverse investment goals of clients. My research primarily targets portfolios with a high allocation to crypto assets and adopts a relatively more aggressive trading strategy. Tom Lee's research mainly serves large fund management institutions and investors allocating 1%-5% of their assets to BTC and ETH. Such strategies require a high degree of discipline and a long-term perspective to capture structural (long-term) trends to achieve excess returns over time. My goal is to assist clients and subscribers with a high allocation to crypto assets (approximately 20% or more) to consistently outperform the market through proactive rebalancing across different cycles. Current benchmark assessment: there may be a rebound 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 following this outlook, I still expect Bitcoin and Ethereum to challenge new historical highs before the end of the year, thereby concluding the traditional four-year cycle with a shorter and smaller bear market.