The document appears legitimate, but the interpretation is misleading. This note reflects a short-term risk management base case for 1H 2026 written by Fundstrat’s Head of Digital Asset Strategy, not Tom Lee himself. Tom Lee, as CIO and public strategist, typically speaks to cycle-level and year-end upside, while internal strategy notes often outline defensive drawdown scenarios. These are different roles, different timeframes, and different objectives — not a contradiction. The note explicitly states these levels would be attractive buying opportunities into year-end.