This event exploded this morning in the English-speaking area, and the latest response from Sean Farrell, who released this bearish view, stated that there are multiple analysts within Tom Lee's team who are responsible for cryptocurrency-related matters.

The reason for releasing this bearish view primarily lies in risk management for positions in the first half of next year, rather than a strong bearish sentiment.

He believes that market risks still exist, for example:

Possible government shutdowns, fluctuations in trade policy, uncertainties in AI capital expenditures, changes in Federal Reserve chairmanship, and tight high-yield bond spreads with low cross-asset volatility.

Combining with capital flows, BTC is in a valuation no man's land. In the long term, ETF demand will improve as brokerage channels are integrated. However, there are still pressures in the short term, such as old coin holders selling, miners selling coins, the possible exclusion of Bitcoin microstrategy MSTR from the MSCI US stock index, and funds needing to redeem to meet their time limits.

Therefore, he updated his latest market outlook: the cryptocurrency market will first rebound at the beginning of the year, followed by another pullback in the first half of the year, creating better bottom opportunities before the end of the year.

At the same time, he explained that the difference in views from Tom Lee mainly stems from Tom Lee's research, which primarily serves institutional investors. They typically only allocate 1 – 5% of their positions to BTC and ETH, thus focusing on long-term price outlooks, ensuring strong discipline and a long-term perspective.

However, as an analyst responsible for internal research reports in this sector, his goal is to help those clients and subscribers who have substantial positions in cryptocurrency (approximately over 20% of their portfolios) to outperform the market through position adjustments at any time during different cycles.

This has also led to the farce of differing internal views from Tom Lee, where insiders feel the first half of the year is bleak, but Tom Lee believes January will see new highs. He understands why people may be angry at this time.