A major cryptocurrency fund has quietly shifted its internal outlook for 2026. Fundstrat's latest strategy memo to clients forecasts a significant market correction hitting the first half of next year—a stark divergence from the more bullish narrative their leadership has been pushing publicly.

The disconnect raises questions about what institutional players are actually positioning for behind closed doors versus their public messaging. Internal reports from major funds often reflect more cautious scenario planning than their external communications, suggesting market participants should prepare for volatility even as optimistic commentary dominates the headlines.

This kind of divergence between private strategy and public statements is worth monitoring, especially when timing a market entry or managing exposure.