Standard Chartered · Bitcoin · Ethereum · Strategy · Wall Street · Decrypt
As Bitcoin Sinks, It's Time for Ethereum to Outperform: Standard Chartered
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When Strategy disclosed on Monday that it had sold Bitcoin, the move marked a counterintuitive turning point for Ethereum, according to Standard Chartered’s Geoff Kendrick.
Key facts
- After Strategy shaved its stockpile by $2.5 million, Ethereum notched one of its largest price moves against Bitcoin in years, Kendrick wrote
- Last week, the investment bank projected a year-end target of $4,000 for Ethereum, contending that the digital asset’s price doesn’t reflect improving internal metrics
- When Strategy disclosed on Monday that it had sold Bitcoin, the move marked a counterintuitive turning point for Ethereum, according to Standard Chartered’s Geoff Kendrick
- By year’s end, Kendrick argues that Bitcoin’s dominance over Ethereum will weaken to levels not seen since September, or 0.04
Summary
Standard Chartered's Geoff Kendrick argues that Strategy's $2.5 million Bitcoin liquidation marked a turning point for Ethereum. As Bitcoin's price dropped, Ethereum registered one of Ethereum's largest daily outperformance spikes since 2024. Kendrick believes that Ethereum's current price is deeply disconnected from thriving network metrics. Although the second-largest digital asset by market cap has lagged its oldest peer for months, investors’ reaction to Strategy’s liquidation created favorable conditions for Ethereum that could persist, the bank’s head of digital asset research shared in a Tuesday note.