Standard Chartered analyst Geoff Kendrick remains constructive on ether and Bitmine Immersion even after a weak week for crypto markets. His view is clear: being long ETH and BMNR into the weekend offers attractive risk/reward.
By Friday morning in U.S. trading, ETH was at $2,912, down 12% from a week earlier and off 1.7% year to date. Bitmine Immersion, led by Tom Lee and identified as the largest corporate holder of ETH, had fallen nearly 9% for the week and was down 10% on the year. Prices have pulled back, but Kendrick argues that the underlying setup has not deteriorated in the same way.
Ethereum activity climbs after the Fusaka upgrade
Kendrick said Ethereum’s base layer has posted a sharp rise in activity in recent weeks, with transaction counts reaching fresh all-time highs. He linked that move to the network capacity increase delivered by the December Fusaka upgrade. In his assessment, this cycle looks different from earlier ones, when upgrades failed to translate into lasting network growth.
He said Fusaka appears to be reducing earlier bottlenecks, making it easier for more users and developers to get transactions through. That change in capacity, in his view, separates the current burst of usage from previous rallies and gives the latest move a stronger on-chain foundation.
Bitmine Immersion keeps buying ether
On the corporate side, Kendrick said Bitmine Immersion has shown no sign of slowing its ETH accumulation. He pointed to comments from Chairman Tom Lee at last week’s annual meeting, where the company laid out plans for additional acquisitions. That keeps BMNR closely tied to institutional-style demand for ether.
Macro signals also support risk assets
Kendrick also highlighted several macro developments: the resolution of Greenland-related tariff risks, a rebound in the Japanese bond market after the sharp selloff earlier in the week, and rising odds that BlackRock fixed income chief Rick Rieder could become the next Federal Reserve chair. Kendrick said a Rieder-led Fed would run the economy hot, a setup he sees as supportive for crypto.
Putting those elements together, he argues that stronger Ethereum network usage, ongoing corporate purchases, and a friendlier macro backdrop make ETH and BMNR attractive longs heading into the weekend.