Geoffrey Kendrick, head of digital asset research at Standard Chartered, has pointed to a seemingly trivial move by Strategy (formerly MicroStrategy), the world’s largest corporate bitcoin holder, as a potential inflection point for Ethereum’s relative performance. Last week, Strategy sold just 32 bitcoin, an unusually small amount for a firm known for its massive BTC accumulation. Kendrick noted that despite the tiny size of the sale, the ETH/BTC pair registered a rare sharp upside move on the same day BTC was declining, suggesting the beginning of a new period where Ethereum outperforms Bitcoin.
Kendrick reaffirmed his bullish stance on ether, maintaining a year-end price target of $4,000 and a long-range forecast of $40,000 by 2030. He expects the ETH/BTC ratio, currently hovering around 0.028, to climb to approximately 0.04 by the end of the year, a meaningful re-rating in favor of the second-largest cryptocurrency.
Beyond mere price levels, Kendrick highlighted a structural advantage that Ethereum enjoys: treasury companies holding ETH can earn staking yields of about 3%, enabling them to operate without ever needing to sell coins. In contrast, bitcoin treasury companies often have to liquidate part of their holdings to generate liquidity. This dynamic makes it easier for Ethereum-focused firms to maintain higher net asset value multiples (mNAV) and secure stronger financing capabilities in capital markets.