Standard Chartered: Strategy to Sell Bitcoin or Start of Outperforming BTC with ETH

BlockBeats News, June 2nd, Standard Chartered Bank's Global Head of Digital Assets Research, Geoffrey Kendrick, stated that Strategy's recent sale of Bitcoin may signal the start of a new period of Ethereum outperforming Bitcoin. Despite Strategy selling only 32 bitcoins at the end of May, representing about 0.004% of its 843,700 bitcoins holdings, a "negligible" amount, the market's reaction to this move is worth noting. Kendrick believes that "yesterday may have been the starting point for ETH to outperform BTC."

This view continues Kendrick's research report released last week. He likened the current Ethereum to Amazon in 2001 after the burst of the dot-com bubble, believing that despite ETH's recent price performance being relatively weak, the core fundamentals of the Ethereum ecosystem continue to improve, including the growth of stablecoins, Real World Asset (RWA) tokenization, and Decentralized Finance (DeFi).

Based on the above assessment, Kendrick maintains his long-term optimistic outlook, expecting the ETH price to reach $4,000 by the end of 2026 and rise to $40,000 by the end of 2030. He believes that as Ethereum's importance in stablecoin settlements, asset tokenization, and on-chain financial activities continues to grow, its long-term value is expected to be continuously unlocked.