Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, said that Strategy’s recent Bitcoin sale could signal the beginning of a new period of strengthening for Ethereum against Bitcoin.
According to Kendrick, Strategy’s sale of 32 $BTC at the end of May represents only about 0.004% of the company’s total reserve of 843,700 $BTC, making it a very limited financial impact. However, the analyst noted that the market’s reaction to this development was remarkable, stating, “Yesterday could be the first day Ethereum started outperforming Bitcoin.”
This view of the analyst aligns with the research report he published last week. Kendrick compared the current outlook for Ethereum to Amazon, which continued to thrive after the burst of the internet bubble in 2001. While acknowledging Ethereum’s recent weak performance against Bitcoin, Kendrick argued that the network’s fundamental indicators continue to strengthen, particularly highlighting growth in stablecoin adoption, real-world asset (RWA) tokenization, and decentralized finance (DeFi).
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In light of these developments, a Standard Chartered analyst maintains his long-term bullish outlook for Ethereum. Kendrick predicts that the ETH price could reach $4,000 by the end of 2026 and $40,000 by the end of 2030.
According to the analyst, as Ethereum’s role in stablecoin payments, asset tokenization, and on-chain financial activities continues to grow, the network’s long-term value is expected to become even more apparent. Therefore, Kendrick maintains the view that Ethereum could outperform Bitcoin in the coming years.
*This is not investment advice.
