Geoffrey Kendrick, Global Head of Digital Asset Research at Standard Chartered Bank, suggests that a recent Bitcoin sale by Strategy could mark a turning point for Ethereum. In a note on Tuesday, Kendrick highlighted that Strategy’s liquidation of $2.5 million in BTC, though negligible relative to its 843,700 BTC reserve, triggered one of Ethereum’s largest daily outperformance spikes against Bitcoin since 2024. Ethereum notched its largest price move relative to Bitcoin in years, with the ETH/BTC ratio seeing a surge not recorded for months.
Kendrick argues that Ethereum’s current price is deeply disconnected from its strengthening network metrics. He pointed to growing stablecoin adoption, real-world asset (RWA) tokenization, and decentralized finance (DeFi) activity as indicators that the blockchain’s fundamentals are improving. The analyst compared Ethereum’s outlook to Amazon after the dot-com crash, suggesting that the smart-contract giant could thrive despite recent underperformance.
The bank retains a year-end 2026 ETH price target of $4,000 and a $40,000 target by 2030, while expecting Bitcoin to reach $500,000 over the same period. Kendrick’s long‑term bullishness is rooted in Ethereum’s expanding role in stablecoin payments, asset tokenization, and on‑chain financial activities, areas that have drawn interest from institutions like BlackRock.
This is not investment advice.
