Strategy's recent bitcoin sale may mark the start of ether outperforming bitcoin, according to Standard Chartered Bank.
Strategy disclosed Monday that it sold 32 bitcoin during the last week of May, a tiny fraction of the 843,706 bitcoin it still holds. While the amount sold was "ridiculously small," the market reaction was telling, Standard Chartered Bank's Global Head of Digital Assets Research Geoffrey Kendrick said in a Tuesday note emailed to The Block.
"I see yesterday as being the start of ETH outperformance v BTC," he said.
Kendrick's comments follow his last week's report, where he compared Ethereum's current setup to Amazon during the 2001 dot-com bubble burst. He argued that, like Amazon at the time, Ethereum's internal metrics continue to improve even though ether's price (ETH) has underperformed recently. Kendrick maintained his long-term ETH price targets of $4,000 by the end of 2026 and $40,000 by the end of 2030, citing Ethereum's growing role in stablecoins, tokenized real-world assets, and decentralized finance activity.
The price of bitcoin (BTC) fell below $70,000 following Strategy's bitcoin sale announcement. Kendrick said that on days when bitcoin declines, Monday marked one of the largest ETH-BTC topside moves of the past few years, with only 23 larger ETH-BTC up days on bitcoin down days since the start of 2024.
