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Ether may surpass Bitcoin performance by 40% as Strategy's recent BTC liquidation could signal a shift, according to Standard Chartered's Geoffrey Kendrick.

By Krisztian Sandor|Edited by Aoyon Ashraf Jun 2, 2026, 1:14 p.m. 3 min readMake preferred on

Key Insights:

  • Standard Chartered's Geoffrey Kendrick believes that ether could outperform bitcoin following Strategy's recent BTC sale.
  • Ether treasury firms can generate staking income, reducing the need to liquidate assets for operational funding, unlike their bitcoin counterparts.
  • Kendrick anticipates the ETH-BTC ratio to rise to 0.04 by the end of the year, indicating over 40% outperformance from current levels.

Strategy's (MSTR) recent sale of BTC$68,637.32—its first since 2022—may seem small compared to its substantial $58 billion portfolio, yet the market's response could point to a larger transformation within the crypto landscape, as suggested by Standard Chartered's Geoffrey Kendrick.

Kendrick observed that on the day of the announcement of the BTC sale, ether (ETH) notably outperformed bitcoin (BTC), despite a general downturn in cryptocurrency values. Since Monday, ETH has risen 5% against BTC.

He noted that during periods when bitcoin prices fell, this was one of the most significant gains for ETH compared to BTC since early 2024.

Kendrick expressed, "I perceive [Monday] as the beginning of ETH's outperformance over BTC."

This analysis arrives as discussions among investors continue regarding ether's ability to regain its momentum after trailing bitcoin for a significant part of the last two years. Since the Ethereum network's shift from a proof-of-work to a proof-of-stake system in September 2022, ETH has seen a 66% decline against BTC, reaching a five-year low in April 2025. However, ETH has rebounded over 60% from those lows in the past year, indicating potential recovery.

Geoffrey Kendrick, who has set a long-term price target of $4,000 for ETH by the end of 2026 and $40,000 by 2030, predicts that the ETH-BTC ratio will climb to 0.04 by year-end from its current level of about 0.028, suggesting ether could outperform bitcoin by over 40%, regardless of the direction both assets take.