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Standard Chartered Bank’s Head of Digital Asset Research, Geoff Kendrick, said that Strategy’s recent sale of a small amount of BTC may signal that ETH is starting to strengthen relative to BTC. He believes the key is not the size of this sale, which is only about $2.5 million, but that Bitcoin treasury companies, since BTC itself does not generate returns, may in the future need to cover expenses and debts by selling coins or obtaining financing. Kendrick said that ETH treasury companies can earn income through staking, so they are less likely to sell underlying assets under funding pressure. He expects the ETH/BTC exchange rate to rise from the current approximately 0.028 to 0.04 by the end of the year, implying that ETH may have more than 40% upside outperformance versus BTC. (CoinDesk)