Ethereum Posts Largest Daily Outperformance Against Bitcoin Following Strategy's $2.5M Liquidation

According to Standard Chartered's Geoff Kendrick, Ethereum recorded one of its largest daily gains against Bitcoin following Strategy's $2.5 million Bitcoin liquidation disclosed on Monday. The move marked a turning point that could create sustained favorable conditions for Ethereum, Kendrick wrote in a Tuesday note, noting that since the start of 2024, Ethereum has registered better daily returns relative to Bitcoin just 23 times when it falls.

Kendrick projects Ethereum will trade at roughly $2,700 by year-end—a 41% increase from $1,900—as Bitcoin's dominance weakens to levels unseen since September. He attributed the opportunity to Ethereum's staking capabilities, which generate revenue through transaction validation, reducing the need for asset sales compared to Bitcoin-focused firms.