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Strategy’s (NASDAQ: $MSTR) first Bitcoin sale since 2022 is giving Ether bulls an opening after a long stretch of Bitcoin dominance.

The sale was small beside Strategy’s $58 billion Bitcoin position, but Standard Chartered’s Geoff Kendrick said the market reaction may matter more than the transaction size. Ether outperformed Bitcoin after the sale was announced, even as the broader crypto market weakened, a divergence Kendrick framed as the possible start of a new ETH-led phase.

“I see Monday as being the start of ETH outperformance versus BTC,” Kendrick wrote in a note to clients.

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The argument centers on the economics of crypto treasury companies. Bitcoin treasury firms depend largely on price appreciation, financing access and capital-market premiums because Bitcoin itself does not generate yield. When obligations or operating expenses build, selling coins can become part of the model, even if the amounts are modest.

Ethereum-focused treasury companies have another source of support. Staked ETH can generate yield, giving firms a way to produce recurring income without selling down their holdings. Kendrick said yields near 3% annualized create a structural difference from Bitcoin treasury models and could make Ether-focused balance sheets more durable over time.

The call comes after a difficult multi-year period for Ether relative to Bitcoin. ETH has lost about 66% against BTC since Ethereum’s 2022 shift to proof-of-stake, though the pair has rebounded from a five-year low reached in April 2025.

Kendrick expects the ETH-BTC ratio to rise to 0.04 by year-end from about 0.028, implying more than 40% Ether outperformance from current levels. He has also maintained a longer-term Ether target of $4,000 by the end of 2026 and $40,000 by 2030.

The broader question is whether staking income can turn Ethereum treasury firms into more durable public-market vehicles while Bitcoin treasury companies face renewed scrutiny over funding needs.

Bitcoin (CRYPTO: $BTC) is currently trading at $67,870 U.S. per token. Ethereum (CRYPTO: $ETH) is trading at $1,959.7 U.S. per token.