Ethereum is staging a quiet comeback, even as the price is falling. ETH is dropping under $1,900, well off its late-2024 highs, while Bitcoin continues to show cycle-wide underperformance that Standard Chartered says is now working directly in Ethereum’s favor.
Ethereum is coming back, even as the price is falling. BTC continues to show underperformance that analyst says is now working in ETH’s favor.
ETH BTC Ratio, Tradingview
On the day of the announcement, ETH posted one of its largest single-day outperformance moves versus BTC in recent years, an event that has occurred just 23 times since the start of 2024. Kendrick projects the ETH/BTC ratio to climb from 0.028 to 0.04 by year-end, implying over 40% relative outperformance for Ethereum.
His Ethereum price target is at $2,700 near-term, assuming flat BTC at under $70,000, $4,000 by year-end, and an eyebrow-raising $40,000 by 2030.
Kendrick’s thesis rests on a structural argument: Ethereum-holding treasury companies can stake ETH to generate yield, funding operations without forced coin sales. Bitcoin treasury firms have no equivalent cash-flow mechanism, and Strategy’s sale illustrated this friction in real time.
This, he argues, supports a higher modified net asset value for ETH-based treasuries and reduces selling pressure on the asset itself. It’s a point the market has been slow to price in, which may be exactly why the opportunity exists.
For bull, they want ETH/BTC to reclaim 0.04 by Q4, with ETH trading toward $4,000 as RWA tokenization volume accelerates upward. However, a broad risk-off event drags both ETH and BTC lower; leveraged long flushes similar to recent Bitcoin liquidation cascades could reset ETH below $1,600 and delay the ratio recovery well into 2026.
Standard Chartered isn’t alone in flagging ETH’s structural undervaluation; multiple analysts have compared the current ETH discount to Amazon’s post-dot-com trough before its decade-defining recovery.
Bitcoin Hyper Targets Early Mover Upside as Ethereum Staking Narrative Heats Up
The staking yield argument driving Kendrick’s ETH thesis reflects a broader market shift: infrastructure that generates native yield is being revalued faster than passive-hold assets. Bitcoin, historically locked out of that dynamic, may be changing.
Traders rotating within the Bitcoin ecosystem are eyeing a project that brings programmable yield infrastructure directly to BTC.
Bitcoin Hyper is positioning itself as the first Bitcoin Layer 2 with full Solana Virtual Machine (SVM) integration, delivering sub-second finality and smart contract execution on Bitcoin’s security layer faster than Solana itself.
The presale has raised $32.7 million at a current token price of $0.013681, with a high 36% APY staking already live for early participants. Core infrastructure features include a Decentralized Canonical Bridge for BTC transfers, extremely low-latency L2 processing, and high-speed low-cost transaction execution that targets Bitcoin’s three core limitations: slow throughput, high fees, and zero native programmability.
