Geoffrey Kendrick, head of digital asset research at Standard Chartered, believes the recent sale of 32 Bitcoin for $2.5 million by Strategy marks the beginning of Ethereum's (ETH) outperformance against Bitcoin (BTC). Kendrick forecasts that the ETH/BTC ratio will increase from approximately 0.028 to 0.04 by the end of 2026, reflecting a more than 40% outperformance of Ethereum. This shift is attributed to Ethereum's staking yield, which allows treasury firms to earn income without needing to sell their assets. In contrast, Bitcoin treasury firms, including Strategy, do not generate yield and rely on price appreciation and capital market activities to operate. Kendrick's analysis suggests that as the market recognizes the advantages of Ethereum's staking model, the valuation gap between Ethereum and Bitcoin treasury firms will narrow. Despite current challenges for ETH, including falling prices and increased short positions, Kendrick sees these conditions as potential entry points for investors, predicting that Ethereum's recovery will be driven by staking yields and institutional momentum in tokenization.