See what 10M+ investors are talking about. Get the Stocktwits Daily Rip for what retail is watching right now, free to your inbox<\/a><\/p>\n Bitcoin\u2019s price fell more than 5% in the last 24 hours to $67,100, while\u00a0Ethereum\u2019s price dipped 2.7% to around $1,910. Both were among the top trending tickers on Stocktwits at the time of writing. Retail sentiment around Bitcoin trended in \u2018extremely bearish\u2019 territory over the past day, while sentiment around Ethereum improved to \u2018bearish\u2019 from the \u2018extremely bearish\u2019 zone.<\/p>\n Why MSTR’s 32 BTC Sale Moved the Market <\/p>\n Strategy sold just 32 Bitcoin last week. It still holds 843,706 BTC. Kendrick called the amount “ridiculously small,” but the market’s reaction told a different story.<\/p>\n He noted that Monday’s session was one of the largest ETH-BTC topside moves in the past few years, pointing out that only 23 days since the start of 2024 have seen a larger relative move by ETH on a Bitcoin down-day.<\/p>\n According to Kendrick, the market read Strategy’s sale as a structural data point, not just a one-off transaction, and rotated accordingly. He forecast that the ETH\/BTC ratio will rise to 0.040 by the end of the year from roughly 0.028 currently. That would imply more than 40% relative outperformance for Ethereum.<\/p>\n Why ETH Treasury Companies Don’t Need to Sell <\/p>\n Kendrick\u2019s thesis centers on the fact that Ethereum treasury companies can generate income through staking, while Bitcoin treasury companies cannot.<\/p>\n Story Continues <\/p>\n Ethereum currently offers staking yields of roughly 3%, allowing treasury companies to earn income on their holdings without selling assets. Bitcoin, by contrast, produces no native yield.\u00a0Strategy’s sale made that gap visible, Kendrick said. He expects investors to reprice ETH treasury stocks higher as a result.<\/p>\n Last week, Kendrick\u00a0compared<\/a> Ethereum\u2019s current position to Amazon (AMZN) shares during the aftermath of the dot-com crash, stating that underlying network fundamentals continue to strengthen despite weaker relative price performance.<\/p>\n BMNR, SBET Could Benefit From Ethereum Hype <\/p>\n Kendrick flagged two ETH DATs, Tom Lee\u2019s Bitmine Immersion Technologies (BMNR) and SharpLink Gaming (SBET), as likely beneficiaries of this shift, expecting their market value-to-net-asset-value multiples (mNAVs) to move back above that of MSTR.<\/p>\n BMNR, which\u00a0was uplisted to the NYSE in April 2026, currently holds 5.18 million ETH tokens, with 4.36 million staked via its Made in America Validator Network (MAVAN) platform.<\/p>\n SBET, which operates as an institutional-grade Ethereum treasury platform, reported total staking rewards since inception of 18,800 ETH as of last month. The company is also pursuing a partnership with Galaxy Digital’s Onchain Yield Fund to further compound its ETH yield strategy.<\/p>\n Kendrick said the outlook remains intact even if Strategy resumes aggressive Bitcoin purchases. “I think this will be the case even if (as is likely) MSTR this week buys a large multiple of the 32 BTC it sold last week,” he wrote.<\/p>\n BMNR\u2019s stock was also among the top trending tickers on Stocktwits on Tuesday, falling nearly 6% in midday trade. Retail sentiment around the company shifted to \u2018bearish\u2019 from \u2018neutral\u2019 territory over the past day. Meanwhile,\u00a0SBET\u2019s stock dropped 5% and also saw retail sentiment drop to \u2018bearish\u2019 from the \u2018neutral\u2019 zone.<\/p>\n Read also:\u00a0After Three Winning Calls, Arthur Hayes Is Betting Big On Sam Altman\u2019s Crypto Project<\/a><\/p>\n For updates and corrections, email newsroom[at]stocktwits[dot]com<\/p>\n Prabhjote Gill has no position in any of the stocks mentioned in this article. StockTwits’ news team content is for informational purposes only and is not intended as investment advice. For more, see our editorial policy<\/a>. This article was originally published on StockTwits<\/a>.<\/p>\n Related:<\/p>\n","protected":false},"excerpt":{"rendered":"Standard Chartered\u2019s Geoffrey Kendrick said Strategy\u2019s first Bitcoin sale since 2022 may mark the beginning of a period…\n","protected":false},"author":2,"featured_media":54686,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[21387],"tags":[3408,24500,22791,22793,20677,26886,1892],"class_list":["post-54685","post","type-post","status-publish","format-standard","has-post-thumbnail","category-standard-chartered","tag-bitcoin","tag-ethereum","tag-geoffrey-kendrick","tag-kendrick","tag-standard-chartered","tag-stocktwits","tag-treasury"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@UnitedKingdom\/116681850400978966","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/54685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/comments?post=54685"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/posts\/54685\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media\/54686"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/media?parent=54685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/categories?post=54685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/britain\/wp-json\/wp\/v2\/tags?post=54685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}![\"image005.png\"](\"https:\/\/www.europesays.com\/britain\/wp-content\/uploads\/2026\/06\/89babf31a5cd4ca5cedb41972a505b0b.jpeg\")
ETH-BTC price moves on BTC down days | Source: Standard Chartered <\/p>\n mNAV of BMNR and SBET v MSTR | Source: Standard Chartered <\/p>\n