Standard Charterd said that Ethereum (ETH) and the companies that held him in their treasury bills remain undervalued, even though the second largest crypto reached a record of $ 4,955 on August 25.
Geoffrey Kendrick, head of the bank’s cryptography research, said that cash companies and negotiated funds have absorbed almost 5% of all Ethereum in circulation since June. Treasury companies bought 2.6%, while FNB added 2.3%.
Combined, this 4.9% participation represents one of the fastest accumulation sequences in the history of the crypto, exceeding the speed at which Bitcoin vouchers (BTC) and ETF acquired 2% of the offer at the end of 2024.
Building around 10%
Kendrick said the recent wave of purchase is marking the early phase of a broader accumulation cycle. In a note in July, he planned that cash companies could possibly control 10% of all exceptional ether.
Kendrick argued that with companies such as Bitmine publicly targeting the 5%property, the objective seems to be achievable. He noted that this would leave an additional 7.4% of the offer still at stake, creating solid rear winds for the price of Ethereum.
The clear pace of accumulation emphasizes the growing role of institutional structures on cryptographic markets. Kendrick said that the alignment of ETF flows with cash purchases highlights a feedback loop that could tighten the offer more and support higher prices.
Kendrick revised the preceding forecasts of the lender and said that Ethereum could increase to $ 7,500 by the end of the year. He also described the last decline as “large entry point” for investors positioning before new entries.
Evaluation gaps
Although the purchase of pressure has increased prices, assessments of ether retention companies have evolved in the opposite direction.
The multiple of the value of net assets (NAV) for Sharplink and Bitmin, the two most established ETH cash companies, fell below those of the strategy, the largest Bitcoin cash.
Kendrick said that the discount is unjustified since ETH treasury bills can capture a stimulation yield of 3%, while the strategy does not generate any income from this type on its Bitcoin hiding place.
He also underlined the recent Sbet plan to buy the shares if his Multiple Nav falls below 1.0, saying that this creates hard soil for assessments.
