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Standard Chartered analyst noted Ethereum treasuries are more established, generate staking yields, and appear more resilient, while Bitcoin firms face saturation and consolidation pressures. Ethereum $ETH could emerge as the biggest winner from the rise of digital asset treasuries (DATs), with analysts at Standard Chartered arguing that the proof-of-stake blockchain is better positioned than either Bitcoin or Solana as market pressures intensify. In a report published Monday, Geoffrey Kendrick, the bank’s global head of digital assets research, said Ethereum treasuries are set to play a larger role in driving demand for the token compared with their Bitcoin and Solana counterparts. The assessment comes as publicly listed companies that hold cryptocurrencies on their balance sheets face increasing pressure from falling market valuations. Standard Chartered Sees Consolidation Ahead in Bitcoin-Focused DATs Digital asset treasuries have been one of the defining investment trends of 2025, helping push crypto prices to fresh highs earlier in the year. These firms rely on trading at a premium to the value of their holdings, known as market NAV (mNAV), to raise funds for further purchases. But in recent weeks, mNAVs for many DATs have slipped below 1, reducing their ability to buy additional tokens and triggering concerns about sustainability. Kendrick argued that this phase would mark a shakeout in the sector, with success depending on three factors: the ability to raise cheap funding, scale that attracts liquidity, and the generation of staking yield. He noted that Ethereum and Solana treasuries have an advantage over Bitcoin in this regard, as both networks offer staking rewards. “We think ETH and SOL DATs should be assigned higher mNAVs than BTC DATs due to staking yield,” Kendrick said. The analyst also noted market saturation among Bitcoin-focused firms. Inspired by Strategy’s aggressive accumulation of BTC, nearly 90 companies have launched similar models, collectively holding more than 150,000 BTC, six times more than at the start of the year. With valuations under pressure, Standard Chartered expects consolidation in this space, suggesting that acquisitions of smaller DATs by larger players could become more common. Such moves, however, would represent coin rotation within the sector rather than new demand for Bitcoin. Ethereum treasuries, by contrast, continue to expand. Kendrick said companies holding ETH have already accumulated about 3.1% of the cryptocurrency’s circulating supply since June. BitMine Immersion Technologies, listed on the NYSE American, is currently the largest ETH-focused DAT with more than 2 million ETH, representing about 5% of supply. The firm is still only one-third of the way to its target and has continued buying despite the broader market pressure. Solana treasuries are smaller and less developed, with about 0.8% of the token’s supply held by DATs. Questions also remain over regulatory treatment, with reports suggesting Nasdaq-listed firms may need shareholder approval before allocating to crypto. Kendrick noted that this leaves Ethereum in a stronger relative position. According to Standard Chartered, DATs already hold 4% of all Bitcoin, compared with 3.1% of Ethereum and 0.8% of Solana. The bank sees Ethereum treasuries as better placed to maintain demand, thanks to staking rewards, a clearer regulatory outlook, and aggressive accumulation strategies. Ethereum is currently trading at $4,492, down 2.6% on the day but still up more than 150% since July, following institutional adoption and ETF inflows. Despite recent volatility, Kendrick concluded that DAT activity remains a more positive driver for ETH than for BTC or SOL going forward. Ethereum Treasury Firms Gain Ground as ETFs Attract Record Inflows Standard Chartered has doubled down on its view that Ethereum treasury companies may offer stronger upside than spot exchange-traded funds (ETFs). Kendrick said in August that firms buying Ether (ETH) for balance-sheet strategies are becoming increasingly attractive to investors as their net asset value (NAV) multiples normalize. According to Kendrick, the NAV ratios of treasury firms, market capitalization relative to ETH holdings, are now stabilizing near 1.0. This adjustment, he argued, makes them “very investable” for investors seeking ETH exposure, particularly as these companies provide a form of regulatory arbitrage compared with direct crypto ownership. He pointed out SharpLink Gaming, whose NAV multiple peaked at 2.5 before falling closer to parity, and BitMine Immersion Technologies, the sector leader with 2.15 million ETH ($9.7 billion) on its books. Together, Ethereum treasury companies now hold nearly 5 million ETH, or about 4.1% of the circulating supply, according to industry trackers. That figure rivals the holdings of U.S.-listed spot ETFs, which collectively manage 6.69 million ETH ($30.2 billion), equal to 5.5% of supply. BlackRock’s ETHA leads the pack with $17.25 billion in assets.

NEXT Technology Holding Inc. has filed a Form S-3 registration statement with the U.S. Securities and Exchange Commission, seeking to raise up to $500 million through a shelf offering. The company intends to use the proceeds for general corporate purposes, including working

Avantis ($AVNT) has been one of the most talked-about tokens lately, showing strong momentum backed by both technical structure and early fundamentals. After an impressive rally, price action is now setting up for a potential continuation long trade with favorable risk-to-reward. 🎯 Trade Setup – Long $AVNT • Entry (Market): $1.32 • Take Profit Targets (Scaling Out): • TP1: $1.36 • TP2: $1.41 • TP3: $1.45 • TP4: $1.52 • Stop Loss (SL): $1.02 • DCA Zone (Optional): $1.10 This structure allows progressive profit-taking while preserving upside potential and minimizing risk. 📊 Technical Breakdown • Uptrend Intact: Price continues to form higher highs and higher lows, confirming bullish momentum. • Support Zone: The $1.25–$1.28 range has become a key level where buyers consistently step in. • Momentum Indicators: Short-term EMAs remain upward sloping, reinforcing bullish sentiment. • Risk/Reward Profile: Entry at $1.32 with a stop at $1.02 gives a strong 3:1+ R/R setup if upper targets are achieved. ⚡ Fundamental & Sentiment Drivers 1. Early Revenue Generation → Unlike many new projects, Avantis is already producing fees, signaling real adoption. 2. Community Hype → Strong grassroots support is fueling organic awareness and creating a self-reinforcing cycle of momentum. 3. Bitget Listing → Access on Bitget provides liquidity and exposure, acting as a key catalyst for broader adoption. 4. Growth Narrative → Comparisons to larger perpetual exchanges spark investor interest in $AVNT’s potential upside. 🛡 Risk Management Trading momentum requires discipline. This setup includes: • Defined SL at $1.02 → downside is capped. • Optional DCA at $1.10 → positions for strength on a pullback. • Layered TPs → lock in gains gradually while leaving room for continuation. 🔑 Final Thoughts Avantis is showing early strength with real traction and a supportive community narrative. With technicals favoring the bulls and a Bitget listing providing liquidity, $AVNT offers a compelling long setup for those managing risk carefully. 💜 Momentum is on the side of the bulls. For traders looking to ride the wave, the structure is clear: plan your entries, respect your stop, and scale out smartly. As always: This is not financial advice—trade responsibly. $AVNT

Why Is the Crypto Market Down Today? 📉 The crypto market’s slightly down today, with the total market cap slipping to $4.00 trillion. Key factors: 🔹 $BTC holding above $115,000 at $115,958 🔸 $FORM dropping 13% to $2.30

Ethereum (ETH) is exhibiting a remarkable shift in its market perception, moving beyond its role as merely a smart contract platform to increasingly be viewed as a reserve asset. A new analysis from BeInCrypto highlights that a convergence of strong technical indicators and diminishing supply on exchanges points to ETH establishing itself as a foundational store of value in the digital economy. Technical Indicators Point to Ascendance Multiple technical signals are underscoring Ethereum’s strengthening position in the market: Bullish Breakout and Consolidation: After a period of sideways trading, Ethereum has confirmed a breakout from a bullish symmetrical triangle pattern. Following this breakout, ETH has successfully retested the upper boundary of the triangle as support, confirming the pattern's validity. This technical move suggests that buying pressure is solid and a significant upward trend is likely to continue. Impending "Golden Cross": A highly anticipated technical event, the "golden cross," is on the horizon. This occurs when the 50-day Exponential Moving Average (EMA) crosses above the 200-day EMA. The golden cross is widely interpreted as a strong bullish signal, often preceding a sustained upward price movement. Its appearance would further validate the long-term bullish trend for Ethereum. Supply Squeeze: Scarcity Driving Value Beyond technicals, on-chain data reveals a fundamental shift in Ethereum’s supply dynamics that is crucial for its reserve asset narrative: Decreasing Exchange Supply: The amount of ETH held on centralized exchanges has fallen to a multi-year low. This exodus of tokens from exchanges to private wallets, staking contracts, and DeFi protocols indicates that holders are increasingly opting to retain their assets rather than sell. Reduced Selling Pressure: A lower supply on exchanges directly translates to reduced selling pressure. With fewer tokens readily available for immediate sale, any increase in demand can have a more pronounced positive impact on price, leading to a potential supply squeeze. This growing scarcity is a key characteristic of assets evolving into stores of value. Price Outlook and Key Levels The combination of robust technicals and dwindling exchange supply paints a highly optimistic picture for Ethereum’s price trajectory. Upside Potential: The confirmed breakout from the symmetrical triangle suggests a price target that could take ETH well above its current levels. The looming golden cross will further reinforce this bullish sentiment, potentially paving the way for a retest of its all-time highs and beyond. Strong Support: Key support levels will likely form at the recently retested upper boundary of the symmetrical triangle, solidifying the new base for further upward movement. 📌 Conclusion: The Emergence of a Digital Reserve Ethereum’s current market behavior signals a profound shift. The powerful convergence of bullish technical patterns and a tightening supply on exchanges suggests that ETH is increasingly being perceived and utilized as a reserve asset. As its ecosystem matures and its scarcity grows, Ethereum is not just leading the smart contract revolution but is also carving out a critical role as a foundational store of value in the burgeoning digital economy. 🔐 Disclaimer This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high level of risk and volatility. Always conduct your own research (DYOR) and consult a professional financial advisor before making any investment decisions.