Morning Minute: Ethereum to $7,500? Standard Chartered Thinks So

Plus crypto majors are rebounding, with SOL leading the way and HYPE hitting a new ATH.

Morning Minute is a daily newsletter written by Tyler Warner. The analysis and opinions expressed are his own and do not necessarily reflect those of Decrypt. Subscribe to the Morning Minute on Substack.

GM!

Today's top news:

Forget about $5,000 ETH.

Aim higher.

Standard Chartered has raised its year-end Ethereum price target from $4,000 to $7,500.

The bank also projects ETH could hit $25,000 by 2028 if current adoption trends continue.

ETH’s key drivers, as they see them:

It’s a pretty strong bull case.

"ETH corporate treasuries can capture both staking rewards and decentralized finance (DeFi) leverage opportunities, which U.S. Ethereum ETFs currently cannot. As such, we think ETH treasury companies have even more growth potential than BTC ones.”

"Although these inflows have been significant, the point is that they are just getting started.”

"ETH and the ETH treasury companies are cheap at today's levels.”

– Geoff Kendrick, Head of Digital Assets Research, Standard Chartered

The combination of ETF inflows + Treasury Companies buying billions + a stablecoin boom and regulatory clarity makes for the cleanest setup ETH has had in its existence.

And the yield aspect of ETH hasn’t even fully been unlocked yet (ETH staking ETFs expected in Q4).

There is a real case to be made that it is a stronger crypto reserve asset than BTC due to its yield-bearing / ability to be used in DeFi.

We’re seeing that rotation actively play out now, with the ETH BTC ratio approaching 1-year highs at 0.041 (and ancient BTC whales converting bags of 24,000 BTC for ETH).

It feels like Wall Street is just now setting its sights on ETH and its capabilities and use cases, and just starting to beat the drums on the ETH thesis.

There very well may be room to run beyond $7,500…

A few Crypto and Web3 headlines that caught my eye:

In Corporate Treasuries

In Memes

Here's a rundown of major token, protocol and airdrop news from the day:

Section dedicated to headlines in the AI sector of crypto:

Here is the list of other notable headlines from the day in NFTs:

More News

• All
• CT
• Coindesk
• Decrypt
• DLNews