Geoff Kendrick's Market Call: Ether and Bitmine Immersion Present Compelling Weekend Setup

Standard Chartered’s Geoff Kendrick has made a compelling case for staying constructive on ether and Bitmine Immersion despite the recent crypto pullback. In recent weeks, both assets have faced headwinds alongside the broader market, yet Kendrick argues that fundamental and macroeconomic developments support a bullish positioning into the weekend.

Ether has declined significantly from its stronger opening months, with the asset now trading around $2.14K and showing a 9.09% decline over the past seven days. Year-to-date, however, ETH remains positive with a 6.56% gain. Bitmine Immersion (BMNR), the largest corporate holder of ether, has similarly retreated by approximately 9% over the week but maintains its strategic accumulation stance. These pullbacks, according to Geoff Kendrick, mask more constructive technical and operational developments.

Geoff Kendrick: Network Activity Breakthrough Changes the Growth Narrative

According to Geoff Kendrick, a critical shift has emerged in Ethereum’s network dynamics. The December Fusaka upgrade has delivered tangible results that distinguish it from previous upgrade cycles. Transaction counts have reached fresh all-time highs, a development that Kendrick emphasizes marks a genuine departure from historical patterns where upgrades failed to generate sustained network growth.

The Fusaka upgrade appears to be successfully alleviating prior capacity constraints, enabling both developers and users to push through transactions more efficiently. Geoff Kendrick highlights that this capacity expansion—rather than token price movements—represents the most important metric for evaluating the upgrade’s true impact. Unlike past cycles where network expansion stalled following protocol improvements, this wave of activity demonstrates genuine utility expansion.

Bitmine Immersion’s Unwavering Ether Accumulation Validates the Thesis

Geoff Kendrick drew particular attention to Bitmine Immersion’s relentless purchasing discipline. During the company’s recent annual meeting, Chairman Tom Lee reaffirmed aggressive acquisition plans going forward, signaling management’s conviction in ether’s long-term positioning. For Kendrick, this corporate commitment to ether accumulation during periods of price weakness serves as a powerful validator of the technical improvements discussed above.

The company’s willingness to deploy capital when sentiment remains cautious underscores confidence in Ethereum’s fundamentals. Geoff Kendrick frames Bitmine Immersion’s behavior as a meaningful contrarian signal—institutional buyers are stepping in precisely when headline-focused traders are stepping back.

Geoff Kendrick: Macro Backdrop Offers Overlooked Support

Beyond the on-chain metrics and corporate positioning, Geoff Kendrick identified several macroeconomic catalysts that deserve close attention. The resolution of tariff risks, a stabilization in the Japanese bond market following earlier volatility, and the rising probability that BlackRock’s fixed income chief Rick Rieder could become the next Federal Reserve chair all favor risk assets more broadly.

Geoff Kendrick notes that a Rieder appointment would likely result in a more accommodative monetary policy stance—“running the economy hot,” in his words—a dynamic that typically supports alternative assets like cryptocurrency. The confluence of these macro tailwinds creates what Kendrick views as a favorable environment for both Ether and BMNR positioning.

Bitcoin Holds Ground While Altcoins Rally Alongside

Bitcoin’s trajectory has benefited from Trump’s announcement of a temporary pause on military strikes against Iranian energy infrastructure. The flagship asset has climbed above $70.55K and retained most of its intraday gains. Altcoins including Solana and Dogecoin have risen approximately 5% in tandem, while crypto-focused mining equities have participated in the broader market strength with the S&P 500 and Nasdaq each advancing roughly 1.2%.

The Weekend Risk/Reward Proposition According to Geoff Kendrick

Geoff Kendrick’s takeaway is straightforward: positioning long in both ETH and BMNR into the weekend presents an attractive risk-reward profile. The combination of concrete technical improvements via Fusaka, institutional accumulation by Bitmine Immersion, and supportive macroeconomic conditions creates a setup where the probability-weighted outcome favors continuation. Analysts tracking Bitcoin’s trajectory suggest the next critical levels—a potential retest of the $74,000-$76,000 range—hinge on whether oil prices and Strait of Hormuz shipping conditions stabilize, which would provide additional momentum for risk asset recovery.