According to Odaily Planet Daily, Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, stated that with the rise of digital asset reserves (DATs), Ethereum may benefit more than Bitcoin and Solana. His report notes that the recent decline in DATs' market net asset value (mNAV) will force companies to differentiate themselves and may drive consolidation among Bitcoin reserves. In contrast, Ethereum and Solana reserves may have higher mNAVs due to their ability to generate staking income, and the Ethereum reserve is more mature and has a more significant advantage. Currently, DATs hold 4% of Bitcoin, 3.1% of Ethereum, and 0.8% of Solana, and the size of their holdings significantly influences token prices. Kendrick believes that market saturation is the primary reason for the valuation compression, but DATs still offer "selective investment value" because they provide access to digital assets in restricted regions. In the future, fund-raising capabilities, company size, and staking income will be key factors in differentiating DAT performance. He added that if some DATs trade below asset value for a long period of time, this could trigger consolidation, and strategic acquisitions may be more cost-effective than direct purchases. Overall, DATs will drive Ethereum’s outperformance over Bitcoin and Solana. (The Block)