PANews reported on September 16th that, according to The Block, 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. In his report, he noted 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 has a significant impact on token prices. Kendrick believes that market saturation is the main reason for the valuation compression, but DATs still have "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 perform below asset value for a long period of time, consolidation may occur, and strategic acquisitions may be more cost-effective than direct purchases of the tokens. Overall, DATs will drive Ethereum’s outperformance over Bitcoin and Solana.