Standard Chartered has expressed a preference for Ethereum treasury firms over US spot Ethereum (ETH) exchange-traded funds (ETFs), citing their higher investability and normalized net asset value (NAV) multiples above 1. These treasury firms earn staking rewards, unlike ETFs, and have been accumulating ETH at twice the rate of ETFs, potentially holding up to 10% of the total ETH supply. This aggressive accumulation has contributed to a surge in ETH buying power, with major investors like BlackRock leading purchases. Ethereum co-founder Vitalik Buterin supports the expansion of corporate ETH treasury holdings as a means to broaden investor access but cautions that excessive leverage within these treasuries could pose risks to the Ethereum ecosystem. He warned that if treasuries become overleveraged, they could destabilize ETH and potentially lead to its downfall. Meanwhile, the Ethereum Foundation co-director has raised concerns about the potential delay of the 'Fusaka' upgrade and has urged teams to reduce hype around the 'Glamsterdam' upgrade. Overall, the market sentiment around ETH remains strong, with treasury firms playing an increasingly influential role in ETH accumulation and investment dynamics.