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Bitcoin Dominance: BTC's MVRV Outpaces ETH's For Record 812 Days
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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Dominance: BTC’s MVRV Outpaces ETH’s For Record 812 Days

Keshav Verma
Keshav Verma
2 months ago
2 mins read
Bitcoin & Ethereum

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On-chain data shows the Bitcoin Market Value to Realized Value (MVRV) Ratio is currently on a record streak against the metric for Ethereum.

Bitcoin Has Continued To Dominate Ethereum In MVRV Recently

In its latest weekly report, the on-chain analytics firm Glassnode has discussed about the divergence forming between Bitcoin and Ethereum. First, below is a chart that shows how the two cryptocurrencies have compared in terms of the Realized Cap growth since the start of the bull cycle.

Bitcoin vs Ethereum Realized Cap
Looks like BTC has seen a significantly larger increase in the metric | Source: Glassnode’s The Week Onchain – Week 14, 2025

The “Realized Cap” here refers to an indicator that measures the total amount of capital that the investors of a given asset as a whole have invested into it. Changes in this metric, therefore, reflect the amount of capital going in/out of the cryptocurrency.

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From the graph, it’s visible that Bitcoin has observed a massive increase of $468 billion in the Realized Cap since the bear market bottom back in November 2022. In this same window, Ethereum has seen inflows amounting to only $61 billion.

As the analytics firm explains,

This disparity in capital inflows between the two assets partly underscores why these assets have experienced diverging performance since 2023. Ethereum has experienced a relatively smaller inflow of demand and fresh capital this cycle, which has resulted in weaker price appreciation and a lack of a fresh ATH, despite Bitcoin prices reaching over $100k in December.

Divergence between the assets has also formed in another metric: the MVRV Ratio. This indicator keeps track of the ratio between the Market Cap of an asset and its Realized Cap.

Since the Market Cap represents the value the holders are carrying in the present, its comparison against the Realized Cap in the MVRV Ratio tells us about the profit-loss status of the investors as a whole.

Bitcoin Vs Ethereum MVRV
The trend in the MVRV Ratio for BTC and ETH over the last decade | Source: Glassnode’s The Week Onchain – Week 14, 2025

As is visible in the above graph, Bitcoin’s MVRV Ratio diverged from Ethereum’s around the start of the bull market. This implies that BTC investors have consistently enjoyed a higher amount of unrealized profits in this cycle.

In the recent market downturn so far, ETH has taken a larger hit than BTC, so its MVRV Ratio has also declined at a faster rate. BTC investors as a whole are still in the green, but ETH holders are now underwater as the indicator for it has dipped under the 1 mark.

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62.8% Of XRP Realized Cap Held By New Investors: Sign Of Fragility?

2 months ago

To better showcase the disparity in the MVRV Ratio of the two coins, Glassnode has charted the difference between the two.

Bitcoin Vs Ethereum MVRV Delta
BTC has been on a long streak of beating ETH in this metric | Source: Glassnode’s The Week Onchain – Week 14, 2025

As displayed in the graph, the difference between the Bitcoin and Ethereum MVRV Ratio has remained positive for 812 consecutive days now, which is the longest streak in history.

BTC Price

At the time of writing, Bitcoin is floating around $79,300, down over 3% in the last seven days.

Bitcoin Price Chart
The trend in the BTC price during the last five days | Source: BTCUSDT on TradingView
Featured image from Dall-E, Glassnode.com, chart from TradingView.com
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Keshav Verma
Keshav Verma

Keshav Verma

Keshav is currently a senior writer at NewsBTC and has been attached to the website since June 14, 2021.

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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to.

In terms of official educational qualifications, Keshav holds a bachelor’s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions.

Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true.

Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn’t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment..

Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form.

Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new.

As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money.

Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn’t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs.

Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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