New data from GlassNode suggests that Bitcoin’s MVRV (from market value to realised value) is higher than that of Ethereum for 812 consecutive days. This means that the average BTC investor is accumulating much greater profits than his ETH counterparts since 2023.
Recent losses have led to Ethereum’s MVRV in fact below 1.0, suggesting that the average investor has lost money. It may be underrated and well-placed for a revival, but this will take time.
Bitcoin vs Ethereum: Which is more profitable?
Despite some recent market turmoil, Bitcoin prices are currently doing pretty well. While much of Trump’s profits have been wiped out since the election, pre-election value spent most of 2024 on the greatest shelf of previous history.
According to new data from GlassNode, Bitcoin investors’ profitability is far outweighing Ethereum’s profitability.
“Since November 2022 (FTX collapse), the Bitcoin realization cap has increased by $468 billion (+117%), while Ethereum has increased by just $61 billion (+32%), he said.
GlassNode reached these conclusions by analyzing both the ratio and realised value of Tokens’ MVRV and its market value. This metric compares the listed prices for Bitcoin and Ethereum with the actual prices these tokens have recently been traded.
Despite maintaining similar MVRVs for a long time, Bitcoin is well ahead of the board today.
Bitcoin and Ethereum MVRV. Source: GlassNode
Bitcoin was more volatile than Ethereum, but Altcoin has seen much smaller increases during the bullish cycle. For example, in the latest Bull Run from October to December 2024, Bitcoin surged by nearly 70%.
During the same period, Ethereum price rise was less than 50%. However, looking at the decline amid the current market slump, BTC lost 3% in the first week of April, while ETH lost more than 15%.
Meanwhile, Altcoin’s investor sentiment has also declined. The major whales who have had tokens for many years now sell their ETH Holdings.
The average Bitcoin holder also enjoys an MVRV of around 2.0. This means they have enormous unrealized benefits. Most of their counterparts have MVRVs below 1.0, indicating that they lost their money. These data points are particularly concerned about the median ETH holder.
However, there is a silver lining. Ethereum has recently fallen to its annual decline, but there is also a significant increase in new investors. New developments like the SEC that approve ETH ETF options trading could drive a recovery.
In other words, Ethereum is so undervalued that it can be an attractive investment.
Still, for the time being, Bitcoin holders are in a much better position than ETH holders. Ethereum remains the second largest crypto asset by market capitalization and can make a comeback at any time. This almost certainly presents an important challenge.
