Bitcoin (BTC) has outperformed Ethereum by over 85% in realized market capitalization growth, according to data provided by on-chain analytics platform Glassnode on April 10.
As such, Bitcoin has not only dominated Ethereum as the largest cryptocurrency by market capitalization, but has also flipped Ethereum in their total invested capital, represented as realized capitalization.
This data comes amid a volatile market situation which saw leading cryptocurrencies showing mixed signals as they returned to the red zones after experiencing significant rallies during the previous day.
According to CoinMarketCap data, Bitcoin has decreased by 3.50% to $79,563.20 over the last 24 hours. Meanwhile, Ethereum hit the deepest slump with over 8% decrease in price, with the coin trading at $1,516 as of press time.
Bitcoin investor profitability hits historic stretch
The data shows that Bitcoin’s realized capitalization has grown by a massive $468 billion, a significant increase of over 117% since the shocking FTX crash in November 2022.
However, Ethereum on the other hand has only seen its realized capitalization grow by $61 billion, marking about a 32% surge since the same period.
The metric, which measures the actual capital flow of the cryptocurrencies, represents the accumulation of the value of each coin at the price it last moved on-chain. As such, the metric suggests that Bitcoin has retained investors’ confidence over Ethereum despite recent volatilities.
According to the chart shared by Glassnode, both Bitcoin and Ethereum have experienced positive growth in this metric. Although Ethereum also saw a decent growth in capital inflows, its growth lags behind Bitcoin which saw a rapid increase of over 117% in about two years.
With Bitcoin retaining investors’ bullish behavior for several months, Glassnode further highlighted Bitcoin’s dominance in investor profitability, with the asset maintaining higher investor profitability than Ethereum for 812 consecutive days.
The MVRV delta between the two assets confirms $BTC investor profitability has exceeded $ETH for 812 consecutive days – an all-time record. This sustained trend underscores the structural divergence between the two assets throughout this cycle. pic.twitter.com/F7bpSuzgMr
— glassnode (@glassnode) April 10, 2025
With this marking the longest stretch ever recorded, the data reveals that the average Bitcoin holder is in profit. Meanwhile, Ethereum’s market value to realized value (MVRV) has fallen below 1.0 since March 2025, suggesting that the average investor in Ethereum is now underwater.
