Data on the chain shows the Bitcoin market value and realized value (MVRV) ratio currently on a record streak against the metric for Ethereum.
Bitcoin recently continued to dominate Ethereum in MVRV
In the last weekly report, the on-chain Analytics company Glass node has discussed the divergence formed between Bitcoin and Ethereum. Firstly, below is a graph that shows how the two cryptocurrencies have been compared in terms of the realized cap growth since the start of the bull cycle.
The “realized limit” refers here to an indicator that measures the total amount of capital that the investors of a certain asset have invested as a whole. Changes in this statistics therefore reflect the amount of capital that goes into/from the cryptocurrency.
From the graph it is visible that Bitcoin has observed a huge increase of $ 468 billion in the realized cap since the bottom of the Berenmarkt in November 2022. In the same window, Ethereum has seen the inflow of only $ 61 billion.
As the analysis company explains,
This difference in capital inflow between the two assets partially underlines why these assets have experienced various performance since 2023. Ethereum has experienced this cycle a relatively smaller intake of demand and fresh capital, which has led to weaker price rating and a lack of a fresh Ath, despite a Bitcoin prices that reached more than $ 100k in December.
Divergence between the assets is also formed in another metric: the MVRV ratio. This indicator keeps track of the relationship between the market capitalization of an active and the realized cap.
Since market capitalization represents the value that the holders wear in the present, the comparison against the CAP realized in the MVRV ratio tells us about the profit status of investors as a whole.
As is visible in the graph above, the MVRV ratio of Bitcoin ran from Ethereum’s around the start of the bull market. This means that BTC investors consistently enjoyed a larger amount of non -realized profits in this cycle.
In the recent market so far, ETH has taken a bigger hit than BTC, so the MVRV ratio has also fallen faster. BTC investors as a whole are still in the green, but ETH holders are now under water because the indicator has fallen under 1 Mark.
To better show the inequality in the MVRV ratio of the two coins, Glassnode has mapped the difference between the two.
As shown in the graph, the difference between the Bitcoin and Ethereum MVRV ratio has already remained positive for 812 consecutive days, which is the longest line in history.
BTC price
At the time of writing, Bitcoin floats around $ 79,300, a decrease of more than 3% in the last seven days.
