Bitcoin Investor Profitability Outpaces Ethereum for Over Two Years, Glassnode Reports

New analysis from blockchain data firm Glassnode reveals that Bitcoin investors have consistently outperformed their Ethereum counterparts for more than 800 days, marking the longest stretch of profitability dominance in the two assets' histories.

The key metric behind this trend is MVRV (Market Value to Realized Value)—a ratio that compares the current market value of an asset to the price at which it was last moved on-chain. In simple terms, it helps gauge whether holders are, on average, in profit or at a loss.

As of now, Bitcoin's MVRV remains solidly above 2.0, suggesting that the average BTC holder has unrealized gains of over 100%. In contrast, Ethereum's MVRV has dipped below 1.0, indicating that many ETH holders are currently in the red—a situation that has persisted since early 2023.

Glassnode’s data shows this divergence has been building since the collapse of FTX in November 2022. Since then, Bitcoin’s realized cap—a measure of the total value of coins at the price they last moved—has grown by $468 billion (117%), while Ethereum’s has increased by only $61 billion (32%).

While both assets have weathered market turbulence, Bitcoin has proven more resilient in recent months. During the bullish period from October to December 2024, BTC rallied nearly 70%, whereas ETH climbed less than 50%. In the first week of April 2025, Bitcoin slid just 3%, while Ethereum fell by over 15%, highlighting its relative volatility and weaker investor sentiment.

This shift is also being reflected in on-chain behavior. Long-time Ethereum holders—often called "whales"—have begun selling off their positions, signaling a potential decline in confidence.

Yet, it’s not all bleak for Ethereum. The asset recently hit a yearly low, which some analysts interpret as a potential buying opportunity. Additionally, regulatory developments, such as the U.S. SEC greenlighting Ethereum ETF options trading, could act as a catalyst for renewed interest and capital inflows.

While Bitcoin remains the undisputed leader in investor profitability, Ethereum’s underlying value proposition and strong developer ecosystem still make it a compelling asset for the long term. If market conditions shift, ETH may yet reclaim its momentum.