Bitcoin gains outpace Ethereum with 117% increase

Bitcoin (CRYPTO:BTC) investors have remained consistently more profitable than Ethereum (CRYPTO:ETH) holders for over two years, according to new data from Glassnode.

The analysis shows that Bitcoin’s Market Value to Realized Value (MVRV) ratio has outperformed Ethereum’s for 812 consecutive days as of April 10.

This metric suggests that the average Bitcoin investor has maintained greater unrealized gains compared to Ethereum holders since early 2023.

“Bitcoin’s realized cap has grown by $468 billion or 117% since November 2022, while Ethereum’s only increased by $61 billion or 32%,” Glassnode stated.

The MVRV ratio compares the current market price of a token to the average price at which it was last transacted.

When this figure is above 1.0, it indicates that investors are on average holding their assets at a profit.

Bitcoin’s MVRV remains around 2.0, which implies that most BTC holders are in profit.

In contrast, Ethereum’s MVRV has slipped below 1.0, suggesting that many ETH investors are currently holding at a loss.

Despite Ethereum’s occasional gains, it has underperformed relative to Bitcoin over recent bullish cycles.

Between October and December 2024, Bitcoin rose by nearly 70%, while Ethereum gained less than 50% during the same period.

In the first week of April 2025, Bitcoin dropped by 3%, but Ethereum experienced a sharper decline of over 15%.

Investor behavior also reflects this shift.

Ethereum whale wallets have started reducing their holdings, signaling a loss of confidence in the short term.

Though some analysts view Ethereum’s low MVRV as a potential sign of undervaluation, any significant rebound may take time to develop.

Based on historical data and market sentiment, Bitcoin continues to be the more profitable asset between the two.

At the time of reporting, the Bitcoin price was $79,493.41 and the Ethereum price was $1,520.17.