NEWSLETTER
The data in the chain show that the bitcoin market value to the value made (MVRV) is currently on a registration streak against the metric for ethereum.
bitcoin has continued dominating ethereum in MVRV recently
In its latest weekly report, the chain analysis company Glass node He has discussed the formation of divergence between bitcoin and ethereum. First, a graph shows below that shows how the two cryptocurrencies have been compared in terms of the CAP growth performed since the beginning of the bull cycle.
<img src="https://technicalterrence.com/wp-content/uploads/2025/04/Bitcoin-domain-BTC39s-MVRV-exceeds-ETH-for-812-day-record.png" alt="bitcoin vs ethereum made cap” />
The “limit made” here refers to an indicator that measures the total amount of capital that the investors of an asset given as a whole have invested in it. The changes in this metric, therefore, reflect the amount of capital that enter/leave the cryptocurrency.
From the graph, it is visible that bitcoin has observed a mass increase of $ 468 billion at the limit made from the bear market fund in November 2022. In this same window, ethereum has seen tickets of only $ 61 billion.
As the analysis company explains,
This disparity in capital entries between the two assets underlines in part why these assets have experienced a divergent yield since 2023. ethereum has experienced a relatively lower entry of demand and fresh capital this cycle, which has resulted in an appreciation of weaker prices and a fresh ATH lack of ATH, despite the fact that bitcoin prices reach more than $ 100K in December.
The divergence between assets has also been formed in another metric: the MVRV ratio. This indicator monitors the relationship between the market lid of an asset and its limit made.
Since the market limit represents the value that the holders carry in the present, their comparison with the limit made in the MVRV relationship tells us about the state of loss of earnings of investors as a whole.
<img src="https://technicalterrence.com/wp-content/uploads/2025/04/1744398867_779_Bitcoin-domain-BTC39s-MVRV-exceeds-ETH-for-812-day-record.png" alt="bitcoin vs ethereum MVRV” />
As is visible in the previous graph, bitcoin's MVRV ratio diverged ethereum around the beginning of the upward market. This implies that btc investors have constantly enjoyed a greater amount of profits not made in this cycle.
In the recent market recession so far, eth has received a greater success than btc, so its MVRV relationship has also decreased to a faster rate. btc investors as a whole are still in the green, but eth holders are now under water, since the indicator has dropped under the 1st mark.
To better show the disparity in the MVRV relationship of the two coins, Glassnode has drawn the difference between the two.
<img src="https://technicalterrence.com/wp-content/uploads/2025/04/1744398867_812_Bitcoin-domain-BTC39s-MVRV-exceeds-ETH-for-812-day-record.png" alt="bitcoin vs ethereum MVRV Delta” />
As shown in the graph, the difference between the bitcoin and ethereum MVRV relationship has been positive for 812 consecutive days now, which is the longest streak in history.
btc price
At the time of writing, bitcoin is floating around $ 79,300, more than 3% in the last seven days.
x/3l2HlXfh/” alt=”bitcoin Price Graph” /> (Tagstotranslate) bitcoin (T) bitcoin Domain (T) bitcoin MVRV ratio (T) btc (T) BTCUSDT (T) eth
