The bull cycle so far had seen ETH underperform against BTC. The tables, however, are now turning. The ETH to BTC relative price has shot up from 0.018 to 0.031, a peak not witnessed since January 24. This alteration in ETH’s standing commenced post the ETH/BTC Market Value to Realized Value (MVRV) ratio plummeting into the extremely undervalued domain in April. ETH has since bounced back, outdoing BTC by a staggering 72%. CryptoQuant experts predict a further rise in this ratio if it crosses its 365-day moving average, resulting in ETH significantly outshining BTC.

With Ethereum now drawing more capital, its spot trading volume has surpassed that of Bitcoin, for the first time in over a year. Last week, ETH’s spot trading volume was recorded at $25.7 billion, slightly ahead of BTC’s $24.4 billion. This is the first occurrence since June 2024 of ETH’s weekly spot trading volume outpacing Bitcoin’s, signifying that the ETH/BTC trading ratio is above 1. The total altcoin trading volume, too, has soared to its highest level since March, standing at $67 billion on July 17.

Furthermore, there’s a noticeable surge in capital being invested into U.S. Ethereum exchange-traded funds (ETFs) compared to Bitcoin ETFs. The ETH/BTC ETF Holding Ratio has risen from 0.05 to 0.12. Additionally, the ETH/BTC exchange inflow ratio, a measure of selling pressure, decreased in May to its lowest since 2020, suggesting that ETH is experiencing much less selling pressure than BTC. This ratio, despite a recent increase, remains significantly below high levels, hinting a bullish scenario – ETH’s performance could continue to overshadow BTC.

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According to the Glassnode report from May 29, “The typical investor in the Ethereum ETFs from BlackRock and Fidelity is now notably in the red on their investment, with an average unrealized loss of approximately -21%.”

At present, Ether (ETHUSD) is trading at $2,601, as per data from CoinMarketCap. In contrast, the cost basis of BlackRock’s spot Ether ETF stands at $3,300, while Fidelity’s is slightly higher at $3,500.

Glassnode’s report highlights that the last time Ether traded above $3,000 was on February 2, before the crypto faced a downturn following the implementation of import tariffs on goods from China, Canada, and Mexico by then US President Donald Trump.

Glassnode further noted, “Net outflows started to speed up when the spot price fell below this average ETF investor cost-basis level in August 2024, and again in January and March 2025.” Ether hit its annual low of $1,472 on April 9, the very day when Trump’s comprehensive global tariffs came into effect.

Despite this, Ether has seen a 44.25% increase over the past month, and spot Ether ETFs have recorded nine straight days of inflows totaling $435.6 million since May 16, suggesting that the trade war concerns are starting to lose steam.

Since the launch of spot Ether ETFs in the US in July 2024, they have logged $2.94 billion in total inflows. On their launch day, Ether was trading around $3,536.

Glassnode also revealed that the ETFs had a minimal effect on Ether’s spot price, stating, “The Ethereum ETFs initially represented just ±1.5% of the trade volume in spot markets, indicating a rather tepid reception at launch.”

However, they experienced a period of stronger growth in November 2024, where the measure increased to over 2.5% – a rise in tandem with Trump’s election victory and a subsequent month-long crypto market rally that saw Ether peak at $4,007 on Dec. 8.

The report concluded with a note that Robbie Mitchnick, BlackRock’s head of digital assets, mentioned at the Digital Asset Summit on March 20 that the spot Ether ETF is “less perfect” without staking.

Disclaimer: This article does not provide investment advice or recommendations. Investing and trading involve risk, and readers should conduct their own research before making any decisions.

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Noted angel investor and internet entrepreneur Jason Calacanis, who commands the attention of nearly a million followers on Twitter, stirred up the debate on March 15. He stated, “Bitcoin has been a fascinating spectacle, but with a few dominant players monopolizing the market, the time is ripe to ‘rebuild a superior Bitcoin’ and reset the game.”

Having invested in Bitcoin-centric businesses such as the online trading platform Robinhood and Bitcoin startup Keza, Calacanis went on to say, “All technology is inevitably superseded… Bitcoin will be no exception.”

However, key figures in the Bitcoin community were quick to rebut Calacanis, asserting that while a dominant layer-2 protocol could potentially emerge on the Bitcoin network, Bitcoin itself is irreplaceable.

Swan Bitcoin co-founder Brady Swenson argued, “Successful protocols are not discarded; they are built upon. Bitcoin as a protocol for value transfer will never be superseded. The competition is still on for the winning second layer protocol.”

David Markus, CEO of Lightspark, shared a similar viewpoint, stating, “What Bitcoin lacks in functionality can be supplemented with layer-2s. Attempting to create a superior Bitcoin is a futile endeavour.”

On the other hand, ShapeShift CEO Eric Voorhees suggested that Bitcoin’s limitations could be addressed “on other chains.”

Muneeb Ali, co-founder of Stacks, recently predicted that the majority of existing Bitcoin layer-2 projects will cease to exist within three years as initial enthusiasm subsides.

Strive Funds CEO Matt Cole asserted that there will never be a “better” Bitcoin. He added, “I do believe we will continue to see sporadic alt seasons of ever-decreasing intensity that will keep making insiders money. However, most people will end up with less Bitcoin by going to that casino.”

This isn’t the first time Calacanis has sparked a conversation in the crypto sphere. In June 2020, he suggested that most global crypto projects were being managed by people either lacking necessary skills or engaging in fraudulent activities.

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