According to a brand new joint report from Glassnode and Keyrock, Bitcoin (BTC) and Ether (ETH) proceed to diverge and currently operate in several currency universes. The study found that Bitcoin is drifting further right into a savings-focused, low-velocity profile, while Ether is quickly becoming a productive on-chain asset, powering staking, collateral, and institutional wrappers.
Key Takeaways:
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Bitcoin's dormancy and turnover are actually way more much like gold than fiat currency.
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Ether’s long-term holders spend coins 3 times faster than BTC holders.
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Both assets are leaving the exchanges at an increasing rate within the direction of ETFs, DATs and staking.
Bitcoin is stagnating, Ether is accelerating
Glassnode highlighted that 61% of Bitcoin has not moved in a 12 months, with turnover at just 0.61% of the float per day, representing considered one of the bottom velocity profiles amongst major global assets. “Bitcoin is firmly within the realm of store of value,” the report says, behaving more like gold than money in motion.
Active Age Groups for BTC and ETH. Source: Glassnode
However, Ether is moving in the wrong way. Long-term ETH holders mobilize dormant coins 3 times faster than BTC holders, a pattern Keyrock explained reflects “utility-oriented behavior fairly than hoarding.”
ETH turnover is about 1.3% per day, twice that of Bitcoin, and one in 4 Ether is now locked in stakes or ETFs, creating a large productive float that continues to power DeFi and liquid staking systems.
Both assets' foreign exchange balances are plummeting – BTC down 1.5%, ETH down nearly 18% as coins flow into spot ETFs and digital asset investment vehicles. Analysts say this migration into “sticky” institutional custody is probably a very powerful structural shift, as Bitcoin becomes more of a digital savings bond while Ether becomes the operational backbone of on-chain activity.
Analysts see increasing structural risk of ETH versus BTC
Despite this widening behavioral gap, some analysts are interpreting the BTC-ETH dynamic in very alternative ways. Rather than viewing Ethereum's high activity as an indication of strength, 10x Research argued that it could be resulting from structural fragility, especially as Bitcoin continues to dominate institutional financial flows.
A recent 10x report suggested that shorting ETH could function a hedge against Bitcoin's increasing institutional momentum. The company claimed that Ether-focused corporations are running out of dry powder, weakening the “digital asset treasury” narrative that after drove accumulation.
Citing BitMine for instance, the researchers noted that certain treasury structures allowed institutions to buy ETH at low price and later sell it to retail investors at a premium, a cycle they consider is now breaking down.
Although strong ETH inflows into corporate-held Ether Treasuries stalled within the fourth quarter (for comparison, they rose 124% within the third quarter), Bitmine continued so as to add ETH to its allocation, increasing the overall to three,505,723 ETH, a rise of 110,288 ETH as of November tenth.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
