Bitcoin may be the largest cryptocurrency asset in the space, but Ethereum, on the other hand, continues to control a large share of the market. During recent market activity, the Ethereum network is starting to overtake the Bitcoin network in terms of capital value movement on-chain.
Capital flows through Ethereum rather than Bitcoin
As the crypto market adjusts from bearish to bullish, a bold claim around Ethereum and Bitcoin is sparking debate within the community. Nomad, market expert and investor, has announcement on the X platform, the Ethereum network now moves more value on-chain than Bitcoin.
Such a statement suggests a notable shift in dynamics between the two largest networks. As Bitcoin experiences reduced activity, ETH’s role in decentralized finance (DeFi), stablecoins, and tokenized assets continues to expand, leading to increased transaction volume and the movement of value on the chain.
If this trend continues over time, it could indicate a broader change in how funds flow across blockchain ecosystems. In a few years, the expert estimates that Ethereum will displace several times the amount of money transferred on any other blockchain in the sector. “Ethereum generally moves more value on-chain than Bitcoin,” Nomad added.
The expert drew attention to data from 2025, which shows that the daily volume of on-chain transactions on the ETH network averages more than $17 billion. In the meantime, the Bitcoin network was a little behind ETH with an on-chain volume of $16 billion.
DeFi, stablecoins, and smart contracts have largely contributed to the increase in ETH on-chain volume. Bitcoin, on the other hand, was intended to be a store of value, and the amount of transfers made on the network were often smaller but more significant.
Currently, the entire Ethereum ecosystem, including layer 2 solutions, supports much larger economic activities. Despite the massive growth and broad market coverage of ETH and BTC, Nomad still believes that both assets are early days, especially ETH, which is only 10 years old.
ETH Sees Continued Accumulation from Investors
After its recent price rebound, Ethereum has succeeded in fueling the bullish investor sentiment that has been present for years. Data analyst at CryptoQuant and crypto investor known as CW common that ETH accumulation is still ongoing. A notable strength of this trend is that it has been observed for over 2 years, reflecting confidence in the long-term value of the altcoin.
Despite persistent price fluctuations between $2,200 and $4,800, CW highlighted that large investors or whales continued to accumulate altcoin. With this wave of buying activity, the expert said that ETH is still in the accumulation zone.
Moving on to the price action, the current value of ETH is almost the same as the realized price of the accumulation address, making this a crucial moment for the altcoin and its near-term future. At the time of writing, the ETH price was trading at $2,381, seeing an increase of almost 1% over the past day.
Featured image from Pexels, chart from Tradingview.com
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