The latest joint report from Glassnode and Keyrock indicates that Bitcoin (BTC) and Ether (ETH) continue to exhibit a diverging trend, currently operating in different monetary universes. The study points out that Bitcoin is gradually transforming into a savings-driven low-velocity asset, while Ether is rapidly evolving into a productive on-chain asset, providing strong momentum for staking, collateral, and institutional packaging tools.
Key Points:
The dormancy and turnover rate of BTC are now closer to gold than to fiat currency.
The speed at which long-term holders of ETH use their coins is three times that of Bitcoin holders.
Both assets are being transferred from exchanges to ETFs, DATs, and staking mechanisms at an accelerated pace.
Glassnode emphasizes that 61% of BTC has not moved in the past year, with an average daily turnover rate of only 0.61% of the circulating supply, one of the lowest velocities among major global assets. "BTC is firmly in the value storage domain," the report states, behaving more like gold than circulating currency.
"However, ETH is moving in the opposite direction. Keyrock explains that long-term holders of ETH utilize dormant coins at a rate three times that of BTC holders, reflecting 'utility-driven behavior rather than mere hoarding.'"
The average daily turnover rate of ETH is about 1.3%, double that of BTC, with currently a quarter of ETH locked in staking or ETFs, creating significant productive circulation that continuously fuels DeFi and liquid staking systems.
The exchange balances of both assets are significantly declining—BTC down 1.5% and ETH down nearly 18%—as these digital assets flow into spot ETFs and digital asset investment tools. Analysts suggest that this migration towards "stable" institutional custody may represent the most important structural shift, with Bitcoin increasingly resembling a digital savings bond, while Ether becomes the operational core pillar of on-chain activity.
Despite this widening behavioral gap, some analysts have distinctly different interpretations of the BTC-ETH dynamic relationship. 10x Research points out that Ethereum's high activity level may not be a sign of strength but could reflect structural vulnerability, especially as BTC continues to dominate institutional capital flows.
A recent report from 10x indicates that shorting ETH may become an effective tool to hedge against rising institutional momentum in BTC. The agency states that the available capital for Ethereum-focused enterprises is decreasing, undermining the "digital asset reserve" narrative that once drove its accumulation.
Researchers cite BitMine as an example, noting that certain funding reserve structures allow institutions to acquire ETH at low costs and then sell it at a premium to retail investors, suggesting that this cyclical pattern is now unraveling.
Although the inflow of ETH into corporate treasuries has stagnated in the fourth quarter (for reference, it grew by 124% in the third quarter), Bitmine continues to add more ETH to its asset allocation, increasing its total to 3,505,723 coins, with an addition of 110,288 coins on November 10.
Related: The surge in Bitcoin (BTC) prices after the U.S. government shutdown is not a foregone conclusion—analysis of the reasons.
This article does not constitute any investment advice or recommendation. All investment and trading activities carry risks, and readers should conduct their own research before making decisions.
Original article: “Data shows Bitcoin (BTC) and Ethereum (ETH) now operate in 'different monetary' universes”
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