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▲ Ethereum (ETH)
An analysis suggests that Ethereum (ETH) has begun to surpass Bitcoin (BTC) in terms of on-chain value moved, highlighting once again the difference in roles between the two major blockchains. While Bitcoin has established itself as a network primarily for storing value, Ethereum is evaluated as absorbing a wider range of economic activities based on DeFi, stablecoins, and tokenized assets.
Bitcoinist reported on May 5 that market expert and investor Nomad stated via X (formerly Twitter) that the Ethereum network is moving more value on-chain than Bitcoin. Nomad said, “Ethereum generally moves more value on-chain than Bitcoin.”
Nomad explained that, based on 2025 data, the Ethereum network's daily on-chain transaction volume exceeded an average of $17 billion. The Bitcoin network's on-chain transaction volume was presented as $16 billion, lower than Ethereum's. Bitcoinist stated that this trend indicates a potential shift in dynamics between the two largest blockchains.
The increase in Ethereum's value movement was analyzed to be driven by DeFi, stablecoins, and smart contract activities. In contrast, Bitcoin focuses on being a store of value, with relatively fewer transfers on its network, but individual transaction sizes tend to be larger. Ethereum is evaluated as handling a broader range of economic activities across its entire ecosystem, including Layer 2 solutions.
An analysis also indicated that investor accumulation trends are continuing. CW, a CryptoQuant data analyst and cryptocurrency investor, stated that Ethereum accumulation is still ongoing. This trend has been observed for over two years, explaining that large-scale investors continue to accumulate Ethereum despite price fluctuations between $2,200 and $4,800.
CW diagnosed that Ethereum is still in an accumulation phase. Ethereum's current value is almost at the same level as the realized price of accumulation addresses, presenting a critical juncture for its short-term direction. Bitcoinist reported that, at the time of writing, Ethereum was trading at $2,381, having risen approximately 1% over the day.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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