Name it an overturn, and even an upending. However most individuals seek advice from the idea of Ethereum’s market capitalization overtaking Bitcoin as “the flippening”.
The query is, with ETH surging over $4,300 and quick approaching its all-time excessive of $4,878, might the flippening truly occur?
Will Ethereum Ultimately Take the Crown from Bitcoin?
Ethereum’s present market cap is round $500 billion, whereas Bitcoin is nearly 5 occasions that, at $2.3 trillion. Regardless of this, bullishness abounds from individuals like Ethereum co-founder Joe Lubin as of late.
“I feel we’ll see some astonishing issues within the subsequent 12 months or so,” Lubin mentioned on CNBC, relating to the opportunity of a flippening of ETH over BTC.
Lubin cited the expansion of publicly traded crypto treasury corporations as one catalyst for this potential transfer in his July 30 CNBC interview. Lubin’s SharpLink Gaming (NASDAQ: SBET) treasury play at the moment holds 521,939 ETH, value greater than $2 billion as of press time.
Many fund managers and funding professionals aren’t so certain, nonetheless.
“So far as the ‘flippening’, we simply don’t suppose it would occur,” mentioned Jeff Embry, managing accomplice of crypto fund Globe 3 Capital. “ETH has too excessive a hill to climb to surpass BTC and the drivers of what creates worth for each ought to preserve BTC within the lead.”
Many look to the ETH/BTC buying and selling pair for some historic perception.
Within the 2017 bull run, the ETH/BTC ratio was round 0.1475 BTC per ETH. This implies ETH was value about 14.75% of BTC’s value at its peak of the ratio.
ETH/BTC is at the moment at 0.03532 BTC per ETH—solely 3.6% of BTC’s value. Nonetheless, there’s doubtless room for that ratio to development up, which is able to doubtless amplify the noise of any potential flippening sooner or later.
“The unfold ETH-BTC is now being aggressively purchased since its lows in April 2025 and I consider it has some extra room to go,” mentioned Jean-Marc Bonnefous, managing accomplice of crypto-focused Tellurian Capital. “This restoration has been magnified by the truth that quite a lot of hedge funds have been quick the ETH-BTC unfold and needed to cease out of that place forward of the massive shopping for from new ETH treasury corporations.”
Ethereum treasury corporations resembling Tom Lee’s Bitmine Immersion Applied sciences (NASDAQ: BMNR), the #1 publicly traded ETH holding firm with 833,133 ETH value $3.5B at press time, are fueling this appreciation.
Lee not too long ago predicted a $16,000 value level for ETH, which might carry the asset nearer to its 2017 file value ratio with Bitcoin.
Completely different Goal and Provide Dynamics
But a number of the basic features of the know-how behind ETH that piques Wall Avenue curiosity may not be sufficient to go larger than BTC’s value.
“We would want a massively bullish case for RWAs and tokenised treasuries over the subsequent 5 years plus AI, gaming, sovereign infrastructures, all working on Ethereum,” famous Chris Thomas, of multi-partner crypto advisory Lake Capital. “However even on these numbers we might solely see a $30,000-$50,000 ETH value… and at that time, we might argue that Bitcoin can be up one other 7-10x.”
It’s essential to needless to say as ETH’s value is rising, it’s very doable that Bitcoin will proceed a run upwards as effectively. Ether’s provide dynamics are totally different from these of Bitcoin’s famend fastened provide.
“By way of value per ETH, it’s unlikely to go the worth per Bitcoin,” mentioned Steve Chen, founding father of blockchain startup accelerator BAIK Ventures. “Bitcoin’s whole provide is capped at 21 million. ETH doesn’t have a tough cap of whole provide, there’s some burning, however the excellent quantity of ETH is a big quantity.”
In line with CoinGecko, the present excellent provide of ETH is 120 million tokens. In contrast to Bitcoin’s 21 million fastened circulation, Ethereum has no laborious cap on its provide.
As a substitute, the Ethereum community burns transaction charges, often called gasoline, in its proof-of-stake consensus mechanism. Bitcoin charges, then again, are rewarded to proof-of-work miners.
Additionally, the roles and functions of BTC and ETH are clearly totally different, so offering an apples-to-apples comparability between the 2 very disparate networks is tough.
That being mentioned, count on the BTC vs. ETH narrative and value wars to maintain heating up. Each will proceed to be in excessive demand as crypto regulatory winds have shifted extra favorably in 2025.
“BTC has the primary mover benefit and stays the first digital gold asset,” added Tellurian Capital’s Bonnefous. “Though I count on fairly a bit extra of a catch-up for ether which had been oversold these previous few months.”
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