Call it a capshes, or masked one. But most people call the concept of Ethereum’s market capitalization, which is overtaking Bitcoin, “flipping.”
The question is, is there really a chance of flipping happening as ETH exceeds $4,300 and approaching an all-time high of $4,878?
Will Ethereum ultimately take the crown from Bitcoin?
Ethereum’s current market capitalization is around $500 billion, while Bitcoin is almost five times as much as $2.3 trillion. Nonetheless, there are plenty of bullshit from people like Joe Rubin, the co-founder of Ethereum these days.
“I think we’ll see some amazing things next year or so,” Rubin told CNBC about the insane possibilities of ETH through BTC.
In a July 30 interview with CNBC, Lubin cited the growth of publicly traded Crypto Treasury Companies as one catalyst for this potential move. Lubin’s Sharplink Gaming (NASDAQ: SBET) Treasury Play currently owns 521,939 ETH, worth more than $2 billion as of press time.
However, many fund managers and investment experts are less sure.
“I don’t think that will happen when it comes to ‘flipping’,” said Jeff Embry, managing partner at Crypto Fund Globe 3 Capital. “ETH Hills are too high to climb to surpass BTC. Drivers, who create both value, need to lead the BTC.”
Many have turned their eyes to the ETH/BTC trading pair for historical insights.
In the 2017 Bull Run, the ETH/BTC ratio was approximately 0.1475 BTC per ETH. This means that ETH is worth around 14.75% of the price of BTC at the peak of the ratio.
ETH/BTC is currently 0.03532 BTC per ETH. Only 3.6% of the BTC price. However, there is likely room for increased proportions, which could amplify potential bulging noise in the future.
“Spread Eth-BTC has now been actively purchasing since its low April 2025, so I think there’s a little more room,” said Jean-Marc Bonnefous, managing partner at Tellurian Capital, which focuses on cryptography. “This recovery was magnified by the fact that many hedge funds had to halt from that position prior to large-scale purchases from the new ETH Treasury due to the short spread of ETH-BTC.”
Ethereum treasury companies such as Tom Lee’s Bitmine Immersion Technologies (NASDAQ: BMNR) have published 833,133 ETH at 833,133 ETH, worth $3.5 billion at press time.
Lee recently predicted the $16,000 price range for ETH. This will allow assets to reach their record price ratio in 2017 with Bitcoin.
Different objectives and supply dynamics
However, some of the basic aspects of the technology behind ETH that piques Wall Street’s interest may not be enough to go above the price of BTC.
“In the next five years, RWAS and tokenized Treasury will need a massive case where AI, gaming, sovereign infrastructure, all run in Etherum,” said Chris Thomas of multipartner Crypto Advisory Lake Capital. “But even these numbers could only show ETH prices of $30,000-$50,000. At that point, we could argue that Bitcoin would be another 7-10 times.”
It is important to note that as ETH prices are rising, there is a very high chance that Bitcoin will continue to run upwards too. The supply dynamics of ether differ from the famous fixed supply dynamics of Bitcoin.
“When it comes to prices per ETH, we rarely pass on prices per bitcoin,” said Steve Chen, founder of blockchain startup accelerator Baik Ventures. “The total Bitcoin supply concludes with 21 million. ETH does not have a hard cap for total supply. There is burning, but there is a huge number of outstanding ETH.”
According to Coingecko, the current prominent supply of ETH is 120 million tokens. Unlike Bitcoin’s 21 million fixed circulation, Ethereum does not have a hard cap in its supply.
Instead, Ethereum Network burns trading fees, known as gas, with its empirical consensus mechanism. Bitcoin fees, on the other hand, pay off the miners of proof of work.
Also, the roles and objectives of BTC and ETH are clearly different, so it is difficult to provide a comparison of apples and apps between two very different networks.
That being said, hopefully the BTC vs. ETH story and price war will continue to heat up. Both continue to be in high demand as the regulatory winds of cryptography changed more positively in 2025.
“BTC has the advantage of the first mover and remains a major digital gold asset,” added Bonnefous of Tellurian Capital. “I’m very hoping for a catch-up to the ether that’s been oversold in recent months.”
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