While the crypto market seeks a new balance, an analysis by Glassnode reveals a major strategic divergence: bitcoin holders hold, Ethereum holders mobilize. Beyond community rivalries, these data reveal two opposing visions of crypto value. One is based on reserve, the other on use. This behavioral gap, often neglected, could well redefine the power balance within a rapidly evolving ecosystem.
In Brief
- •A Glassnode study reveals very different behaviors between Ethereum and Bitcoin holders.
- •ETH investors mobilize their coins three times more than BTC holders, according to on-chain data.
- •This phenomenon is explained by Ethereum’s functional use in dApps, DeFi, and transaction fees.
- •Conversely, Bitcoin is seen as a store of value: its holders prefer to keep their assets long term.
Intensive Use Reflecting the Network’s Functional Purpose
According to a recent report published by Glassnode, Ethereum holders are much more inclined to part with their cryptos than bitcoin investors. The report states unequivocally: “long-term ETH holders mobilize their old tokens at a rate three times higher than BTC holders, showing they are much more willing to part with them, a behavior reflecting a logic of utility use rather than simple holding”.
This data illustrates a fundamentally different behavior between the two communities: where bitcoiners keep their cryptos as long-term savings, Ethereum users actively mobilize them to interact with the ecosystem.
This dynamic is explained by the deeply utilitarian nature of the Ethereum network. Unlike bitcoin, often seen as a passive store of value, Ethereum acts as a transactional infrastructure. The Glassnode report highlights several factors contributing to this higher ETH turnover:
- •Ethereum’s role as a smart contract platform, powering thousands of decentralized applications (dApps);
- •Gas fees: every interaction on the network requires payments in ETH, encouraging regular token use;
- •The rise of decentralized finance (DeFi), where ETH is used as collateral, medium of exchange, or yield asset;
- •The introduction of ETH ETFs, adding a layer of complexity between wealth holding and functional use;
- •The very structure of Ethereum staking, with part of the supply locked but another continuously mobilized for various network operations.
In summary, the rapid circulation of ETH is not a sign of weakness, but a reflection of an asset fully integrated into the economic flows of the blockchain.
An Assumed Inertia in the Name of Wealth Preservation
Bitcoin holders continue to adopt a conservative strategy, worthy of an asset designed to last.
“Bitcoin behaves like the digital savings asset it was designed to be : tokens are mostly hoarded, turnover remains low, and recent movements indicate that the supply is migrating more towards long-term holding wallets rather than remaining on exchanges,” Glassnode states in its analysis.
In other words, bitcoins hardly move at all. They are withdrawn from exchanges and stored in long-term wallets, reinforcing the narrative of BTC as a fully-fledged digital savings.
This attitude resonates with recent market movements. While BTC ETFs have experienced massive outflows, nearly $867 million in one day, investors seem to maintain their long-term conviction.
The report observes no fundamental reversal in investor behavior. Despite volatility or temporary outflows, the holding strategy remains the same. This inertia, far from being a flaw, reinforces bitcoin’s positioning as an anti-inflation asset, insensitive to short-term speculation.
This behavioral contrast, largely confirmed by on-chain metrics, could have major implications in the coming months. While Ethereum continues to consolidate its role as the technological infrastructure of the ecosystem, its transactional volatility could pose challenges in terms of long-term stability and valuation. Conversely, bitcoin’s low turnover could attract more institutional investors seeking predictability.