Is Ethereum likely to surpass Bitcoin? Here are the opinions of prominent figures.

Whether calling it a "disruption" or a "reversal," most people refer to the concept of Ethereum's market capitalization surpassing Bitcoin as a "flip." The question is, with ETH's price soaring above $4,300 and approaching its all-time high of $4,878, is that a "flip" truly possible? Will Ethereum eventually dethrone Bitcoin's "crown"? Ethereum's current market capitalization is approximately $500 billion, while Bitcoin's is nearly five times that, at $2.3 trillion. Despite this, some, like Ethereum co-founder Joe Lubin, have recently expressed optimism. "I think something amazing is going to happen in the next year or so," Lubin said on CNBC about the possibility that ETH could surpass BTC's market capitalization. In a July 30 interview with CNBC, Lubin mentioned the growth of publicly traded cryptocurrency reserve companies as one of the catalysts for this potential trend. Lubin's SharpLink Gaming (NASDAQ: SBET) reserves currently hold 521,939 ETH. However, many fund managers and investment professionals disagree.

"As for a 'flip,' we don't think it will happen," said Jeff Embry, managing partner of crypto fund Globe 3 Capital. "ETH faces huge obstacles to surpass BTC, and the value drivers of both will keep BTC ahead."

Many people look for historical references through the ETH/BTC trading pair.

During the 2017 bull run, the ETH/BTC ratio was around 0.1475 BTC/ETH, which means that at the peak of the ratio, the ETH price was about 14.75% of BTC. The current ETH/BTC ratio is 0.03532 BTC/ETH, which is only 3.6% of the BTC price. However, this ratio may still have room to rise, which may amplify the discussion of any potential "flip" in the future. “The ETH-BTC spread has been bought aggressively since hitting its low in April 2025, and I believe there is still further upside,” said Jean-Marc Bonnefous, managing partner at crypto-focused fund Tellurian Capital. “Some hedge funds were shorting the ETH-BTC spread, and as new ETH treasury companies piled in, they were forced to liquidate their positions, further amplifying the rally.” Ethereum reserve companies, such as Tom Lee’s Bitmine Immersion Technologies (NASDAQ: BMNR), are driving ETH’s appreciation. The company is the largest publicly held ETH holder, currently holding 833,133 ETH. Lee recently predicted that the price of ETH will reach $16,000, which could bring the asset close to its record price ratio with Bitcoin in 2017. However, the technical fundamentals of ETH that have attracted Wall Street's attention may not be enough to allow its price to surpass BTC. “Over the next five years, we’d need to see extremely strong positive momentum from RWAs and tokenized treasuries, coupled with AI, gaming, sovereign infrastructure, and more all running on Ethereum,” said Chris Thomas of multi-partner crypto advisory firm Lake Capital. “But even at these figures, ETH prices might only reach $30,000 to $50,000… By then, Bitcoin would likely have increased 7x to 10x.” It’s important to note that while ETH prices are rising, Bitcoin is also likely to continue to rise. ETH’s supply dynamics differ from Bitcoin’s famous fixed supply. "In terms of the price per ETH, it's unlikely to exceed the price of a single Bitcoin," said Steve Chen, founder of blockchain startup accelerator BAIK Ventures. "Bitcoin's total supply is capped at 21 million. ETH doesn't have a hard cap on its total supply, and while there is a burn mechanism, the amount of ETH in circulation remains substantial." According to Coingecko data, the current circulating supply of ETH is 120 million. Unlike Bitcoin, which has a fixed supply of 21 million, Ethereum has no hard cap on its supply. Instead, the Ethereum network destroys transaction fees, known as gas, as part of its proof-of-stake consensus mechanism. Bitcoin's transaction fees, on the other hand, are distributed as rewards to proof-of-work miners. Furthermore, the roles and uses of BTC and ETH are significantly different, making a peer-to-peer comparison of these two distinct networks difficult. Despite this, the narrative battle and price competition between BTC and ETH will continue to intensify. With the crypto regulatory environment turning more favorable in 2025, demand for both will remain high. "BTC has a first-mover advantage and remains the core digital gold asset," added Tellurian Capital's Bonnefous. "However, I expect ETH to see a significant catch-up rally, as it has been oversold over the past few months."