Ethereum's Realized Capital Growth at 43% Trails Bitcoin's 136%, Avenir Group Analysis Reveals

A recent analysis by Avenir Group indicates that institutional participation in Ethereum (ETH) is still in its nascent stages when compared to Bitcoin (BTC). Kelly Ye, CFA, Deputy Chief Investment Officer at Avenir Group and Head of Research at CoinDesk Indices, highlighted this disparity in a recent report, emphasizing significant untapped potential for the second-largest cryptocurrency.

According to the analysis, Ethereum has attracted over $81 billion in fresh capital inflows since November 2022, pushing its realized capitalization to a new all-time high of $266 billion as of August 8, 2025. This represents a 43% increase for ETH during the period. In contrast, Bitcoin saw a more substantial 136% rise in its realized cap over the same timeframe, underscoring ETH's slower institutional adoption rate.

Further insights from the report detail that while 80-90% of spot ETH exchange-traded fund (ETF) inflows are attributed to genuine institutional allocations, the proportion of arbitrage-related flows is considerably higher for ETH than for Bitcoin, where only about 3% of spot ETF inflows are arbitrage-based. Additionally, as of July 21, combined open interest in ETH futures and options stood at $71 billion, but ETH options open interest is less than half of perpetual futures open interest, suggesting ample room for growth in institutional derivatives engagement.

A significant emerging demand driver for ETH comes from Digital Asset Treasuries (DATs), corporations diversifying their balance sheets with ETH holdings. Since April, DATs have accumulated approximately 4.1 million ETH, valued at $17.6 billion, representing about 3.4% of the circulating supply. These treasury allocations are characterized by their long-duration nature, providing a stable source of structural demand for Ethereum.

The CoinDesk Indices tweet succinctly captured the core finding: > “Across on-chain and off-chain liquidity metrics, one theme is clear: ETH’s institutional participation is still in the early stages compared to bitcoin,” says @kelly_cfa of Avenir Group. If Ethereum's institutional adoption trajectory mirrors that of Bitcoin, the coming months could see substantial capital inflows, potentially leading to outsized performance for the asset.