The idea of Ethereum one day flipping Bitcoin in market cap — the infamous flipping — is back in full swing on crypto Twitter. At first glance, it feels like déjà vu. We had the same conversation in 2017 during ICO mania, again in 2021 during DeFi and NFT mania, and both times it fizzled out. But this cycle does look different. Institutions are here. Regulation is shifting. And capital flows don’t look like they used to.
So, could ETH actually flip Bitcoin this time? To find out, I dug into the data, the flows, and the mechanics driving both markets. Let’s build the strongest possible case for — and against — Ethereum overtaking Bitcoin.