Definition. The BTC-ETH Realized Cap Dominance metric is an oscillator (black columns) which tracks the macro outperformance trends between the top two crypto-assets. The Realized Caps of BTC (orange) and ETH (blue) are shown alongside, with their market caps as faint background traces.

Technical. The oscillator considers the Realized Cap of Bitcoin relative to the combined Realized Cap of Bitcoin plus Ethereum:

• Dominance = BTC Realized Cap / (BTC Realized Cap + ETH Realized Cap) - 0.765

The 0.765 factor is included to center the oscillator around the midpoint of its long-term range. Two reference levels mark historical extremes: +0.085 (green, Peak BTC) and -0.085 (red, Peak ETH).

Interpretation. Realized cap acts to discount lost and long-dormant coins, and this provides a model more accurately assessing the capital flows in and out of the two major assets — dominance measured this way reflects where invested capital actually resides, rather than mark-to-market valuations.

• Higher values and uptrends indicate outperformance by Bitcoin, with capital flows favoring BTC.

• Lower values and downtrends indicate outperformance by Ethereum, with capital flows favoring ETH.

Readings near the green +0.085 band describe historically extreme BTC dominance of realized value, while readings near the red -0.085 band describe historically extreme ETH dominance; approaches to either band have historically coincided with maturing trends in the ETH/BTC relationship.

Notes. Built from Realized Cap and Market Cap. For a broader multi-asset dominance view including stablecoins, see Aggregate Market Realized Value (Dominance).