Bitcoin and Ethereum are built to do different things. Bitcoin is a peer-to-peer money system. Its supply stops just short of 21 million coins, and miners secure it with proof-of-work. Ethereum is a programmable blockchain. Anyone can run smart contracts on it, its supply has no fixed cap, and since September 2022 it has been secured by validators who stake ETH. As of 25 October 2026, CoinGecko data put bitcoin at about $80,240 and ether at about $2,326, so Bitcoin's market value was roughly 5.7 times Ethereum's. The newest change on either side is a delay. On 22 October 2026 Ethereum developers postponed the next network upgrade, Glamsterdam, on the Hoodi test network, and there is still no date for its launch on mainnet.
At a glance
| Bitcoin (BTC) | Ethereum (ETH) | |
|---|---|---|
| Started | Genesis block, 3 January 2009 | Frontier launch, 30 July 2015 |
| Designed as | "A Peer-to-Peer Electronic Cash System" (Satoshi Nakamoto's paper) | A platform for smart contracts run by the Ethereum Virtual Machine (EVM) |
| Consensus | Proof-of-work (mining) | Proof-of-stake since The Merge, 15 September 2022 |
| Supply | Capped at slightly under 21 million | No fixed cap; some of every fee is burned |
| New issuance | 3.125 BTC per block since block 840,000 (20 April 2024) | About 1,700 ETH per day to validators (ethereum.org estimate) |
| Programmability | Script, "intentionally not Turing-complete, with no loops" | The EVM "can execute arbitrary machine code", metered by gas |
| Native yield | None | Staking rewards for validators |
| US spot ETPs | Approved by the SEC on 10 January 2024 | Exchange rule changes approved by the SEC on 23 May 2024 |
| Price, 25 Oct 2026 (CoinGecko) | ~$80,240 | ~$2,326 |
| Market cap, 25 Oct 2026 (CoinGecko) | ~$1.61 trillion | ~$284 billion |
Latest: Glamsterdam is delayed again
Glamsterdam is Ethereum's next scheduled upgrade. It combines the Amsterdam execution-layer upgrade with the Gloas consensus-layer upgrade. Here is where it stood on 25 October 2026:
- 6 October 2026: Glamsterdam went live on the Sepolia test network (Ethereum Foundation blog, 16 October).
- 26 October 2026, planned: activation on the Hoodi test network at 17:42:48 UTC, together with raising Hoodi's gas limit to 200 million.
- 22 October 2026: the Hoodi activation was postponed. Core developers want "further investigation of interactions of EIP-8037 with mainnet smart contracts" (Ethereum Foundation). No new Hoodi date has been set.
- Mainnet: ethereum.org lists Glamsterdam as "TBD", with no date.
What this means for readers: Ethereum's upgrade dates are proposals until the core developers confirm them. Glamsterdam's mainnet date has moved before, and it is open again. Any argument for ETH that depends on Glamsterdam arriving by a certain date carries a schedule risk that a Bitcoin holder does not face. The Ethereum Foundation says mainnet users and ETH holders do not need to do anything.
The last upgrade that reached mainnet was Fusaka (Fulu-Osaka), on 3 December 2025. Before that came Pectra on 7 May 2025 and Dencun on 13 March 2024.
How each network is secured
Bitcoin: proof-of-work
Miners compete to produce blocks. The network adjusts mining difficulty to "keep the average interval at 10 minutes" (Bitcoin Wiki), and it retargets every 2,016 blocks with an ideal window of two weeks (Bitcoin developer documentation). Each block begins with a generation transaction, which pays the miner the block subsidy plus fees. To rewrite Bitcoin's history, an attacker would have to redo that computational work, and that cost is what protects it.
Ethereum: proof-of-stake
Since The Merge on 15 September 2022, validators lock up ETH to propose and attest to blocks. A solo validator needs at least 32 ETH and, since Pectra, can hold up to 2,048 ETH (ethereum.org). Validators that go offline lose small amounts. If a validator provably misbehaves, "part of the validator's stake is destroyed and the validator is forcibly removed from the network." According to CCRI estimates cited by ethereum.org, The Merge cut Ethereum's annual electricity use by more than 99.988%.
Where Glamsterdam stands
Step through Ethereum's recent upgrades to see which dates were met and which are still open after the 22 October 2026 delay.
- 13 March 2024Dencun reaches mainnetdone
Dencun went live on Ethereum mainnet.
- 7 May 2025Pectra reaches mainnetdone
Pectra went live on mainnet. Since Pectra, a solo validator can hold up to 2,048 ETH.
- 3 December 2025Fusaka reaches mainnetdone
Fusaka (Fulu-Osaka) is the last upgrade that reached mainnet.
- 6 October 2026Glamsterdam live on Sepoliadone
Glamsterdam, which combines the Amsterdam execution-layer upgrade with the Gloas consensus-layer upgrade, went live on the Sepolia test network.
- 22 October 2026Hoodi activation postponeddone
Core developers postponed the Hoodi activation for "further investigation of interactions of EIP-8037 with mainnet smart contracts". No new Hoodi date has been set.
- 26 October 2026 (was planned)Hoodi activation, now offuncertain
The plan was to activate Glamsterdam on Hoodi at 17:42:48 UTC and raise Hoodi's gas limit to 200 million. It will not happen on this date.
- TBDGlamsterdam on mainnetuncertain
ethereum.org lists the mainnet date as "TBD". The Ethereum Foundation says mainnet users and ETH holders do not need to do anything.
This shows dates only as of 25 October 2026. It does not predict when Glamsterdam will reach Hoodi or mainnet, and it does not cover Bitcoin, which has no scheduled upgrade in the article.
Supply: a fixed schedule vs a variable one
Bitcoin
The block subsidy halves every 210,000 blocks, roughly every four years, so total supply "will not exceed slightly less than 21 million" coins (Bitcoin Wiki). The current subsidy of 3.125 BTC began at block 840,000 on 20 April 2024. At about 144 blocks a day, that works out to roughly 450 new BTC a day. The next halving, to 1.5625 BTC at block 1,050,000, is estimated for 2029, and that date is a projection. Anyone can work out Bitcoin's issuance years in advance.
Ethereum
There is no maximum supply. Since The Merge, the execution layer issues nothing. According to ethereum.org, validators receive about 1,700 ETH a day, about 88% less issuance than before The Merge. On the other side, every transaction's base fee has been burned since the London upgrade (5 August 2021). On days when the average gas price is at least 16 gwei, the burn cancels out issuance and net supply stays flat or falls. On quieter days supply grows. Net ETH supply therefore depends on how much the network is used.
What you can build on each
Bitcoin's Script language is deliberately limited. It can enforce conditions such as multiple signatures or time locks, but it cannot run general programs. Its main route to faster and cheaper payments is a second layer: the Lightning Network describes itself as "Scalable, Instant Bitcoin/Blockchain Transactions."
Ethereum's EVM runs general-purpose smart contracts and charges gas for each operation. That is why stablecoins, lending protocols, NFTs and tokenised assets are built on Ethereum and the layer-2 networks that settle to it. A transaction on Ethereum is often a call to a program, not only a transfer of value.
Risks compared
These are differences in risk profile, not recommendations.
- Delivery risk. Bitcoin's monetary rules have stayed the same, and the case for holding it rests on adoption, not on new software. Ethereum's roadmap requires coordinated upgrades, and as the Glamsterdam delay shows, those dates can slip.
- Supply predictability. Bitcoin's issuance is fixed by its code. Ethereum's net issuance moves with fee burn and with how much ETH is staked.
- Application-layer risk. Ethereum hosts far more smart contracts, so bugs or exploits in applications carry more weight there. Bitcoin's narrower design gives attackers less to target.
- Staking risk. ETH stakers earn rewards but can be penalised or slashed. Bitcoin has no native yield, so a holder's return comes only from price changes.
- Shared market risk. Both are volatile crypto assets. Both can fall sharply, and the two are often moved by the same market conditions.
FAQ
What is the difference between bitcoin and ether?
Bitcoin (BTC) is the native asset of the Bitcoin network. Ether (ETH) is the native asset of Ethereum. People mostly hold and transfer BTC as money. ETH also pays for computation (gas) and is the asset validators stake to secure Ethereum.
Can ether's supply exceed bitcoin's cap?
It already does. Ether has no fixed maximum. Bitcoin's supply stops just under 21 million coins.
Has Ethereum overtaken Bitcoin in market value?
No. On 25 October 2026, CoinGecko data put Bitcoin's market cap at about $1.61 trillion and Ethereum's at about $284 billion.
When does Glamsterdam launch on mainnet?
As of 25 October 2026 there is no date. Its Hoodi testnet activation, planned for 26 October, was postponed on 22 October, and no replacement date has been announced.
How much can you earn by staking ETH?
There is no fixed rate. Rewards change with network activity and with the total amount of ETH staked, and validators that go offline or misbehave lose part of what they would earn. The staking page on ethereum.org shows the current figures.
Are there regulated funds for both in the US?
Yes. The SEC approved spot bitcoin ETPs on 10 January 2024. On 23 May 2024 it approved the exchange rule changes for spot ether ETPs, and those products later began trading.
