In March, I noticed something interesting — Ethereum suddenly started surpassing Bitcoin. The ETH/BTC ratio increased by about 5% over the month, while Bitcoin only gained 1.8%. It’s not just the price; a clear rotation of capital is happening. Ethereum’s market cap has grown by 2.97%, while Bitcoin’s has slightly decreased.

Looking at on-chain data reveals even more interesting insights. Ethereum’s transfer activity has risen again to over 1.3 million, similar to February’s peak level. This means more movement on the chain — trading, DeFi interactions, everything is increasing. At the same time, active addresses are also growing, indicating higher network usage.

Another thing I’m seeing is that Coinbase premium is improving, which is a sign of early-stage positioning changes. Both retail and institutional levels are seeing inflows into Ethereum. The trend of moving out of exchanges suggests a shift toward long-term holding.

So, what will happen in Q2? When looking at these signals together, it seems Ethereum could outpace Bitcoin even more in the upcoming quarter. On-chain demand is rising, fund flows are strong, and network activity is at high levels. All these factors are building a solid foundation for Ethereum.