I noticed that Ethereum started stealing the spotlight from Bitcoin last March, and the performance difference was very noticeable. While Bitcoin moved cautiously with a 1.83% increase, Ethereum surged more strongly, achieving a 7.12% gain. This reflects a clear shift in investor preferences toward more dynamic assets.

What’s truly noteworthy is the behavior of volatility and flows. Ethereum showed realized volatility of 62.8% compared to 49.8% for Bitcoin, meaning it reacts more sharply to liquidity changes and market sentiment. At the same time, I saw that Ethereum’s market capitalization increased by 2.97%, while Bitcoin decreased by 0.43%, clearly indicating a transfer of capital.

On-chain, things look positive for Ethereum. Outflows from exchanges continue, which means less selling pressure and longer holding behavior from investors. The number of active addresses is also increasing, indicating growing activity within the ecosystem. Stablecoins, DeFi, and RWA are receiving strong inflows, reinforcing Ethereum’s role as a fundamental financial infrastructure rather than just a store of value.

In summary, Ethereum benefited from multiple on-chain and environmental factors in March, positioning it stronger than Bitcoin. As market conditions continue to improve, we may see an even wider gap between the two assets.