Ethereum outperformed Bitcoin in March, rising 7.12% compared to Bitcoin's 1.83% gain, according to XWIN Research Japan. This performance gap was accompanied by a market cap divergence, with Ethereum's market cap increasing by 2.97% while Bitcoin's declined by 0.43%. This indicates a capital rotation from Bitcoin to Ethereum, rather than mere momentum trading. The report highlights Ethereum's realized volatility at 62.8%, higher than Bitcoin's 49.8%, underscoring Ethereum's role as a higher-beta asset. Exchange outflows for Ethereum are increasing, suggesting a shift towards long-term holding. Despite a negative Coinbase Premium Gap, indicating incomplete US institutional demand recovery, the gap is improving, signaling early market recovery. Active addresses on Ethereum's network are also rising, pointing to expanding real usage. Ethereum is currently trading around $2,200, attempting to recover from a February breakdown. While still below its 100-day and 200-day moving averages, the 50-day average is stabilizing, indicating potential momentum recovery. A sustained move above the $2,400–$2,600 range is needed to confirm a shift from distribution to accumulation.