Ethereum's realized cap has turned positive for the first time in eight weeks, signaling potential new demand or repositioning by holders. This development comes as Ethereum's price hovers around $2,374, with derivatives positioning at a multi-week high, suggesting a cleaner recovery than previous attempts. Despite Ethereum's positive indicators, Bitcoin continues to lead market demand. The Coinbase Premium Index indicates stronger U.S.-led demand for Bitcoin, with repeated positive readings as its price recovers. However, Bitcoin whale activity remains mixed, with 11,300 BTC sold, 7,000 BTC bought, and 12,849 BTC moved from dormant wallets within 92 hours, reflecting market uncertainty.