Seeing a lot of people dismiss the ETH rotation idea as just another narrative, but the data lately makes it a bit harder to ignore.

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March had ETH clearly outperforming BTC, and it wasn’t just price — market cap shifts suggest capital actually rotated, not just flowed in. Then April followed up with another strong move, which adds to that trend.

On-chain is also pretty active right now: transfer counts pushing highs, a big chunk of supply locked in staking, and relatively low exchange balances. That combo usually tightens available supply while activity stays strong.

The accumulation angle is interesting too — when large players build positions during weak price action, it tends to signal longer-term conviction rather than short-term trades.

Still, we’ve seen setups like this take time to play out, and sometimes they fake out before the real move.

So I’m curious — what would actually confirm a true rotation to you, a specific price level, or a particular on-chain metric flipping first?