According to BlockBeats, on August 10, QCP Capital posted on its official channel that the liquidity situation of ETH relative to BTC has undergone a fundamental change. BTC is increasingly integrated into the mainstream macro capital market, but ETH is increasingly marginalized. BTC's digital gold narrative is very attractive to investors, while ETH lacks such a narrative. However, this does not necessarily have a negative impact only on ETH prices. As a more speculative and volatile asset, the implied volatility spread between BTC and ETH has widened to 20%, or even higher. The current trading strategy may choose to sell BTC volatility and buy ETH volatility.

In addition, options trading shows that BTC has the same structural bullish trend as ETH. In the past two months, funds have mainly flowed into BTC, especially long-term bullish funds, while ETH funds are mainly concentrated in short-term speculation.

It believes that BTC's movement this week is a leverage cleanup to set a new all-time high in the fourth quarter.