Wu said he was informed that QCP Capital pointed out that there has been a fundamental shift in the liquidity situation of ETH relative to BTC. While BTC is increasingly integrated into mainstream macro capital markets, ETH is increasingly marginalized. This development may stem from the apparent lack of interest in ETH spot ETFs relative to BTC spot ETFs. BTC as digital gold has a compelling story for investors that ETH lacks. This is not necessarily a negative for ETH price. As a more speculative and volatile asset, the tendency for exponential price increases comes with the possibility of larger declines. The bullish sentiment in BTC is significant and structural. Demand for BTC call options expiring in 2025 with a strike price close to 100,000 has been steady.