QCP Capital: The liquidity condition of ETH relative to BTC has undergone a fundamental transformation.

QCP Capital pointed out that there has been a fundamental shift in the liquidity conditions 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 is a compelling story for investors, while ETH lacks such a story. This is not necessarily negative for ETH prices. As a more speculative and volatile asset, the tendency for exponential price increases is accompanied by the possibility of larger declines. The bullish sentiment for BTC is significant and structural. Demand for BTC call options with an expiration of 2025 and an exercise price of nearly 100,000 has been steady.