QCP: Bitcoin remains in an uncertain state as Ethereum quietly regains narrative dominance.

Gate News bot reported that QCP pointed out in its market analysis that as the China-US trade negotiations resumed in London, Bitcoin (BTC) led the rise overnight, soaring from $107,000 to over $110,000. This trend was initially driven by optimism, as news emerged that progress was made in the negotiations, but market enthusiasm quickly faded. Although US officials vaguely confirmed progress in the negotiations, terms like "productive" and "good talks" filled the post-meeting rhetoric, the lack of substantial breakthroughs led to a pause in global risk asset trading.

Currently, the market is still in a state of uncertainty. Investors are acting cautiously as the U.S. Consumer Price Index (CPI) data will be released tomorrow. Ongoing diplomatic ambiguity may evolve into broader resistance to risk sentiment.

At the same time, as Bitcoin responds to the macro political landscape, Ethereum (ETH) is quietly reclaiming narrative dominance.

The implied volatility of Ethereum has risen, with the front-end at-the-money volatility climbing to over 70 points, while the options skew has sharply turned bullish, increasing by 5 to 6 points. The rise in perpetual funding rates has reinforced the bullish sentiment.

The inflow of ETF funds further confirms this shift in sentiment. Last week, there was an inflow of $281 million into ETH, with an additional $52.7 million yesterday, indicating renewed interest from institutional investors. This rotation shows that investors' perspectives are continuously broadening, from Bitcoin as digital gold to Ethereum as the infrastructure layer for real-world assets.

Looking ahead, macro favorable factors are providing support for the trend of ETH. With the advancement of the GENIUS Act in the U.S. Senate, Circle's IPO, and regulatory attention on stablecoins, Ethereum's native role in tokenization and settlement channels may witness significant structural upside.