QCP: The market narrative is shifting from "Bitcoin is digital gold" to "Ethereum is the RWA infrastructure layer", and ETH may witness a structural and unexpected rise

BlockBeats news, on June 10, QCP released today's market report, "Bitcoin's rise was mainly boosted by the resumption of US-China trade negotiations in London. Although US officials summarized the meeting with vague expressions such as "fruitful" and "good meeting", due to the lack of substantial breakthroughs, global risk assets generally entered a wait-and-see state. At present, the market is still in an uncertain range. Investors remain cautious as US CPI data will be released tomorrow. The risk is that if the diplomatic situation continues to be ambiguous, it may gradually put pressure on overall risk sentiment.

Ethereum's implied volatility has risen, the volatility of the front-end at-the-money options has climbed to around 70%, and the skew of the options market has also clearly turned to the bullish direction, up 5 to 6 percentage points. The high funding rate of perpetual contracts further strengthened the bullish atmosphere in the market. The inflow of funds into ETFs shows that institutional interest is returning. This round of fund rotation may suggest that the market narrative is shifting from "Bitcoin is digital gold" to "Ethereum is the infrastructure layer of real-world assets (RWA)".

Looking ahead, macro-favorable factors are gathering momentum for Ethereum. With the GENIUS Act advancing in the U.S. Senate, Circle launching its IPO, and stablecoins gradually making progress in regulation, Ethereum's core position in tokenization and settlement infrastructure may usher in structural and unexpected upside.