QCP: The market narrative is shifting from "Bitcoin is digital gold" to "Ethereum is the RWA infrastructure layer," and ETH may迎来 structural outperformance.

BlockBeats News, on June 10, QCP released today’s market report, "Bitcoin’s rally was mainly boosted by the resumption of US-China trade talks in London. Although U.S. officials summarized the meeting with vague expressions such as “fruitful” and “good meeting” after the meeting, global risk assets generally entered a wait-and-see mode due to the lack of substantive breakthroughs. For now, the market is still in uncertainty territory. Investors remain cautious as US CPI data will be released tomorrow. The risk is that if the diplomatic situation continues to be ambiguous, it could gradually weigh on overall risk sentiment. Ethereum’s implied volatility has risen, front-end at-the-money volatility has climbed to around 70%, and options market skew has also shifted significantly in a bullish direction, rising 5 to 6 percentage points. The high funding rate of perpetual contracts further strengthens the bullish atmosphere in the market. ETF inflows suggest that institutional interest is returning. This round of funding rotation may imply that the market narrative is shifting from “Bitcoin is digital gold” to “Ethereum is a real-world asset (RWA) infrastructure layer”. Looking ahead, macro tailwinds are building momentum for Ethereum. With the GENIUS bill advancing in the U.S. Senate, Circle’s IPO, and stablecoins making regulatory progress, Ethereum’s centrality in tokenization and settlement infrastructure could see a structural upside that exceeds expectations.