On August 10th, QCP Capital posted on the official channel that the liquidity situation of ETH relative to BTC has undergone a fundamental change. BTC is increasingly integrated into the mainstream macro capital markets, but ETH is increasingly marginalized. The digital gold narrative of BTC is very attractive to investors, while ETH lacks such a narrative. However, this does not necessarily have a negative impact on the price of ETH only. As a more speculative and volatile asset, the implied volatility spread between BTC and ETH has widened to 20%, and may even be higher. The current trading strategy may have the option to sell BTC volatility and buy ETH volatility. In addition, options trading has observed that BTC has the same structural bullish trend as ETH. Over the past two months, funds have mainly flowed into BTC, especially long-term bullish funds, while ETH funds have mainly been concentrated in short-term speculation. It believes that the movement of BTC this week is a clearing of leverage in order to reach a record high in the fourth quarter.