QCP Capital: The strong performance of ETH relative to BTC may stem from the market's immunity to outflow data

ChainCatcher news, QCP Capital's latest report indicates that, influenced by Trump's weekend speech, Bitcoin briefly tested $70,000, but fell over 3,000 points before and after the opening of the U.S. stock market, dropping below $67,000. The recent large-scale transfers by the U.S. government may have negatively impacted the market, exacerbating investor concerns.

Compared to Bitcoin, Ethereum's performance has been relatively better. Since Trump's speech, ETH/BTC has risen by 5%. Although Ethereum spot ETFs have seen outflows for the fourth consecutive day, market optimism about its performance is still rising. The volatility premium of ETH relative to BTC has expanded from 4% last week to about 8%, and the market may be becoming immune to the outflow data. When Ethereum ETFs achieve stable daily inflows, it may drive Ethereum prices to break through.