QCP analysis points out that Bitcoin surged in the short term due to the news of the resumption of US-China trade negotiations, but due to a lack of substantial progress, global risk assets as a whole have fallen into a wait-and-see mode. Meanwhile, Ethereum has quietly strengthened, with implied volatility rising, options skew turning bullish, perpetual contract funding rates increasing, and ETF funds continuing to flow in. QCP notes that the market narrative is shifting from BTC to ETH, and with the advancement of the "GENIUS Act", the restart of Circle's IPO, and progress in stablecoin regulation, ETH may welcome structural benefits.