According to online reports, QCP issued a document saying that Bitcoin once exceeded US$110,000 in the context of the resumption of US-China trade negotiations. However, due to the lack of substantive breakthroughs, market enthusiasm quickly waned. At the same time, Ethereum is quietly regaining narrative dominance, with its implied volatility rising, options skewed turning bullish, and significant ETF inflows ($281 million last week,$52.7 million yesterday), indicating a rebound in institutional investor interest. As the GENIUS bill advances in the U.S. Senate, Circle IPO discussions resume, and stablecoins gain regulatory support, Ethereum's role as a tokenization and settlement infrastructure may face structural upside opportunities.