QCP Capital: When Ethereum ETF achieves stable daily fund inflows, it may drive the price of Ethereum to break through

PANews reported on July 30th that Singaporean crypto investment firm QCP Capital stated that due to the frenzy caused by Trump's weekend speech, BTC tested a high of $70,000 before the US stock market opened. However, it plummeted over $3,000 a few hours later, falling below $67,000. This optimistic sentiment did not last long as the U.S. government transferred about 30,000 BTC worth approximately $2 billion and also held an additional 39,000 BTC confiscated from Silk Road's founder. Meanwhile after Trump's speech was delivered ETH spot performed relatively better compared to BTC. Despite its spot ETF experiencing fund outflows for four consecutive days since then ETHBTC has risen by 5%. In addition volatility premium of ETH relative to BTC expanded from last week’s 4% to around 8% for longer maturities. Why is ETH performing strongly? The market may be immune to headline fund outflow figures due to funds shifting from higher-priced ETHE towards lower-priced ETFs which raises a question: once we see stable daily inflows will ETH make significant breakthroughs? Headline news about US elections will still be the main focus but there are also some important macroeconomic events coming up including Wednesday’s Federal Open Market Committee (FOMC) meeting full-week earnings of large tech stocks (Apple Amazon Meta) and Friday’s unemployment data.