Nvidia earnings have become a macro pivot for the entire market. When NVDA beats and guides higher, liquidity expectations improve and tech (and risk) sentiment strengthens. BTC responds indirectly but consistently, stabilizing or bouncing within 24–72 hours. When Nvidia disappoints, liquidity fears rise and risk appetite drains. BTC doesn’t react to earnings themselves, but to the liquidity impulse behind them. What is next? Current divergence tell us a weak NVDA print could ignite BTC downside, a scenario the bulls are already bracing for. While a strong beat could mark the start of a strong recovery to close the gap.