Sorry to bother you late at night, but the US market this morning is in a huge mess, isn’t it? Bitcoin has almost completely given back all of yesterday’s rise, and it’s currently trading around the $71,000 level. Ethereum and Solana are also facing downward pressure, and the entire market is wrapped in a bearish mood.

Behind this drop is Nvidia’s earnings release. The earnings report itself wasn’t bad, but because the stock price had risen sharply before the announcement, investors are rushing to lock in profits through selling. Nvidia is down 4.8%, and related tech stocks are being sold across the board. The Nasdaq overall is also down 2%, and it seems that cryptocurrencies are moving in line with these stock market moves.

What’s interesting is that while software-sector stocks are rising, Bitcoin isn’t following them. It looks like the usual correlation isn’t working. Meanwhile, with the stock price of a certain major US exchange down 1% and Galaxy Digital down 3%, stablecoin-related companies have risen nearly 40% since their earnings, suggesting that differentiation is progressing within the market.

XRP is also down from $1.36 to $1.33, along with higher trading volume. It doesn’t appear to be just a liquidity issue—there seems to be strong, active selling pressure. It has broken below the $1.35 support, increasing the risk of testing lower levels.