$BTR$NVDA After the earnings report, the stock jumped more than 8% in after-hours trading, but S&P futures were pressured as the yields on the 10-year U.S. Treasury surged. Amazon’s cash flow exploded, yet the share price lagged—at its core, the market is repricing interest-rate expectations: bets on Fed rate cuts get pushed back, the U.S. dollar index stabilizes above 104, and tighter marginal liquidity is weighing on valuations of long-duration assets. The transmission chain is clear: Treasury yields rise → U.S. equities valuations compress → risk appetite shrinks → BTC, as a high-beta asset, is hit first (currently $77,094, down 1.09% over 24h). But note: if the AI capex narrative around NVDA keeps being validated, it will pull institutional money back from defensive sectors into tech—which would actually siphon away the marginal liquidity from the crypto market, especially if the correlation between BTC and the Nasdaq rises above 0.8. Bear-market signals are popping up frequently (S&P CAPE ratio over 35), but the crypto market has already de-leveraged in advance. My view: in the short term, BTC is still constrained by volatility spillover from U.S. stocks; 77k is a key support—if it breaks, BTC could test 73k. However, the wealth-effect spillover from NVDA’s industry chain could make Q2 a catalyst for an Alt-season—SOL and AI-themed tokens may outperform. What do you think? Is this round the old script of “U.S. stocks down → crypto follows down,” or a new norm of “tech rallies → crypto gets drained”? Drop your thoughts in the comments.