Bitcoin rose and then pulled back after Nvidia’s earnings, briefly pushing Bitcoin above $70,000 as Nvidia stock rose about 1%. On Thursday morning, Bitcoin traded around $66,000 while Nvidia shares slid roughly 5%, dragging broader indices lower. “Risk appetite remains the dominant headwind across asset classes,” said Matt Howells-Barby, VP at Kraken. “The relatively muted response in equities following Nvidia’s earnings reinforced that cautious tone, and any additional negative catalysts could weigh further on risk assets, including crypto.”
Bitcoin’s price action continues not to track traditional risk-off assets, as declines in major stock indices have coincided with larger drops in BTC. In the last month, the S&P 500 is down 1% and Bitcoin is down about 25%. Since October, Bitcoin has retraced from an all-time high near $126,000, with Ethereum down about 33% to around $2,000 and Solana down about 40% to $85. Boris Alergant of Babylon Labs warned that Bitcoin is in a volatility regime, remaining highly sensitive to ETF flows, macro prints, and idiosyncratic news with larger swings in either direction.
Looking ahead, traders will weigh ETF flows and macro signals as part of the ongoing risk-off environment. While the Nvidia earnings provided a brief uplift, the broader mood remains cautious, with further negative catalysts capable of weighing on risk assets, including crypto. Bitcoin’s path forward suggests continued high volatility, driven by external liquidity and sentiment rather than isolated crypto-specific news.
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