BTC is trading below $90k once again at this time of writing, erasing the rally seen on Tuesday. What possible events could push BTC back to an upward trend?
With Nvidia (NASDAQ:NVDA | NVDA Price Prediction) earnings on the horizon at 4pm EST today, it seems that nearly all markets are desperately waiting for the behemoth to let us all know how they did, and what they think the future will hold. Without any major macro events for quite some time, BTC’s near term price action will be foreshadowed by the Q3 earnings call, as BTC has had quite a significant correlation to NVDA in the past few years. In 2024, BTC went over a 0.80 correlation coefficient level with NVDA, showing that the two major assets had quite a significant relationship. In looking over 2025 data (price, return, volatility), this level has gone to even higher significance to levels of 0.96 rolling correlation over the past 3 months. If NVDA has good after hours price action post earnings, this could prove to be a boost that BTC needs. On the contrary, if Jensen’s comments aren’t received well by the market, BTC could be in for a further ride downwards.
Unfortunately, the wider crypto market is experiencing similar price action. Over the past 7 days, Solana is down over 15%, trading in the $130’s, levels we haven’t seen since June of this year. Sentiment continues to get worse by the day on socials, and derivative markets are less than favorable for SOL. Across multiple major exchanges, Solana’s perpetual funding rate is sharply negative, indicating very high open interest on the short side, where traders who are short must pay longs. On Hyperliquid, Solana is trading at a -13% annualized funding rate, a rather bearish indicator.
Is the tide firmly shifting?
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