Tonight's crypto market is destined to be another sleepless night.

Just a few hours ago, NVIDIA delivered a report that sent Wall Street into a frenzy: third-quarter revenue was $57.01 billion, a year-on-year surge of 62%, exceeding market expectations. Even more impressive is what’s to come—the guidance for fourth-quarter revenue is set at $65 billion, and the stock price soared over 5% in after-hours trading.

The Nasdaq was instantly ignited, with the tech sector collectively soaring over 2%. But the question arises: Can this wave of tech stock frenzy really lift BTC and ETH together?

Gold holds steady at $4100, what is the market hesitating about?

Before the earnings report was released, the gold price once surged to $4,114 per ounce. Although risk appetite has somewhat rebounded now, gold still firmly stands above $4,100—what does this indicate? Large funds are still on the sidelines, and the risk aversion sentiment has not completely receded. The gold price is a thermometer of sentiment; if it doesn't fall, it means that funds have not made up their minds yet.

The crypto market has just undergone a round of bloodshed. Within 24 hours, the entire network saw liquidations close to $660 million, with the largest single liquidation coming from Hyperliquid, where a single ETH liquidation reached as high as $24.22 million. BTC once fell below $89,000 and is now barely back around $92,000, with the trend still being tense.

The macro environment has not provided clear signals either. There are significant differences within the Federal Reserve regarding opinions on a rate cut in December, and the October non-farm data has been delayed due to the government shutdown. A market without macro guidance is like driving in the dark—relying entirely on instincts to navigate.

Nvidia's earnings report is a stimulant, but not a cure.

Don't impulsively jump in just because NVIDIA is rising. Market movements driven by news are often just short-term pulses. Moreover, the correlation between BTC and Nasdaq has recently weakened significantly, and funds may choose to chase tech stocks instead, which could "bleed" from the crypto market.

Want to judge the authenticity of the market? Keep an eye on gold:
- If the gold price falls below $4000, it indicates that risk appetite has truly returned.
- If the gold price remains stable above 4100, the market will still be entangled and hovering.

For the crypto market to truly reverse, three conditions must be met simultaneously: a renewed expectation of macro interest rate cuts, on-chain whales stopping their sell-off, and a return of net inflows from ETF funds. Currently, none of these three conditions are in place.

The volatility tonight is definitely not small. But remember one thing: a bull market is born in pessimism, grows in skepticism, and ends in euphoria. Right now, we are still in the second phase - the skepticism phase. Why panic?