#数字货币市场回升 The US stock market staged a magical scene last night. The Dow Jones soared over 600 points, but tech stocks followed a completely different script—Nvidia fell by as much as 7% during the day, evaporating over 810 billion RMB in a single day. Meanwhile, Meta and Google were rising quite happily.

What is going on?

In simple terms, the market is starting to doubt the narrative that "AI chips = Nvidia." Recently, Google has made substantial breakthroughs with its own AI chips, and the Gemini model has received good reviews. Investors suddenly realized: the wall built by Nvidia is not insurmountable. Some even said, "Google, this sleeping giant, has finally awakened."

What's worse is that the economic data is not looking good. September retail sales data was below expectations, the consumer confidence index recorded its largest fall in seven months, and the unemployment rate also slightly rose to 4.4%.

These signals are amplifying the dovish voices within the Federal Reserve. Officials have publicly stated: "We should lower interest rates to neutral levels as soon as possible; the economy needs a breather." Market expectations for a rate cut in December are rising. Crude oil has fallen, Bitcoin has also slightly corrected, and capital is clearly seeking direction again.

What does this mean for the crypto world?

First, the divergence in tech stocks may force funds to seek new stories outside of AI; second, weak economic data combined with the Federal Reserve shifting towards easing could benefit risk assets in the macro environment in the long run; finally, if traditional funds begin to question the high valuations of tech stocks, the crypto market is likely to become the liquidity spillover's buyer - but this time it's a good thing.

NVIDIA evaporated an amount equivalent to the entire cryptocurrency market overnight. Where do you think this money will flow next? $BTC $ETH $BNB