The crypto market suddenly crashed. What does it have to do with Nvidia? The answer lies in the 'discount rate' and 'liquidity'. On November 19, Federal Reserve officials hinted at 'uncertainty in rate cuts in December', the US dollar soared, and US Treasury yields jumped, directly raising the global risk asset 'discount rate'—highly valued technology, AI, and crypto were the first to be affected. Nvidia is the anchor for AI valuations; its stock price had already reflected the 'hundred times PE' expectation before its earnings report. When the rate cut expectations suddenly dropped, institutions quickly reduced high Beta positions, forming a sell-off chain from 'US stocks → AI concepts → crypto'. More directly, there is liquidity: global funds are withdrawing from ETFs and leveraged markets, Bitcoin ETFs have seen consecutive net outflows, while AI concept tokens (like NEAR, FET) generally fell more than 15%, plunging in sync with Nvidia futures. In short, Nvidia is the thermometer of AI belief, the Federal Reserve is the water flow switch; when both tighten, the high Beta tail of crypto gets firmly pinched. Don't catch the flying knife yet; wait for the discount rate to drop and TGA to spend money, then we can talk about bottom fishing. $BTC