Bitcoin is under fresh selling pressure from U.S.-based participants this week, just as the broader market trains its attention on Nvidia's Q1 earnings — described by traders as the single biggest earnings event of the season. The move lower comes as risk assets globally take a cautious stance ahead of the chipmaker's report, which is seen as a bellwether for both AI demand and risk-on sentiment.
Selling from U.S. addresses
The pressure is distinctly American. On-chain data and exchange flows point to increased selling activity from wallets and platforms tied to U.S. entities. The timing isn't great: Bitcoin had been grinding higher through early May, but the past 48 hours have erased some of those gains. The exact trigger is unclear — no single exchange or whale has been named — but the pattern is consistent enough that traders are paying attention.
It's not panic selling. Volumes have picked up, but not to levels that suggest a coordinated dump. More like a steady drip of offers that keeps the bid thin. For now, the market is absorbing it, but the price action has turned choppy.
The Nvidia factor
Nvidia's Q1 earnings report, due this week, is being billed as the 'biggest earnings event' of the quarter — not just for tech, but for the entire risk-on complex. Crypto has increasingly traded in sync with high-growth tech stocks, and Nvidia's results and forward guidance are seen as a proxy for AI capex and the broader economic narrative.
If Nvidia delivers a blowout, the thinking goes, it could lift all risk assets — crypto included. A miss, or cautious guidance, could reinforce the risk-off mood that's already weighing on Bitcoin. The market is essentially holding its breath.
What traders are watching
There's no shortage of cross-currents. The U.S. selling pressure is a near-term headwind, but it's playing out against a macro backdrop that's largely supportive: rate-cut expectations are still alive, and institutional flows into spot Bitcoin ETFs remain steady. The question is whether the selling is just profit-taking ahead of a binary event or something more structural.
For now, the answer depends on Nvidia. The report lands later this week, and the crypto market will be watching the tape as closely as any Nasdaq trader.
