Tonight, Circle and NVIDIA will release their earnings reports, and their impacts on the crypto industry are quite different: Circle's earnings report is an intrinsic indicator for the crypto industry, directly reflecting on-chain liquidity and the health of the stablecoin market. USDC has a circulation of $73 billion, accounting for 29% of the stablecoin market share, with Q3 on-chain transaction volume skyrocketing 580% year-over-year to $9.6 trillion. If Circle's data continues to improve, it indicates that institutional funds are still flowing in, and the foundational liquidity of the crypto market is improving. This represents the industry's internal ability to generate capital. NVIDIA's earnings report, on the other hand, is a barometer for external narratives, influencing the valuation logic and sentiment transmission of the entire U.S. stock market. The market expects Q4 revenue of $65.6-66.1 billion, a 70% year-over-year increase, but the key lies not in the revenue figures, but in three details: the gap between cash flow and accounts receivable, the actual delivery status of Blackwell chips, and whether the Q1 guidance can meet the $72.4 billion expectation.