Nvidia Falls 5.5% as US Stocks Close Lower on Hot CPI; Bitcoin Slips Below Strategy’s Cost Basis

The notable signal here is correlation, not any single print: a hot CPI reading lifted the 10-year yield and hit high-multiple equities and bitcoin in the same session, leaving little room for the idea that crypto trades on its own narrative. Bitcoin slipping under Strategy's average cost matters less as a loss than as a test of the leveraged-treasury model, since the mNAV below 1x suggests the market is no longer paying a premium for that structure. Whether that discount persists as yields stay elevated is the open question.