Investors are bracing for key market-moving events this week as the Federal Reserve’s meeting minutes and Nvidia’s earnings report are set to influence sentiment.

Bitcoin (BTC) showed signs of weakening momentum early Wednesday, even as tech stocks on Wall Street gained strength ahead of AI chipmaker Nvidia’s earnings release. The cryptocurrency was trading close to $108,900, testing a critical uptrend support line traced back to early April lows, according to Coingecko.

Breaking below this trendline could signal a shift from bullish momentum to a potential downward trend, since such lines often mark key demand zones.

Despite recent positive developments—including stablecoin issuer Circle’s IPO plans and Trump Media’s intent to raise $2.5 billion for bitcoin purchases—BTC’s price gains have been modest this week.

On-chain analytics reveal that large bitcoin holders are beginning to distribute coins, adding selling pressure to the market. Glassnode noted on X that wallets holding over 10,000 BTC moved into net distribution around May 26, marking a notable change in their behavior. However, overall market activity still points to continued accumulation.

Federal Reserve Minutes and Nvidia in Focus

The market’s attention turns to the Fed’s minutes from the May policy meeting, expected later Wednesday. These notes should provide clues on the central bank’s outlook for interest rates and inflation.

In early May, the Fed kept rates steady, with Chairman Jerome Powell citing tariff tensions as a major factor driving inflation and uncertainty, even mentioning the risk of stagflation. The minutes will likely reinforce this view, though the recent delay in tariffs may temper market reaction to hawkish rhetoric.

At the same time, Nvidia’s earnings announcement carries weight, particularly for crypto investors given past correlations between Nvidia’s stock and bitcoin prices. The company is expected to report strong financial results fueled by AI demand. Investors will also be watching Nvidia’s commentary on China, especially given current export restrictions on semiconductor technology.

XRP Holds Steady Near Key Moving Average

Meanwhile, XRP stayed above its 200-day simple moving average amid rising interest in XRPFi, a DeFi ecosystem built on the XRP Ledger.

Strobe Finance, which operates on Ripple’s EVM sidechain, highlighted a large amount of idle XRP that could be put to use in decentralized finance to generate returns. According to their research, more than 4 million dormant XRP wallets hold around $2.15 billion, compared to 1.7 million active wallets—an untapped pool of capital that could fuel future DeFi growth.