Bitcoin led a broad crypto liquidation cascade that topped $1 billion in losses, sending BTC to its lowest price since early June. The flush followed a broader risk-off move tied to the AI trade — crypto has increasingly moved in tandem with AI-adjacent equities, amplifying both upswings and drawdowns in recent weeks.

The stabilizing force came from two directions: Micron Technology reported blowout quarterly earnings with revenue of $37.4B (+48.9% YoY), gross margins of 39.8%, and diluted EPS of $7.59 — numbers that reassured markets the AI infrastructure buildout remains intact. Separately, SK Hynix's U.S. listing plans added a second data point suggesting AI memory demand is durable enough to attract major capital market activity.

The critical tension is whether this crypto-AI correlation is structural or episodic. If it holds, then Micron's beat acts as a genuine floor for crypto sentiment — risk-on flows back in and the liquidation lows become a shakeout. If it breaks, crypto loses its macro tailwind and has to stand on its own near-term catalysts, which are sparse.

For Micron specifically, the enrichment data is unambiguously strong — the revenue trajectory and margin profile beat consensus handily. The AI memory cycle still appears early-to-mid innings based on this print. The risk is whether the stock has already priced the beat and whether guidance or any commentary around customer concentration tempers enthusiasm.

Watch BTC's ability to reclaim its pre-liquidation range and whether MU holds post-earnings gains as the joint tell for whether the AI-crypto risk-on regime is intact or rolling over.