英偉達 (NVDA) 股票的波動性超過比特幣 (BTC) 和以太幣 (ETH)

自 2022 年底以來，比特幣與 NVDA 表現出強烈的正相關性。

Nasdaq-listed Nvidia (NVDA) is set to experience more significant price swings than crypto market leaders bitcoin and ether, according to a recent analysis of options markets.

根據最近對選擇權市場的分析，在納斯達克上市的英偉達（NVDA）將比加密貨幣市場領導者比特幣和以太幣經歷更顯著的價格波動。

NVDA's 30-day options implied volatility, a gauge of anticipated price swings over four weeks, has recently shot up from an annualized 48% to 71%, Fintel data showed.

Fintel 數據顯示，NVDA 的 30 天選擇權隱含波動率（衡量四週內預期價格波動的指標）最近從年化 48% 飆升至 71%。

In contrast, crypto exchange Deribit's bitcoin DVOL index, a measure of 30-day implied volatility, has declined to 49% from 68% earlier this year, according to charting platform TradingView. The ETH DVOL index has dropped to 55% from 70%.

相較之下，根據圖表平台 TradingView 的數據，加密貨幣交易所 Deribit 的比特幣 DVOL 指數（衡量 30 天隱含波動率的指標）已從今年稍早的 68% 下降至 49%。 ETH DVOL 指數已從 70% 降至 55%。

Options are derivative contracts that protect the buyer from bullish and bearish price swings. The implied volatility, influenced by demand for options, represents the degree of uncertainty or expected price turbulence.

選擇權是衍生性商品合約，可以保護買方免受看漲和看跌價格波動的影響。隱含波動率受選擇權需求的影響，代表不確定性或預期價格波動的程度。

NVDA, a bellwether for all things artificial intelligence (AI) and the producer of graphics processing units (GPUs) formerly used for crypto mining, has emerged as a barometer of sentiment for both equity and crypto markets since the debut of ChatGPT in late 2022.

NVDA 是人工智慧 (AI) 領域的領頭羊，也是以前用於加密貨幣挖礦的圖形處理單元 (GPU) 的生產商，自 2022 年底 ChatGPT 推出以來，已成為股票和加密貨幣市場情緒的晴雨表。

Both bitcoin and NVDA bottomed out in late 2022 and have since exhibited a strong positive correlation. As of Friday, the correlation between 90-day prices on bitcoin and NVDA was 0.73.

比特幣和 NVDA 均於 2022 年底觸底，此後表現出強烈的正相關性。截至週五，比特幣 90 天價格與 NVDA 之間的相關性為 0.73。

Hence, market participants could be closely watching NVDA's price action for directional cues in the crypto market.

因此，市場參與者可以密切關注 NVDA 的價格走勢，以尋找加密貨幣市場的方向線索。

However, the recent downturn in NVDA's stock price, which is down roughly 26% since reaching a high of $140 last month, could be offering bearish cues to the crypto market. Bitcoin has been largely locked in the range of $60,000 to $70,000, CoinDesk data show.

然而，NVDA 股價最近的下跌（自上個月觸及 140 美元高點以來已下跌約 26％）可能為加密貨幣市場提供看跌訊號。 CoinDesk 數據顯示，比特幣價格基本上鎖定在 60,000 美元至 70,000 美元之間。

The spike in NVDA's implied volatility is likely related to the hedging activity of market makers, a phenomenon often seen in the crypto market, the analysis noted.

分析指出，NVDA 隱含波動率的飆升可能與做市商的避險活動有關，這是加密貨幣市場常見的現象。

"It must be admitted that negative gamma does not only dominate the crypto market. In the U.S. stock market, SPY and QQQ have experienced significant declines caused by negative gamma hedging, and the high volatility risk has made NVDA's front-month implied volatility level significantly surpass that of cryptocurrencies such as BTC and ETH," Griffin Ardern, head of options trading and research at crypto financial platform BloFin, told CoinDesk.

「必須承認，負伽瑪不僅主導加密貨幣市場。在美國股市，SPY和QQQ都經歷了負伽瑪對沖導致的大幅下跌，而高波動性風險使得NVDA的近月隱含波動率水準顯著下降超過了 BTC 和 ETH 等加密貨幣，」加密金融平台 BloFin 選擇權交易和研究主管 Griffin Ardern 告訴 CoinDesk。

Negative or short gamma means market makers trade in the direction of the price moves to maintain their overall exposure direction-neutral, inadvertently adding to market volatility.

負伽馬或短伽馬意味著做市商按照價格走勢的方向進行交易，以保持其整體風險方向中性，從而無意中增加了市場波動性。