英伟达 (NVDA) 股票的波动性超过比特币 (BTC) 和以太币 (ETH)

自 2022 年底以来，比特币与 NVDA 表现出很强的正相关性。

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.

根据最近对期权市场的分析，在纳斯达克上市的英伟达（NVDA）将比加密货币市场领导者比特币和以太币经历更显着的价格波动。

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 数据显示，NVDA 的 30 天期权隐含波动率（衡量四个星期内预期价格波动的指标）最近从年化 48% 飙升至 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%.

相比之下，根据图表平台 TradingView 的数据，加密货币交易所 Deribit 的比特币 DVOL 指数（衡量 30 天隐含波动率的指标）已从今年早些时候的 68% 下降至 49%。 ETH DVOL 指数已从 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.

期权是衍生品合约，可以保护买方免受看涨和看跌价格波动的影响。隐含波动率受期权需求的影响，代表不确定性或预期价格波动的程度。

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 是人工智能 (AI) 领域的领头羊，也是以前用于加密货币挖矿的图形处理单元 (GPU) 的生产商，自 2022 年底 ChatGPT 推出以来，已成为股票和加密货币市场情绪的晴雨表。

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.

比特币和 NVDA 均于 2022 年底触底，此后表现出很强的正相关性。截至周五，比特币 90 天价格与 NVDA 之间的相关性为 0.73。

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

因此，市场参与者可以密切关注 NVDA 的价格走势，以寻找加密货币市场的方向线索。

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 股价最近的下跌（自上个月触及 140 美元高点以来已下跌约 26％）可能为加密货币市场提供看跌信号。 CoinDesk 数据显示，比特币价格基本上锁定在 60,000 美元至 70,000 美元之间。

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 隐含波动率的飙升可能与做市商的对冲活动有关，这是加密货币市场中常见的现象。

"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.

“必须承认，负伽玛不仅仅主导着加密货币市场。在美国股市，SPY和QQQ都经历了负伽玛对冲导致的大幅下跌，而高波动性风险使得NVDA的近月隐含波动率水平显着下降超过了 BTC 和 ETH 等加密货币，”加密金融平台 BloFin 期权交易和研究主管 Griffin Ardern 告诉 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.

负伽马或短伽马意味着做市商按照价格走势的方向进行交易，以保持其整体风险方向中性，从而无意中增加了市场波动性。