Nvidia Earnings Loom Large, With Bitcoin Traders Eyeying Correlation
The options market is braced for a $270 billion swing as Nvidia results approach.
- Nvidia earnings have coincided with positive bitcoin price action in 7 of the last 10 quarters since early 2023.
- The options market is pricing in a 6.1% implied move, the smallest expected swing since May 2023.
The largest company in the world by market cap at $4.4 trilion, Nvidia (NVDA) reports earnings after the U.S. market close on Wednesday.
Data from Bitcoindata21 on X shows that Nvidia earnings have historically correlated with a positive Bitcoin’s performance. Over the last 10 earnings reports since early 2023, when the current bull market began, bitcoin has posted positive price action following Nvidia results in 7 out of 10 instances.
For the quarter, analysts expect Nvidia to report adjusted earnings per share of $1.01 on revenue of $46.2 billion.
According to The Kobeissi Letter, the options market is pricing in a 6.1% post-earnings implied move in Nvidia. That translates to a potential swing of roughly $270 billion in market capitalization. It sounds large, but this would be the smallest implied swing since May 2023.
Shares of Nvidia are up 30% year to date and 41% over the past year. It's modestly lower in early Wednesday trading ahead of the quarterly results.
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Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
Why it matters:
Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%. GENIUS pushes yield off-chain; TAM grows to $4B in 3 years.
