Nvidia Earnings Loom as Options Market Braces for $270 Billion Swing, Bitcoin Traders Watch for Correlation

Nvidia (NVDA), the world’s largest company by market capitalization at $4.4 trillion, is set to report earnings after the U.S. market close on Wednesday, with the options market bracing for a potential $270 billion swing.

Data from Bitcoindata21 on X indicates a historical correlation between Nvidia earnings and Bitcoin (BTC) performance. Since early 2023, during the current bull market, Bitcoin has posted positive price action following Nvidia’s results in seven of the last ten quarters.

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, options markets are pricing in a 6.1% post-earnings implied move, representing roughly $270 billion in market capitalization—a figure notable for being the smallest expected swing since May 2023.

Nvidia shares are up 30% year-to-date and 41% over the past year, though they traded modestly lower in early Wednesday trading ahead of the quarterly results.