Nvidia's performance could influence the course of Bitcoin according to traders

With each publication of NVIDIA results, the Crypto market retains its breath. For several quarters, the performances of the semiconductive giant seem to evolve in parallel with those of Bitcoin. Enough to intrigue traders, more and more to watch for this quarterly meeting as an advanced indicator. Even before the announcement of the second quarter, the looks were not only on Wall Street, but also on the blockchain's orders.

NVIDIA under the spotlight: an adverty announcement by Crypto traders

While Nvidia, the first company listed to reach $ 4,000 billion, published its quarterly results this Wednesday, August 27, after the closing of the US markets, the attention of investors was not limited to the NASDAQ. The options market anticipated a significant movement: an implicit variation of 6.1 %, which represents a potential of $ 270 billion in market capitalization, According to The Kobeissi Letter.

Despite the extent of this figure, this is actually the lowest volatility expected since May 2023. For this quarter, analysts tabbed on an adjusted profit of $ 1.01 per share and revenues estimated at $ 46.2 billion, confirming the group's colossal weight. Nvidia, which now displays a record valuation of $ 4,400 billion, stands out more than ever as an advanced indicator of global technological feeling.

This publication sparked a very particular interest in the Crypto community due to an intriguing historical correlation. Bitcoindata21 indicates on social network x that “The financial results of Nvidia have historically coincided with an upward performance of Bitcoin”.

Since 2023, the Bitcoin Prize has reacted positively in 7 of the 10 quarters following the publication of Nvidia's results. This phenomenon, which is not based on any clear structural link between the two assets, nevertheless causes hypotheses among market observers. Here are the concrete elements identified:

• A repeated temporal correlation: 7 btc increases in 10 quarters after Nvidia results;

• An increasing sensitivity of the crypto market to macro-technological signals;

• The indirect role of Nvidia in the blockchain and IA ecosystem, via its chips used in web3 projects or for GPU mining;

• Psychological weight: the performance of the world leader in semiconductors influences the overall feeling of risky assets, of which cryptos are an integral part.

A solid publication, a shy crypto reaction

Nvidia finally exceeded the expectations of consensus, with an increase of 56 % of its income. However, the markets did not react as investors hoped. The NVDA action sold 1.7 % after the publication. A moderate decrease, but out of step with the enthusiasm that anticipations revealed.

Bitcoin, ether and XRP displayed a certain volatility after the publication of the report, but without real net movement. Even tokens linked to artificial intelligence have remained generally stable, despite their potential exposure to Nvidia's performance.

This discrepancy between the strength of the published results and the lack of reaction on the Crypto market marks a contrast to the previous quarters. If the correlation passed between the results of Nvidia and the price of the flagship crypto remains statistically valid, it did not operate in a blatant way this time.

Investors may have anticipated these good results, already integrating them into the courses, or that certain caution dominates in an uncertain macroeconomic context. In addition, the other hypothesis is the temporary shortness of breath of the narrative around artificial intelligence, which had so far acted as a transversal catalyst between Tech and Crypto markets.

The solid figures of Nvidia thanks to a historic Summit on the stock market have not, for the moment, revived the upward dynamics of Bitcoin, despite a correlation history. If the signals from tech can influence the crypto market, they do not drive them alone. It remains to be observed if this status quo continues or if a new alignment, with delay, could settle in the coming days.