Nvidia (NVDA), a well-known stock in the artificial intelligence (AI) field, is likely to see bigger price changes than Bitcoin and Ethereum, which are the two most popular cryptocurrencies.

It has gone from 48% to 71% for NVDA’s 30-day options implied volatility, but it has gone down from 68% to 49% for Deribit’s bitcoin DVOL index. It used to be 70%, but now it’s only 55%.

Options are contracts that protect owners from price changes that go up or down. Since ChatGPT launched in late 2022, NVDA has become a sign of how people feel about both the stock and cryptocurrency markets. It is a leading indicator for AI and GPUs.

The price changes of Bitcoin and NVDA are strongly linked to each other. The connection between their 90-day prices is 0.73. NVDA’s stock has dropped 26% since it hit a high of $140 last month, which is a sign that the crypto market should be bearish.

What caused the rise in NVDA’s expected volatility? Market makers were likely hedging, which happens a lot in the crypto market. The U.S. stock market has dropped a lot because of negative gamma trading. NVDA’s front-month implied volatility level is higher than that of cryptocurrencies like BTC and ETH.