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.