{"id":205027,"date":"2026-07-17T12:18:58","date_gmt":"2026-07-17T03:18:58","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=205027"},"modified":"2026-07-21T18:03:26","modified_gmt":"2026-07-21T09:03:26","slug":"option-volatility-surface","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-volatility-surface\/","title":{"rendered":"\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9(\u30dc\u30e9\u30b5\u30fc\u30d5\u30a7\u30b9)\u3068\u306f\uff1f\u30b9\u30de\u30a4\u30eb\u30fb\u671f\u9593\u69cb\u9020\u3068\u306e\u95a2\u4fc2\u3068\u8aad\u307f\u65b9\u3092\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01<\/strong><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"wp-block-list -list-under-dashed is-style-index\">\n<li><strong><span class=\"swl-marker mark_yellow\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u300c\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u00d7\u6b8b\u5b58\u671f\u9593\u00d7IV\u300d\u306e3\u6b21\u5143\u30de\u30c3\u30d7<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>X\u8ef8\uff1d\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u3001Y\u8ef8\uff1d\u6e80\u671f\u307e\u3067\u306e\u6b8b\u5b58\u671f\u9593\u3001Z\u8ef8\uff1d\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08IV\uff09<\/li>\n\n\n\n<li>\u30b9\u30de\u30a4\u30eb\uff08\u30b9\u30c8\u30e9\u30a4\u30af\u8ef8\uff09\u3068\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff08\u6e80\u671f\u8ef8\uff09\u30921\u679a\u306b\u7d71\u5408\u3057\u305f\u3082\u306e\u3068\u7406\u89e3\u3059\u308b\u3068\u65e9\u3044<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u30b5\u30fc\u30d5\u30a7\u30b9\u304c\u5e73\u3089\u306b\u306a\u3089\u306a\u3044\u7406\u7531\u306f\u3001BS\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u304c\u73fe\u5b9f\u3068\u30ba\u30ec\u3066\u3044\u308b\u304b\u3089<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u306f\u300c\u5168\u30b9\u30c8\u30e9\u30a4\u30af\u3067\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u4e00\u5b9a\u300d\u3068\u4eee\u5b9a\u3059\u308b\u304c\u3001\u5e02\u5834\u306f\u305d\u3046\u52d5\u304b\u306a\u3044<\/li>\n\n\n\n<li>\u5e02\u5834\u53c2\u52a0\u8005\u304c\u60f3\u5b9a\u3059\u308b\u4fa1\u683c\u306e\u78ba\u7387\u5206\u5e03\u304c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u3067\u306f\u306a\u3044\u305f\u3081\u3001\u6b6a\u307f\u304c\u6b8b\u308a\u7d9a\u3051\u308b<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u682a\u5f0f\u6307\u6570\u3068\u5f62\u304c\u9055\u3046<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>\u682a\u5f0f\u6307\u6570\u306f\u4e0b\u843d\u8b66\u6212\u306e\u8ca0\u306e\u30b9\u30ad\u30e5\u30fc\u304c\u6052\u5e38\u7684\u3002BTC\u306f\u30b3\u30fc\u30eb\u5074\u304c\u9ad8\u304f\u306a\u308b\u5c40\u9762\u3082\u3042\u308b<\/li>\n\n\n\n<li>Deribit\u306eIV\u30b5\u30fc\u30d5\u30a7\u30b9\u306fSVI\u3067\u30d5\u30a3\u30c3\u30c8\u3055\u308c\u3001DVOL\u306f2026\u5e747\u6708\u6642\u70b9\u3067\u7d0436<\/li>\n<\/ul>\n<\/li>\n\n\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u78ba\u8a8d\u30c4\u30fc\u30eb\u3068\u7a0e\u52d9\u307e\u3067\u62bc\u3055\u3048\u3066\u521d\u3081\u3066\u5b9f\u6226\u306b\u306a\u308b<\/span><\/strong>\n<ul class=\"wp-block-list\">\n<li>BTC\u306fDeribit\u30fbLaevitas\u30fbCoinGlass\u3067\u30b5\u30fc\u30d5\u30a7\u30b9\u3084\u30b9\u30ad\u30e5\u30fc\u3092\u7121\u6599\u3067\u78ba\u8a8d\u53ef\u80fd<\/li>\n\n\n\n<li>\u6697\u53f7\u8cc7\u7523\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u306e\u640d\u76ca\u306f\u73fe\u884c\u3067\u306f\u7dcf\u5408\u8ab2\u7a0e\u3002\u5206\u96e2\u8ab2\u7a0e\u5316\u306f\u5927\u7db1\u6bb5\u968e\u3067\u8981\u78ba\u8a8d<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u30dc\u30e9\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u300c\u96e3\u3057\u305d\u3046\u306a3D\u30b0\u30e9\u30d5\u300d\u3067\u656c\u9060\u3055\u308c\u304c\u3061\u3067\u3059\u304c\u3001\u6b63\u4f53\u306f\u30b9\u30de\u30a4\u30eb\u3068\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u30921\u679a\u306b\u8cbc\u308a\u5408\u308f\u305b\u305f\u3060\u3051\u3067\u3059\u3002\u50d5\u3089\u304c\u6bce\u65e5\u306eBTC\u5206\u6790\u3067\u898b\u3066\u3044\u308b\u306e\u3082\u3001\u30ad\u30ec\u30a4\u306a\u5f62\u305d\u306e\u3082\u306e\u3088\u308a\u300c\u3069\u3053\u304c\u6b6a\u3093\u3067\u3044\u308b\u304b\u300d\u300c\u3069\u3053\u306bIV\u304c\u4e57\u3063\u3066\u3044\u306a\u3044\u304b\u300d\u3002\u3053\u306e\u8a18\u4e8b\u3067\u306f\u3001\u6559\u79d1\u66f8\u7684\u306a\u5b9a\u7fa9\u3060\u3051\u3067\u306a\u304f\u3001\u5b9f\u969b\u306b\u3069\u3053\u3092\u898b\u3066\u4f55\u3092\u8aad\u3080\u304b\u307e\u3067\u5fd6\u5ea6\u306a\u3057\u3067\u89e3\u8aac\u3057\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"201302\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:119px;height:auto\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-l\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" target=\"_blank\" rel=\"noopener\" title=\"\">X<\/a>\u30fb<span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Facebook<\/a><\/span>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noopener\" title=\"\">Linkedin<\/a><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/mark><\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"500\" height=\"500\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png\" alt=\"\" class=\"wp-image-203458\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59.png 500w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-300x300.png 300w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png 150w\" sizes=\"(max-width: 500px) 100vw, 500px\" \/><\/figure>\n\n\n\n<ul class=\"wp-block-social-links has-small-icon-size u-mb-ctrl u-mb-10 is-content-justification-center is-layout-flex wp-container-core-social-links-is-layout-fe48e5de wp-block-social-links-is-layout-flex\"><li class=\"wp-social-link wp-social-link-twitter wp-block-social-link\"><a href=\"https:\/\/twitter.com\/yosuke_kida\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M22.23,5.924c-0.736,0.326-1.527,0.547-2.357,0.646c0.847-0.508,1.498-1.312,1.804-2.27 c-0.793,0.47-1.671,0.812-2.606,0.996C18.324,4.498,17.257,4,16.077,4c-2.266,0-4.103,1.837-4.103,4.103 c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/p\/%E6%9C%A8%E7%94%B0%E9%99%BD%E4%BB%8B-100018641115746\/\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E9%99%BD%E4%BB%8B-%E6%9C%A8%E7%94%B0-68609327b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6728\u7530 \u967d\u4ecb<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">2016\u5e74\u304b\u3089\u4eee\u60f3\u901a\u8ca8\u30c8\u30ec\u30fc\u30c9\u3092\u958b\u59cb\u30022017\u5e74\u306b\u682a\u5f0f\u4f1a\u793eCoinOtaku\u3092\u5171\u540c\u3067\u5275\u696d\u3002\u540c\u5e74CoinOtaku\u306e\u4ee3\u8868\u306b\u5c31\u4efb\u30022020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u306b6\u5104\u5186\u3067M&amp;A\u3002bitget\u306e\u6708\u9593\u53d6\u5f15\u9ad8\u3067\u4e16\u754c4\u4f4d\u3092\u7372\u5f97\u30022025\u5e74\u306bCoinOtaku\u4ee3\u8868\u3092\u9000\u4efb\u3057\u3001\u540c\u5e745\u6708\u306b\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS\u306e\u4ee3\u8868\u53d6\u7de0\u5f79\u306b\u5c31\u4efb\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\uff08Vol Surface\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u3068\u306f\u3001\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u3068\u6b8b\u5b58\u671f\u9593\u306e\u7d44\u307f\u5408\u308f\u305b\u3054\u3068\u306b\u7570\u306a\u308b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08IV\uff09\u3092\u30011\u3064\u306e\u7acb\u4f53\u7684\u306a\u66f2\u9762\u3068\u3057\u3066\u53ef\u8996\u5316\u3057\u305f\u3082\u306e\u3067\u3059\u3002<\/span><\/strong>\u65e5\u672c\u8a9e\u3067\u306f\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u66f2\u9762\u300d\u3001\u82f1\u8a9e\u3067\u306f Volatility Surface\uff08Vol Surface\uff09\u3068\u8868\u8a18\u3055\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u306eIV\u306f\u30011\u3064\u306e\u9298\u67c4\u306b\u5bfe\u3057\u30661\u3064\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u540c\u3058\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3082\u3001\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u304c6\u4e07\u30c9\u30eb\u306e\u30d7\u30c3\u30c8\u30688\u4e07\u30c9\u30eb\u306e\u30b3\u30fc\u30eb\u3067\u306fIV\u304c\u7570\u306a\u308a\u3001\u3055\u3089\u306b1\u9031\u9593\u5f8c\u306b\u6e80\u671f\u3092\u8fce\u3048\u308b\u3082\u306e\u30683\u304b\u6708\u5f8c\u306b\u6e80\u671f\u3092\u8fce\u3048\u308b\u3082\u306e\u3067\u3082IV\u306f\u5909\u308f\u308a\u307e\u3059\u3002<strong>\u3053\u306e\u300c\u30b9\u30c8\u30e9\u30a4\u30af\u65b9\u5411\u306e\u9055\u3044\u300d\u3068\u300c\u6e80\u671f\u65b9\u5411\u306e\u9055\u3044\u300d\u3092\u540c\u6642\u306b\u4e26\u3079\u308b\u3068\u3001\u5e73\u9762\u3067\u306f\u306a\u304f\u51f9\u51f8\u306e\u3042\u308b\u66f2\u9762\u304c\u73fe\u308c\u307e\u3059\u3002<\/strong>\u3053\u308c\u304c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u3067\u3059\uff08\u203b1\uff09\u3002<\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u9805\u76ee<\/th><th>\u5185\u5bb9<\/th><\/tr><\/thead><tbody><tr><th>\u6b63\u5f0f\u540d\u79f0<\/th><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\uff08Volatility Surface\uff0fVol Surface\uff09<\/td><\/tr><tr><th>\u65e5\u672c\u8a9e\u3067\u306e\u547c\u79f0<\/th><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u66f2\u9762\uff0f\u30dc\u30e9\u30b5\u30fc\u30d5\u30a7\u30b9\uff0fIV\u30b5\u30fc\u30d5\u30a7\u30b9<\/td><\/tr><tr><th>X\u8ef8<\/th><td>\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\uff08\u30b9\u30c8\u30e9\u30a4\u30af\uff09\u203b\u30c7\u30eb\u30bf\u3067\u8868\u3059\u5834\u5408\u3082\u3042\u308b<\/td><\/tr><tr><th>Y\u8ef8<\/th><td>\u6e80\u671f\u307e\u3067\u306e\u6b8b\u5b58\u671f\u9593\uff08Days to Expiry\uff09<\/td><\/tr><tr><th>Z\u8ef8<\/th><td>\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08IV\uff09<\/td><\/tr><tr><th>\u65ad\u9762\u2460\uff08\u30b9\u30c8\u30e9\u30a4\u30af\u65b9\u5411\uff09<\/th><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\uff0f\u30b9\u30ad\u30e5\u30fc<\/td><\/tr><tr><th>\u65ad\u9762\u2461\uff08\u6e80\u671f\u65b9\u5411\uff09<\/th><td>IV\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff08\u671f\u9593\u69cb\u9020\uff09<\/td><\/tr><tr><th>\u4e3b\u306a\u7528\u9014<\/th><td>\u30d7\u30ec\u30df\u30a2\u30e0\u306e\u5272\u9ad8\u30fb\u5272\u5b89\u5224\u5b9a\u3001\u5e02\u5834\u5fc3\u7406\u306e\u628a\u63e1\u3001\u30ea\u30b9\u30af\u7ba1\u7406<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u91cd\u8981\u306a\u306e\u306f\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\u304c<strong>\u300c\u65b0\u3057\u3044\u6307\u6a19\u300d\u3067\u306f\u306a\u304f\u300c\u65e2\u5b58\u306e2\u3064\u306e\u898b\u65b9\u3092\u7d71\u5408\u3057\u305f\u5730\u56f3\u300d<\/strong>\u3060\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u30b9\u30c8\u30e9\u30a4\u30af\u65b9\u5411\u306b\u5207\u308c\u3070\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u3001\u6e80\u671f\u65b9\u5411\u306b\u5207\u308c\u3070IV\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u304c\u73fe\u308c\u307e\u3059\u3002\u500b\u5225\u306b\u898b\u3066\u3044\u305f2\u3064\u306e\u65ad\u9762\u30921\u679a\u306b\u307e\u3068\u3081\u308b\u3053\u3068\u3067\u3001\u5e02\u5834\u304c\u3069\u306e\u4fa1\u683c\u5e2f\u30fb\u3069\u306e\u6642\u671f\u306b\u30ea\u30b9\u30af\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u304b\u3092\u4e00\u671b\u3067\u304d\u308b\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b9\u30de\u30a4\u30eb\u3084\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u306e\u57fa\u790e\u304b\u3089\u78ba\u8a8d\u3057\u305f\u3044\u65b9\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-iv-smile\" target=\"_blank\" rel=\"noopener noreferrer\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\uff08IV\u30b9\u30de\u30a4\u30eb\uff09\u3068\u306f<\/a>\u300d\u304a\u3088\u3073\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-term-iv\" target=\"_blank\" rel=\"noopener noreferrer\">\u671f\u9593\u5225IV\uff08IV\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff09\u3068\u306f<\/a>\u300d\u3092\u5148\u306b\u8aad\u3080\u3068\u3001\u672c\u8a18\u4e8b\u306e\u7406\u89e3\u304c\u65e9\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u306a\u305c\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u5e73\u3089\u306b\u306a\u3089\u306a\u3044\u306e\u304b\uff5cBS\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u3068\u306e\u30ba\u30ec<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u3092\u7406\u89e3\u3059\u308b\u3046\u3048\u3067\u6700\u521d\u306b\u62bc\u3055\u3048\u308b\u3079\u304d\u306f\u3001<strong>\u300c\u672c\u6765\u306a\u3089\u5e73\u3089\u3067\u3042\u308b\u306f\u305a\u306e\u3082\u306e\u304c\u3001\u73fe\u5b9f\u306b\u306f\u5e73\u3089\u3067\u306f\u306a\u3044\u300d<\/strong>\u3068\u3044\u3046\u51fa\u767a\u70b9\u3067\u3059\u3002\u3053\u3053\u304c\u691c\u7d22\u8005\u306e\u591a\u304f\u304c\u3064\u307e\u305a\u304f\u30dd\u30a4\u30f3\u30c8\u3067\u3082\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u306e\u7406\u8ad6\u7684\u306a\u571f\u53f0\u3067\u3042\u308b\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30e2\u30c7\u30eb\uff08BS\u30e2\u30c7\u30eb\uff09\u306f\u3001\u539f\u8cc7\u7523\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u300c\u4e00\u5b9a\u300d\u3068\u4eee\u5b9a\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u4eee\u5b9a\u304c\u6b63\u3057\u3051\u308c\u3070\u3001\u3069\u306e\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u30fb\u3069\u306e\u6e80\u671f\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u304b\u3089\u9006\u7b97\u3057\u3066\u3082\u540c\u3058IV\u304c\u51fa\u308b\u306f\u305a\u3067\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u5b8c\u5168\u306a\u5e73\u9762\u306b\u306a\u308a\u307e\u3059\u3002<strong>\u3057\u304b\u3057\u5b9f\u969b\u306e\u5e02\u5834\u3067\u306f\u3001\u3053\u306e\u5e73\u9762\u306f\u307b\u307c\u89b3\u6e2c\u3055\u308c\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ba\u30ec\u304c\u751f\u3058\u308b\u7406\u7531\u306f\u3001BS\u30e2\u30c7\u30eb\u304c\u524d\u63d0\u3068\u3059\u308b\u300c\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u306b\u5f93\u3046\u300d\u3068\u3044\u3046\u4eee\u5b9a\u306b\u3042\u308a\u307e\u3059\u3002\u73fe\u5b9f\u306e\u5e02\u5834\u53c2\u52a0\u8005\u304c\u60f3\u5b9a\u3057\u3066\u3044\u308b\u78ba\u7387\u5206\u5e03\u306f\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u3067\u306f\u306a\u304f\u3001<strong>\u6025\u843d\u65b9\u5411\u306b\u88fe\u304c\u539a\u3044\uff08\u30d5\u30a1\u30c3\u30c8\u30c6\u30fc\u30eb\uff09\u5206\u5e03\u3068\u3057\u3066\u8a8d\u8b58\u3055\u308c\u3066\u3044\u308b<\/strong>\u306e\u3067\u3059\uff08\u203b1\uff09\u3002\u66b4\u843d\u306f\u7de9\u3084\u304b\u306a\u4e0a\u6607\u3088\u308a\u901f\u304f\u6df1\u304f\u9032\u3080\u3068\u3044\u3046\u7d4c\u9a13\u5247\u304c\u3001\u4fa1\u683c\u306b\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u3068\u8a00\u3044\u63db\u3048\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u7d50\u679c\u3001\u4e0b\u65b9\u5411\u306eOTM\u30d7\u30c3\u30c8\u306b\u306f\u300c\u4fdd\u967a\u6599\u300d\u3068\u3057\u3066\u306e\u4e0a\u4e57\u305b\u304c\u767a\u751f\u3057\u3001IV\u304c\u9ad8\u304f\u306a\u308a\u307e\u3059\u3002\u3053\u306e\u4e0a\u4e57\u305b\u306e\u5206\u5e03\u304c\u30b9\u30c8\u30e9\u30a4\u30af\u65b9\u5411\u306e\u6b6a\u307f\uff08\u30b9\u30de\u30a4\u30eb\u30fb\u30b9\u30ad\u30e5\u30fc\uff09\u3068\u3057\u3066\u3001\u307e\u305f\u6e80\u671f\u65b9\u5411\u306e\u6b6a\u307f\uff08\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\uff09\u3068\u3057\u3066\u73fe\u308c\u3001\u4e21\u8005\u304c\u5408\u308f\u3055\u3063\u3066\u51f9\u51f8\u306e\u3042\u308b\u66f2\u9762\u306b\u306a\u308b\u306e\u3067\u3059\u3002<strong>\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u6b6a\u307f\u306f\u3001\u30e2\u30c7\u30eb\u306e\u8aa4\u5dee\u3067\u306f\u306a\u304f\u5e02\u5834\u53c2\u52a0\u8005\u306e\u30ea\u30b9\u30af\u8a8d\u8b58\u305d\u306e\u3082\u306e\u3060\u3068\u6349\u3048\u308b\u3068\u672c\u8cea\u3092\u5916\u3057\u307e\u305b\u3093\u3002<\/strong><\/p>\n\n\n\n<p 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class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u304c\u96c6\u4e2d\u3057\u3066\u3044\u308b\u6e80\u671f\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u5272\u9ad8\u306b\u306a\u308a\u3084\u3059\u304f\u3001\u843d\u3061\u7740\u3044\u3066\u3044\u308b\u6e80\u671f\u306f\u5272\u5b89\u306b\u306a\u308a\u3084\u3059\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<strong>\u3053\u306e\u4fa1\u683c\u5dee\u3092\u72d9\u3046\u306e\u304c\u30ab\u30ec\u30f3\u30c0\u30fc\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u5f62\u72b6\u306f\u305d\u306e\u8a2d\u8a08\u56f3\u3068\u3057\u3066\u6a5f\u80fd\u3057\u307e\u3059\u3002<\/strong>\u9006\u306b\u30b5\u30fc\u30d5\u30a7\u30b9\u3092\u898b\u305a\u306b\u30ab\u30ec\u30f3\u30c0\u30fc\u3092\u7d44\u3080\u3068\u3001\u671f\u9593\u69cb\u9020\u304c\u5d29\u308c\u305f\u77ac\u9593\u306b\u60f3\u5b9a\u5916\u306e\u640d\u5931\u3092\u62b1\u3048\u308b\u3053\u3068\u306b\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u300cIV\u304c\u4e57\u3063\u3066\u3044\u306a\u3044\u5834\u6240\u300d\u3092\u63a2\u3059<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u52d9\u3067\u610f\u5916\u306b\u91cd\u8981\u306a\u306e\u304c\u3001\u76db\u308a\u4e0a\u304c\u308a\u3067\u306f\u306a\u304f<strong>\u300c\u76db\u308a\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u9818\u57df\u300d<\/strong>\u3092\u63a2\u3059\u8996\u70b9\u3067\u3059\u3002\u672c\u6765\u306a\u3089\u8b66\u6212\u304c\u4e57\u308b\u306f\u305a\u306e\u4fa1\u683c\u5e2f\u30fb\u671f\u9593\u306bIV\u304c\u4e57\u3063\u3066\u3044\u306a\u3044\u5834\u5408\u3001\u5e02\u5834\u306f\u305d\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u60f3\u5b9a\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-heading\">SVI\u30e2\u30c7\u30eb\uff5c\u30b9\u30de\u30a4\u30eb\u306e\u30d5\u30a3\u30c3\u30c6\u30a3\u30f3\u30b0\u6a19\u6e96<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">SVI\uff08Stochastic Volatility Inspired\uff09\u306f\u3001\u539f\u8cc7\u7523\u306e\u30c0\u30a4\u30ca\u30df\u30af\u30b9\u3092\u4eee\u5b9a\u305b\u305a\u3001IV\u3068\u30b9\u30c8\u30e9\u30a4\u30af\u306e\u95a2\u4fc2\u5f0f\u3092\u76f4\u63a5\u30d1\u30e9\u30e1\u30fc\u30bf\u3067\u6307\u5b9a\u3059\u308b\u30a2\u30d7\u30ed\u30fc\u30c1\u3067\u3059\u3002Gatheral \u3068 Jacquier \u306b\u3088\u308b\u7121\u88c1\u5b9aSVI\u306e\u5b9a\u5f0f\u5316\u304c\u5e83\u304f\u77e5\u3089\u308c\u3066\u3044\u307e\u3059\uff08\u203b4\uff09\u3002<\/p>\n\n\n\n<p 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Risk\u300f\u3067\u63d0\u793a\u3057\u305f\u78ba\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u3067\u3059\uff08\u203b6\uff09\u3002<\/p>\n\n\n\n<p 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class=\"wp-block-heading\">\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08Dupire\u30e2\u30c7\u30eb\uff09\uff5c\u30b5\u30fc\u30d5\u30a7\u30b9\u304b\u3089\u9006\u7b97\u3059\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Dupire \u304c1994\u5e74\u306b\u793a\u3057\u305f\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306f\u3001\u89b3\u6e2c\u3055\u308c\u305f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u304b\u3089\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u95a2\u6570\u3092\u4e00\u610f\u306b\u5c0e\u51fa\u3067\u304d\u308b\u3053\u3068\u3092\u660e\u3089\u304b\u306b\u3057\u307e\u3057\u305f\uff08\u203b7\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u300c\u5e02\u5834\u304c\u4eca\u3069\u3046\u601d\u3063\u3066\u3044\u308b\u304b\u300d\u306e\u5199\u50cf\u3067\u3042\u308a\u3001\u305d\u3053\u304b\u3089\u539f\u8cc7\u7523\u306e\u5909\u52d5\u69cb\u9020\u3092\u9006\u7b97\u3059\u308b\u3068\u3044\u3046\u767a\u60f3\u3067\u3059\u3002<strong>\u305f\u3060\u3057\u524d\u8ff0\u306e\u3068\u304a\u308a\u3001\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u306f\u30b9\u30de\u30a4\u30eb\u306e\u30c0\u30a4\u30ca\u30df\u30af\u30b9\u306e\u518d\u73fe\u306b\u5f31\u70b9\u3092\u62b1\u3048\u308b<\/strong>\u305f\u3081\u3001\u7528\u9014\u306b\u5fdc\u3058\u3066SABR\u7b49\u306e\u78ba\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30e2\u30c7\u30eb\u3068\u4f7f\u3044\u5206\u3051\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u682a\u5f0f\u6307\u6570\u3068\u4f55\u304c\u9055\u3046\u306e\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u65e5\u672c\u8a9e\u306e\u89e3\u8aac\u8a18\u4e8b\u306e\u591a\u304f\u306f\u682a\u5f0f\u30fb\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u524d\u63d0\u306b\u3057\u3066\u304a\u308a\u3001\u6697\u53f7\u8cc7\u7523\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u89e6\u308c\u305f\u3082\u306e\u306f\u307b\u3068\u3093\u3069\u898b\u5f53\u305f\u308a\u307e\u305b\u3093\u3002<strong>\u3057\u304b\u3057BTC\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u3001\u682a\u5f0f\u6307\u6570\u3068\u306f\u660e\u78ba\u306b\u7570\u306a\u308b\u6027\u8cea\u3092\u793a\u3059\u5834\u9762\u304c\u3042\u308a\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u30b9\u30ad\u30e5\u30fc\u306e\u5411\u304d\u304c\u53cd\u8ee2\u3059\u308b\uff5c\u300c\u6050\u6016\u300d\u3060\u3051\u3067\u306f\u8aac\u660e\u3067\u304d\u306a\u3044<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u682a\u5f0f\u6307\u6570\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u306f\u3001\u66b4\u843d\u3078\u306e\u4fdd\u967a\u9700\u8981\u304b\u3089\u8ca0\u306e\u30b9\u30ad\u30e5\u30fc\uff08\u30d7\u30c3\u30c8\u5074\u304c\u9ad8\u3044\uff09\u304c\u6052\u5e38\u7684\u306b\u89b3\u6e2c\u3055\u308c\u307e\u3059\u3002\u3068\u3053\u308d\u304cBTC\u3067\u306f\u3001\u3053\u306e\u95a2\u4fc2\u304c\u56fa\u5b9a\u7684\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Deribit\u306e\u5206\u6790\u306b\u3088\u308c\u3070\u30012022\u5e74\u306eBTC\u306f\u682a\u5f0f\u3068\u540c\u69d8\u306b\u30b9\u30dd\u30c3\u30c8\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u304c\u8ca0\u306e\u76f8\u95a2\u3092\u793a\u3057\u3066\u3044\u305f\u4e00\u65b9\u30012023\u5e74\u7b2c1\u56db\u534a\u671f\u306b\u306f\u3053\u306e\u76f8\u95a2\u304c\u9006\u8ee2\u3057\u3001\u91d1\u306a\u3069\u306e\u300c\u4ee3\u66ff\u30de\u30cd\u30fc\u300d\u306b\u8fd1\u3044\u6b63\u306e\u76f8\u95a2\u3092\u793a\u3057\u307e\u3057\u305f\u3002<strong>\u3053\u306e\u5c40\u9762\u3067\u306f25\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u5074\u304cATM\u3088\u308a\u9ad8\u304f\u30ea\u30d7\u30e9\u30a4\u30b9\u3055\u308c\u308b\u3001\u682a\u5f0f\u6307\u6570\u3067\u306f\u8003\u3048\u306b\u304f\u3044\u5f62\u72b6\u304c\u89b3\u6e2c\u3055\u308c\u3066\u3044\u307e\u3059<\/strong>\uff08\u203b2\uff09\u3002\u4fa1\u683c\u4e0a\u6607\u305d\u306e\u3082\u306e\u304c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u4e0a\u6607\u3092\u4f34\u3046\u3001\u3044\u308f\u3070\u300c\u4e0a\u3078\u306e\u6050\u6016\u300d\u304c\u5b58\u5728\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">DVOL\u306f\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u65ad\u9762\u30921\u3064\u306e\u6570\u5b57\u306b\u96c6\u7d04\u3057\u305f\u3082\u306e<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">BTC\u7248VIX\u3068\u3057\u3066\u77e5\u3089\u308c\u308bDVOL\u3082\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\u3068\u306e\u95a2\u4fc2\u3067\u7406\u89e3\u3059\u308b\u3068\u7cbe\u5ea6\u304c\u4e0a\u304c\u308a\u307e\u3059\u3002DVOL\u306f30\u65e5\u5148\u3092\u898b\u901a\u3057\u305f\u5e74\u7387\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u671f\u5f85\u3092\u793a\u3059\u6307\u6570\u3067\u3059\uff08\u203b5\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7b97\u51fa\u306f\u30d0\u30ea\u30a2\u30f3\u30b9\u30b9\u30ef\u30c3\u30d7\u306e\u624b\u6cd5\u306b\u57fa\u3065\u304d\u300130\u65e5\u3092\u631f\u30802\u3064\u306e\u9650\u6708\u304b\u3089\u88dc\u9593\u3057\u3066\u6c42\u3081\u3089\u308c\u307e\u3059\u3002ITM\u3084\u6975\u7aef\u306aOTM\uff08\u30c7\u30eb\u30bf5%\u672a\u6e80\uff09\u3092\u9664\u5916\u3057\u305f\u3046\u3048\u3067\u3001\u8907\u6570\u30b9\u30c8\u30e9\u30a4\u30af\u306e\u60c5\u5831\u3092\u53d6\u308a\u8fbc\u3080\u8a2d\u8a08\u306b\u306a\u3063\u3066\u304a\u308a\u3001<strong>DVOL\u306f\u5358\u4e00\u306e\u70b9\u3067\u306f\u306a\u304f\u30b9\u30de\u30a4\u30eb\u5168\u4f53\uff1d\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u65ad\u9762\u30921\u3064\u306e\u6570\u5b57\u306b\u96c6\u7d04\u3057\u305f\u6307\u6a19<\/strong>\u3060\u3068\u8a00\u3048\u307e\u3059\uff08\u203b5\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3082\u30461\u3064\u62bc\u3055\u3048\u305f\u3044\u306e\u304c\u6027\u683c\u306e\u9055\u3044\u3067\u3059\u3002VIX\u304c\u4e0b\u843d\u8b66\u6212\u3092\u6620\u3059\u300c\u6050\u6016\u6307\u6570\u300d\u3068\u547c\u3070\u308c\u308b\u306e\u306b\u5bfe\u3057\u3001<strong>DVOL\u306f\u4e0a\u4e0b\u53cc\u65b9\u5411\u306e\u52d5\u304d\u3092\u5bfe\u8c61\u3068\u3059\u308b\u305f\u3081\u3001Deribit\u306f\u3053\u308c\u3092&#8221;action gauge&#8221;\uff08\u5909\u52d5\u306e\u8a08\u5668\uff09\u3068\u4f4d\u7f6e\u3065\u3051\u3066\u3044\u307e\u3059<\/strong>\uff08\u203b5\uff09\u30022026\u5e747\u6708\u6642\u70b9\u306eDVOL\u306f\u7d0436\u3067\u63a8\u79fb\u3057\u3066\u304a\u308a\u3001Deribit\u306e\u793a\u3059\u63db\u7b97\uff08DVOL\u00f7\u221a365\uff09\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u671f\u5f85\u65e5\u6b21\u5909\u52d5\u306f\u7d041.9%\u3068\u306a\u308a\u307e\u3059\uff08\u203b8\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u3069\u3053\u3067\u898b\u3089\u308c\u308b\uff1f\u78ba\u8a8d\u30c4\u30fc\u30eb\u30fb\u30c7\u30fc\u30bf\u30bd\u30fc\u30b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u300c\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u610f\u5473\u306f\u308f\u304b\u3063\u305f\u304c\u3001\u5b9f\u7269\u3092\u3069\u3053\u3067\u898b\u308b\u306e\u304b\u300d\u2014\u2014\u3053\u306e\u70b9\u306b\u5177\u4f53\u7684\u306b\u7b54\u3048\u3066\u3044\u308b\u65e5\u672c\u8a9e\u8a18\u4e8b\u306f\u307b\u3068\u3093\u3069\u3042\u308a\u307e\u305b\u3093\u3002\u5b9f\u969b\u306b\u306f\u3001<strong>BTC\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u7121\u6599\u3067\u78ba\u8a8d\u3067\u304d\u308b\u30c4\u30fc\u30eb\u304c\u8907\u6570\u5b58\u5728\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u30c4\u30fc\u30eb\u30fb\u30b5\u30a4\u30c8<\/th><th>\u5bfe\u8c61<\/th><th>\u78ba\u8a8d\u3067\u304d\u308b\u5185\u5bb9<\/th><th>\u5099\u8003<\/th><\/tr><\/thead><tbody><tr><th>Deribit<\/th><td>BTC\u30fbETH<\/td><td>DVOL\u30fbIV\u30b5\u30fc\u30d5\u30a7\u30b9\u30fb\u6e80\u671f\u5225IV<\/td><td>\u516c\u5f0f\u3002\u30b5\u30fc\u30d5\u30a7\u30b9\u306fSVI\u3067\u30d5\u30a3\u30c3\u30c8<\/td><\/tr><tr><th>Laevitas<\/th><td>BTC\u30fbETH<\/td><td>Model IV\u30fb25\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u30fb\u30d0\u30bf\u30d5\u30e9\u30a4<\/td><td>\u4e00\u90e8\u6a5f\u80fd\u306f\u30ed\u30b0\u30a4\u30f3\u304c\u5fc5\u8981<\/td><\/tr><tr><th>CoinGlass<\/th><td>BTC\u30fbETH<\/td><td>Deribit\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u30c7\u30fc\u30bf\u30fbIV<\/td><td>\u65e5\u672c\u8a9e\u8868\u793a\u306b\u5bfe\u5fdc<\/td><\/tr><tr><th>Option Dojo<\/th><td>\u65e5\u7d4c225<\/td><td>\u9650\u6708\u5225IV\u30fbHV\u30c1\u30e3\u30fc\u30c8<\/td><td>2003\u5e74\u4ee5\u964d\u306e\u30c7\u30fc\u30bf\u3092\u7121\u6599\u516c\u958b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u521d\u3081\u3066\u5b9f\u7269\u3092\u898b\u308b\u306a\u3089\u3001Deribit\u306e\u516c\u5f0f\u30da\u30fc\u30b8\u3067DVOL\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6570\u3092\u78ba\u8a8d\u3059\u308b\u306e\u304c\u6700\u77ed\u3067\u3059\uff08\u203b8\uff09\u3002<strong>\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u306eIV\u30fbHV\u3092\u898b\u305f\u3044\u5834\u5408\u306f\u3001Option Dojo\u304c2003\u5e74\u4ee5\u964d\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u7121\u6599\u516c\u958b\u3057\u3066\u3044\u307e\u3059<\/strong>\uff08\u203b9\uff09\u3002\u307e\u305a\u306f\u5f62\u3092\u773a\u3081\u3001\u50be\u304d\u3068\u76db\u308a\u4e0a\u304c\u308a\u306e\u4f4d\u7f6e\u3092\u8ffd\u3046\u7fd2\u6163\u3092\u3064\u3051\u308b\u3053\u3068\u304b\u3089\u59cb\u3081\u308b\u3068\u3088\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u306a\u304a\u3001Deribit\u306f\u65e5\u672c\u306e\u5c45\u4f4f\u8005\u304c\u56fd\u5185\u304b\u3089\u76f4\u63a5\u5229\u7528\u3067\u304d\u308b\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u696d\u8005\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u30c7\u30fc\u30bf\u306e\u95b2\u89a7\u3068\u5b9f\u969b\u306e\u53d6\u5f15\u53e3\u5ea7\u306f\u5206\u3051\u3066\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/strong>\u6697\u53f7\u8cc7\u7523\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u56fd\u5185\u304b\u3089\u53d6\u5f15\u3059\u308b\u5834\u5408\u306f\u3001\u53d6\u308a\u6271\u3044\u306e\u3042\u308b\u4e8b\u696d\u8005\u306e\u767b\u9332\u72b6\u6cc1\u3068\u5546\u54c1\u6027\u3092\u5fc5\u305a\u78ba\u8a8d\u3057\u307e\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span class=\"swl-marker mark_yellow\">\uff3c\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u5b9f\u969b\u306b\u53d6\u5f15\u3067\u304d\u308b\u7dcf\u5408\u578b\u306e\u5927\u624b\uff0f<\/span><\/strong><\/p>\n\n\n\n<div class=\"swell-block-button red_ -size-l is-style-btn_solid u-mb-ctrl u-mb-0\" data-id=\"option-volatility-surface-bitget\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"swell-block-button__link\"><span>Bitget\u306e\u8a73\u7d30\u3092\u898b\u306b\u884c\u304f<\/span><\/a><\/div>\n\n\n\n<p class=\"has-text-align-center wp-block-paragraph\"><a href=\"https:\/\/ichizenholdings.co.jp\/media\/go-bitget\" target=\"_blank\" rel=\"noopener\"><span class=\"swl-fz u-fz-xs\">\u516c\u5f0f\u30b5\u30a4\u30c8\u306f\u3053\u3061\u3089<\/span><\/a><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u3092\u4f7f\u3046\u3068\u304d\u306e\u6ce8\u610f\u70b9\u30fb\u3088\u304f\u3042\u308b\u8aa4\u89e3<\/h2>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-bad_list\"><div class=\"cap_box_ttl\"><span><strong>\u3084\u308a\u304c\u3061\u306a\u8aa4\u89e3<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u30b5\u30fc\u30d5\u30a7\u30b9\u304c\u6b6a\u3093\u3067\u3044\u308b\uff1d\u30e2\u30c7\u30eb\u306e\u8aa4\u308a\u3001\u3067\u306f\u306a\u3044\u3002\u6b6a\u307f\u306f\u5e02\u5834\u306e\u30ea\u30b9\u30af\u8a8d\u8b58\u305d\u306e\u3082\u306e<\/li>\n\n\n\n<li>IV\u304c\u9ad8\u3044\uff1d\u8cb7\u3044\u304c\u6709\u5229\u3001\u3068\u306f\u9650\u3089\u306a\u3044\u3002HV\uff08\u5b9f\u73fe\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u3068\u306e\u6bd4\u8f03\u304c\u524d\u63d0<\/li>\n\n\n\n<li>\u30d7\u30c3\u30c8\u5074\u304c\u9ad8\u3044\u306e\u304c\u5e38\u8b58\u3001\u3068\u6c7a\u3081\u3064\u3051\u306a\u3044\u3002BTC\u3067\u306f\u30b3\u30fc\u30eb\u5074\u304c\u9ad8\u304f\u306a\u308b\u5c40\u9762\u3082\u3042\u308b<\/li>\n\n\n\n<li>OI\uff08\u5efa\u7389\uff09\u3060\u3051\u3067\u8cb7\u3044\u624b\u30fb\u58f2\u308a\u624b\u3084\u30c7\u30a3\u30fc\u30e9\u30fc\u306e\u4fdd\u6709\u3092\u78ba\u5b9a\u3067\u304d\u308b\u3068\u8003\u3048\u306a\u3044<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-good_list\"><div class=\"cap_box_ttl\"><span><strong>\u6b63\u3057\u3044\u4f7f\u3044\u65b9\u306e\u30dd\u30a4\u30f3\u30c8<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u300c\u65b9\u5411\u300d\u3067\u306f\u306a\u304f\u300c\u30ea\u30b9\u30af\u306e\u5206\u5e03\u300d\u3092\u898b\u308b\u5730\u56f3\u3068\u3057\u3066\u6271\u3046<\/li>\n\n\n\n<li>\u5f62\u305d\u306e\u3082\u306e\u3088\u308a\u300c\u524d\u56de\u304b\u3089\u3069\u3053\u304c\u5909\u5316\u3057\u305f\u304b\u300d\u306b\u6ce8\u76ee\u3059\u308b\u3068\u60c5\u5831\u91cf\u304c\u5897\u3048\u308b<\/li>\n\n\n\n<li>IV\u304c\u4e57\u3063\u3066\u3044\u306a\u3044\u300c\u7a7a\u767d\u300d\u306f\u3001\u5272\u5b89\u306a\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u63a2\u7d22\u5bfe\u8c61\u306b\u306a\u308a\u5f97\u308b<\/li>\n\n\n\n<li>OI\u30fb\u30b9\u30ad\u30e5\u30fc\u30fbHV\u30fb\u30cd\u30c3\u30c8\u30d7\u30ec\u30df\u30a2\u30e0\u306a\u3069\u8907\u6570\u6307\u6a19\u3068\u7d44\u307f\u5408\u308f\u305b\u3066\u7dcf\u5408\u5224\u65ad\u3059\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b\u5f37\u8abf\u3057\u3066\u304a\u304d\u305f\u3044\u306e\u304c\u3001<strong>\u30c7\u30fc\u30bf\u304b\u3089\u4ed6\u8005\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u65ad\u5b9a\u3057\u306a\u3044\u3068\u3044\u3046\u59ff\u52e2\u3067\u3059\u3002<\/strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u306eOI\u306f\u30ed\u30f3\u30b0\u304b\u30b7\u30e7\u30fc\u30c8\u304b\u3001\u30c7\u30a3\u30fc\u30e9\u30fc\u304b\u30ea\u30c6\u30fc\u30eb\u304b\u3092\u533a\u5225\u3057\u307e\u305b\u3093\u3002\u300c\u30b3\u30fc\u30eb\u306eOI\u304c\u5897\u3048\u305f\uff1d\u5f37\u6c17\u306e\u8cb7\u3044\u300d\u3068\u5373\u65ad\u3059\u308b\u306e\u306f\u5371\u967a\u3067\u3001\u30de\u30fc\u30b1\u30c3\u30c8\u30e1\u30a4\u30ab\u30fc\u306b\u3088\u308b\u30d8\u30c3\u30b8\u306e\u7d50\u679c\u3067\u3042\u308b\u53ef\u80fd\u6027\u3082\u5e38\u306b\u6b8b\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u540c\u69d8\u306b\u3001\u30d9\u30f3\u30c0\u30fc\u304c\u8868\u793a\u3059\u308bGEX\uff08\u30ac\u30f3\u30de\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\uff09\u306e\u7b26\u53f7\u3092\u300c\u30c7\u30a3\u30fc\u30e9\u30fc\u306e\u5b9f\u969b\u306e\u4fdd\u6709\u30dd\u30b8\u30b7\u30e7\u30f3\u300d\u3068\u307f\u306a\u3059\u306e\u3082\u65e9\u8a08\u3067\u3059\u3002GEX\u306f\u4e00\u5b9a\u306e\u4eee\u5b9a\u306b\u57fa\u3065\u304f\u63a8\u8a08\u5024\u306b\u3059\u304e\u307e\u305b\u3093\u3002<strong>\u30d8\u30c3\u30b8\u30d5\u30ed\u30fc\u306f\u5024\u52d5\u304d\u3092\u5897\u5e45\u30fb\u6291\u5236\u3057\u5f97\u308b\u8981\u56e0\u3067\u306f\u3042\u308b\u3082\u306e\u306e\u3001\u300c\u5927\u53e3\u304c\u4fa1\u683c\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3057\u3066\u3044\u308b\u300d\u3068\u65ad\u5b9a\u3067\u304d\u308b\u6027\u8cea\u306e\u3082\u306e\u3067\u306f\u306a\u3044\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff5c\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u300c\u6b6a\u307f\u300d\u3068\u300c\u7a7a\u767d\u300d\u3092\u5b9f\u969b\u306b\u3069\u3046\u8aad\u3093\u3060\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ICHIZEN Capital\u3067\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u30c7\u30fc\u30bf\u3092\u65e5\u5e38\u7684\u306b\u5206\u6790\u3057\u3001\u305d\u306e\u5185\u5bb9\u3092note\u3067\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u3053\u3067\u306f\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u3092\u5b9f\u969b\u306e\u76f8\u5834\u5224\u65ad\u306b\u3069\u3046\u4f7f\u3063\u305f\u304b\u30922\u3064\u306e\u4e8b\u4f8b\u3067\u7d39\u4ecb\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2026\u5e744\u6708\uff5c\u671f\u8fd1\u306e\u300c\u7a7a\u767d\u300d\u304b\u3089\u62bc\u3057\u76ee\u8cb7\u3044\u306e\u512a\u4f4d\u6027\u3092\u8aad\u3093\u3060\u4e8b\u4f8b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e744\u670828\u65e5\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u306f\u3001\u5f53\u6642\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u5f62\u72b6\u306b\u6ce8\u76ee\u3057\u307e\u3057\u305f\u3002\u4e00\u898b\u3059\u308b\u3068\u7279\u5b9a\u306e\u30b9\u30c8\u30e9\u30a4\u30af\u4ee5\u964d\u3067\u30d7\u30c3\u30c8IV\u304c\u6025\u50be\u659c\u3067\u7acb\u3061\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001\u4e0b\u843d\u30ea\u30b9\u30af\u3078\u306e\u8b66\u6212\u304c\u5f37\u3044\u3088\u3046\u306b\u898b\u3048\u308b\u5f62\u72b6\u3067\u3059\uff08\u203b10\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u3053\u308d\u304c\u6b8b\u5b58\u671f\u9593\uff08Days to Expiry\uff09\u306b\u6cbf\u3063\u3066\u8a73\u3057\u304f\u89b3\u5bdf\u3059\u308b\u3068\u3001\u69d8\u76f8\u304c\u5909\u308f\u308a\u307e\u3057\u305f\u3002<strong>\u30a4\u30d9\u30f3\u30c8\u76f4\u8fd1\u306e\u671f\u8fd1\u30aa\u30d7\u30b7\u30e7\u30f3\u306b\u3064\u3044\u3066\u306f\u3001\u4e0b\u5024\u65b9\u5411\u3078\u306e\u30d7\u30c3\u30c8IV\u306e\u6025\u50be\u659c\u304c\u307b\u3068\u3093\u3069\u5f62\u6210\u3055\u308c\u3066\u3044\u306a\u304b\u3063\u305f\u306e\u3067\u3059<\/strong>\uff08\u203b10\uff09\u30021\u65e5\u304b\u30893\u65e5\u3068\u3044\u3046\u8d85\u77ed\u671f\u3067\u306f\u3001\u5927\u304d\u304f\u4e0b\u65b9\u5411\u306b\u632f\u308c\u308b\u52d5\u304d\u304c\u30c7\u30fc\u30bf\u4e0a\u307b\u3068\u3093\u3069\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u307e\u305b\u3093\u3067\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u7a7a\u767d\u300d\u306f\u3001\u5e02\u5834\u53c2\u52a0\u8005\u304c\u76ee\u5148\u6570\u65e5\u4ee5\u5185\u306e\u58ca\u6ec5\u7684\u306a\u4e0b\u843d\u3092\u60f3\u5b9a\u3057\u3066\u3044\u306a\u3044\u3053\u3068\u3092\u793a\u5506\u3057\u307e\u3059\u3002<strong>\u540c\u30ec\u30dd\u30fc\u30c8\u3067\u306f\u3001\u3053\u306e\u7a7a\u767d\u3092\u77ed\u671f\u7684\u306a\u62bc\u3057\u76ee\u8cb7\u3044\u304c\u6570\u7406\u7684\u306b\u6b63\u5f53\u5316\u3055\u308c\u308b\u8ad6\u62e0\u306e1\u3064\u3068\u4f4d\u7f6e\u3065\u3051\u307e\u3057\u305f<\/strong>\uff08\u203b10\uff09\u3002\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u76db\u308a\u4e0a\u304c\u308a\u3060\u3051\u3067\u306a\u304f\u3001\u76db\u308a\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u5834\u6240\u304b\u3089\u3082\u60c5\u5831\u3092\u53d6\u308a\u51fa\u305b\u308b\u3068\u3044\u3046\u5b9f\u4f8b\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2026\u5e746\u6708\uff5cATM\u4ed8\u8fd1\u306eIV\u4f4e\u4e0b\u304b\u3089\u69d8\u5b50\u898b\u306e\u9577\u671f\u5316\u3092\u8aad\u3093\u3060\u4e8b\u4f8b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">2026\u5e746\u670830\u65e5\u306e\u30ec\u30dd\u30fc\u30c8\u3067\u306f\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\u5168\u4f53\u304c\u5e02\u5834\u306e\u9759\u89b3\u30e0\u30fc\u30c9\u3092\u6620\u3057\u3066\u3044\u308b\u3068\u5206\u6790\u3057\u307e\u3057\u305f\u3002\u30ac\u30f3\u30de\u30a8\u30af\u30b9\u30dd\u30fc\u30b8\u30e3\u30fc\u306f\u5168\u6e80\u671f\u5408\u7b97\u3067\u5927\u304d\u306a\u5909\u5316\u304c\u306a\u304f\u3001\u30e9\u30a4\u30d6\u30d5\u30ed\u30fc\u306e\u53d6\u5f15\u3082\u6d3b\u767a\u3068\u306f\u8a00\u3048\u306a\u3044\u72b6\u614b\u3067\u3057\u305f\uff08\u203b11\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b5\u30fc\u30d5\u30a7\u30b9\u4e0a\u3067\u78ba\u8a8d\u3067\u304d\u305f\u306e\u306f2\u70b9\u3067\u3059\u3002<strong>\u671f\u8fd1\u306eIV\u6c34\u6e96\u304c\u304b\u306a\u308a\u4f4e\u304f\u3001\u3055\u3089\u306b\u30b3\u30fc\u30eb\u5074\u3067\u306f\u7279\u5b9a\u306e\u9818\u57df\u306b\u5341\u5206\u306aIV\u304c\u4e57\u3063\u3066\u3044\u306a\u3044\u72b6\u614b<\/strong>\u3067\u3057\u305f\uff08\u203b11\uff09\u3002\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u3078\u306e\u7e54\u308a\u8fbc\u307f\u304c\u5f31\u304f\u3001\u540c\u6642\u306b\u4e0b\u843d\u65b9\u5411\u3082\u671f\u8fd1\u4ee5\u964d\u3067\u3042\u307e\u308a\u5927\u304d\u306a\u52d5\u304d\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u306a\u3044\u69cb\u9020\u3060\u3063\u305f\u306e\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">ATM\u4ed8\u8fd1\u306eIV\u304c\u4f4e\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u73fe\u5728\u5024\u3092\u8d77\u70b9\u3068\u3059\u308b\u5927\u304d\u306a\u5024\u52d5\u304d\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u306a\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u540c\u30ec\u30dd\u30fc\u30c8\u3067\u306f\u672a\u6c7a\u6e08\u5efa\u7389\uff08OI\uff09\u306e\u6e1b\u5c11\u3082\u3042\u308f\u305b\u3001\u6d41\u52d5\u6027\u304c\u5341\u5206\u3067\u306a\u3044\u53ef\u80fd\u6027\u3092\u6307\u6458\u3057\u307e\u3057\u305f\uff08\u203b11\uff09\u3002<strong>\u671f\u9593\u5225HV\u304c\u9806\u30a4\u30fc\u30eb\u30c9\u306b\u623b\u308b\u307e\u3067\u306f\u6a2a\u3070\u3044\u76f8\u5834\u304c\u7d99\u7d9a\u3057\u5f97\u308b\u3068\u3044\u3046\u898b\u7acb\u3066\u3092\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u5f62\u72b6\u304c\u88dc\u5f37\u3057\u305f\u5f62\u3067\u3059\u3002<\/strong><\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/06\/59-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6728\u7530 \u967d\u4ecb<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u6bce\u65e5\u30dc\u30fc\u30c3\u3068\u773a\u3081\u3066\u3082\u610f\u5473\u304c\u306a\u304f\u3066\u3001\u300c\u524d\u56de\u3068\u6bd4\u3079\u3066\u3069\u3053\u304c\u5909\u308f\u3063\u305f\u304b\u300d\u3092\u8ffd\u3046\u3068\u4e00\u6c17\u306b\u6b66\u5668\u306b\u306a\u308a\u307e\u3059\u3002\u7279\u306b\u671f\u8fd1\u306e\u30d7\u30c3\u30c8\u5074\u304c\u7acb\u3063\u3066\u3044\u306a\u3044\u65e5\u306f\u3001\u5e02\u5834\u304c\u672c\u6c17\u3067\u4e0b\u3092\u898b\u3066\u3044\u306a\u3044\u30b5\u30a4\u30f3\u3002\u3082\u3061\u308d\u3093\u5916\u308c\u308b\u3053\u3068\u3082\u3042\u308a\u307e\u3059\u3057\u3001\u3053\u308c\u5358\u4f53\u3067\u58f2\u8cb7\u3092\u6c7a\u3081\u308b\u3082\u306e\u3067\u3082\u3042\u308a\u307e\u305b\u3093\u3002OI\u3084HV\u3068\u7a81\u304d\u5408\u308f\u305b\u3066\u521d\u3081\u3066\u5224\u65ad\u6750\u6599\u306b\u306a\u308b\u3001\u3068\u3044\u3046\u524d\u63d0\u306f\u5fd8\u308c\u306a\u3044\u3067\u304f\u3060\u3055\u3044\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n\n<h2 class=\"wp-block-heading\">\u65e5\u672c\u306e\u7a0e\u52d9\uff5c\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u640d\u76ca\u306f\u3069\u3046\u8ab2\u7a0e\u3055\u308c\u308b\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30b5\u30fc\u30d5\u30a7\u30b9\u3092\u8aad\u3093\u3067\u5229\u76ca\u304c\u51fa\u305f\u5f8c\u306b\u52b9\u3044\u3066\u304f\u308b\u306e\u304c\u7a0e\u91d1\u3067\u3059\u3002<strong>\u3053\u3053\u306f\u540c\u7a2e\u306e\u89e3\u8aac\u8a18\u4e8b\u304c\u307b\u3068\u3093\u3069\u89e6\u308c\u3066\u3044\u306a\u3044\u8ad6\u70b9\u3067\u3059\u304c\u3001\u5b9f\u52d9\u3067\u306f\u5229\u76ca\u7387\u3092\u5de6\u53f3\u3057\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u56fd\u7a0e\u5e81\u306eFAQ\u306f\u3001\u6697\u53f7\u8cc7\u7523\u306e\u8a3c\u62e0\u91d1\u53d6\u5f15\u306b\u3064\u3044\u3066\u300cFX\u3068\u540c\u69d8\u306b\u91d1\u878d\u5546\u54c1\u5148\u7269\u53d6\u5f15\u7b49\u306b\u8a72\u5f53\u3059\u308b\u3082\u306e\u306e\u3001\u79df\u7a0e\u7279\u5225\u63aa\u7f6e\u6cd5\u306e\u898f\u5b9a\u306b\u3088\u308a\u3001\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\u306e\u5bfe\u8c61\u304b\u3089\u9664\u304b\u308c\u3066\u3044\u307e\u3059\u300d\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\u3002<strong>\u3057\u305f\u304c\u3063\u3066\u3001\u305d\u306e\u53d6\u5f15\u306b\u3088\u308a\u5f97\u305f\u6240\u5f97\u306f\u7dcf\u5408\u8ab2\u7a0e\u306e\u5bfe\u8c61\u306b\u306a\u308a\u307e\u3059<\/strong>\uff08\u203b12\uff09\u3002\u7d66\u4e0e\u306a\u3069\u4ed6\u306e\u6240\u5f97\u3068\u5408\u7b97\u3055\u308c\u3001\u7d2f\u9032\u7a0e\u7387\u304c\u9069\u7528\u3055\u308c\u308b\u70b9\u304c\u5b9f\u52d9\u4e0a\u306e\u91cd\u8377\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5bfe\u7167\u7684\u306b\u3001\u56fd\u5185\u306e\u5546\u54c1\u5148\u7269\u3084\u682a\u4fa1\u6307\u6570\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u53d6\u5f15\u306f\u300c\u5148\u7269\u53d6\u5f15\u306b\u4fc2\u308b\u96d1\u6240\u5f97\u7b49\u300d\u3068\u3057\u3066\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\u306e\u5bfe\u8c61\u3067\u3059\u3002\u7a0e\u7387\u306f\u6240\u5f97\u7a0e15%\u3068\u5730\u65b9\u7a0e5%\u306b\u5fa9\u8208\u7279\u5225\u6240\u5f97\u7a0e\u3092\u52a0\u3048\u305f\u6c34\u6e96\u3067\u3001\u640d\u5931\u306f\u7fcc\u5e74\u4ee5\u5f8c3\u5e74\u9593\u306e\u7e70\u8d8a\u3057\u304c\u8a8d\u3081\u3089\u308c\u3066\u3044\u307e\u3059\uff08\u203b13\uff09\u3002<strong>\u540c\u3058\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3067\u3082\u3001\u5bfe\u8c61\u304c\u6697\u53f7\u8cc7\u7523\u304b\u682a\u4fa1\u6307\u6570\u304b\u3067\u7a0e\u306e\u6271\u3044\u304c\u5927\u304d\u304f\u5909\u308f\u308b\u306e\u3067\u3059\u3002<\/strong><\/p>\n\n\n<div class=\"c-scrollHint sp_\"><span>\u30b9\u30af\u30ed\u30fc\u30eb\u3067\u304d\u307e\u3059 <i class=\"icon-more_arrow\"><\/i><\/span><\/div>\n<figure data-table-scrollable=\"sp\" class=\"wp-block-table\"><table style=\"--table-width:800px;font-size:14px;\"><thead><tr><th>\u533a\u5206<\/th><th>\u8ab2\u7a0e\u65b9\u5f0f<\/th><th>\u7a0e\u7387\u306e\u76ee\u5b89<\/th><th>\u640d\u5931\u306e\u7e70\u8d8a\u3057<\/th><\/tr><\/thead><tbody><tr><th>\u6697\u53f7\u8cc7\u7523\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\uff08\u73fe\u884c\uff09<\/th><td>\u7dcf\u5408\u8ab2\u7a0e\uff08\u96d1\u6240\u5f97\uff09<\/td><td>\u7d2f\u9032\u7a0e\u7387\uff08\u4ed6\u306e\u6240\u5f97\u3068\u5408\u7b97\uff09<\/td><td>\u4e0d\u53ef<\/td><\/tr><tr><th>\u56fd\u5185\u306e\u5546\u54c1\u5148\u7269\u30fb\u682a\u4fa1\u6307\u6570\u30aa\u30d7\u30b7\u30e7\u30f3<\/th><td>\u7533\u544a\u5206\u96e2\u8ab2\u7a0e<\/td><td>20.315%\uff08\u5fa9\u8208\u7279\u5225\u6240\u5f97\u7a0e\u3092\u542b\u3080\uff09<\/td><td>\u7fcc\u5e74\u4ee5\u5f8c3\u5e74\u9593<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u4eca\u5f8c\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u306f\u3001\u4ee4\u548c8\u5e74\u5ea6\u7a0e\u5236\u6539\u6b63\u5927\u7db1\u3067\u6697\u53f7\u8cc7\u7523\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u53d6\u5f15\u3092\u5148\u7269\u53d6\u5f15\u306b\u4fc2\u308b\u96d1\u6240\u5f97\u7b49\u306e\u8ab2\u7a0e\u306e\u7279\u4f8b\u306e\u5bfe\u8c61\u306b\u52a0\u3048\u308b\u3068\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u203b14\uff09\u3002<strong>\u305f\u3060\u3057\u3053\u308c\u306f\u5927\u7db1\u306e\u6bb5\u968e\u3067\u3042\u308a\u3001\u6cd5\u6848\u306e\u6210\u7acb\u3068\u65bd\u884c\u3092\u8981\u78ba\u8a8d\u306e\u8ad6\u70b9\u3068\u3057\u3066\u6271\u3046\u3079\u304d\u3067\u3059\u3002<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7279\u306b\u6ce8\u610f\u3057\u305f\u3044\u306e\u304c\u5bfe\u8c61\u7bc4\u56f2\u3067\u3059\u3002\u5927\u7db1\u3067\u306f\u300c\u7279\u5b9a\u6697\u53f7\u8cc7\u7523\u306b\u4fc2\u308b\u3082\u306e\u306b\u9650\u308b\u300d\u3068\u3055\u308c\u3001\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u696d\u8005\u767b\u9332\u7c3f\u306b\u767b\u9332\u3055\u308c\u3066\u3044\u308b\u6697\u53f7\u8cc7\u7523\u7b49\u304c\u8981\u4ef6\u3068\u3057\u3066\u793a\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u203b14\uff09\u3002<strong>\u3053\u306e\u8981\u4ef6\u306b\u7167\u3089\u3059\u3068\u3001\u6d77\u5916\u306e\u672a\u767b\u9332\u696d\u8005\u3092\u7d4c\u7531\u3057\u305f\u53d6\u5f15\u306f\u5206\u96e2\u8ab2\u7a0e\u306e\u5bfe\u8c61\u5916\u3068\u306a\u308a\u7dcf\u5408\u8ab2\u7a0e\u306e\u307e\u307e\u6b8b\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001Deribit\u7b49\u3092\u4f7f\u3046\u65b9\u306b\u306f\u76f4\u7d50\u3059\u308b\u8ad6\u70b9\u3067\u3059\u3002<\/strong>\u9069\u7528\u958b\u59cb\u6642\u671f\u3082\u65bd\u884c\u65e5\u306b\u9023\u52d5\u3059\u308b\u305f\u3081\u3001\u73fe\u6642\u70b9\u3067\u306f\u78ba\u5b9a\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n\n<div class=\"swell-block-balloon\"><div class=\"c-balloon -bln-left\" data-col=\"gray\"><div class=\"c-balloon__icon -square\"><img decoding=\"async\" loading=\"lazy\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview-150x150.png\" alt=\"\" class=\"c-balloon__iconImg\" width=\"80px\" height=\"80px\"><span class=\"c-balloon__iconName\">\u6c34\u91ce \u502b\u592a\u90ce<\/span><\/div><div class=\"c-balloon__body -speaking -border-none\"><div class=\"c-balloon__text\">\n<p><span class=\"swl-fz u-fz-s\">\u300c\u5206\u96e2\u8ab2\u7a0e\u306b\u306a\u308b\u3089\u3057\u3044\u304b\u3089\u6d77\u5916\u3067\u308220.315%\u300d\u3068\u3044\u3046\u7406\u89e3\u306f\u3001\u73fe\u6642\u70b9\u3067\u306f\u5371\u967a\u3067\u3059\u3002\u5927\u7db1\u306e\u6587\u8a00\u306f&#8221;\u7279\u5b9a\u6697\u53f7\u8cc7\u7523&#8221;\u306b\u9650\u5b9a\u3057\u3066\u3044\u3066\u3001\u767b\u9332\u696d\u8005\u3092\u7d4c\u7531\u3059\u308b\u304b\u3069\u3046\u304b\u304c\u5206\u304b\u308c\u76ee\u306b\u306a\u308a\u5f97\u307e\u3059\u3002\u307e\u3060\u5927\u7db1\u6bb5\u968e\u3067\u3059\u306e\u3067\u3001\u78ba\u5b9a\u60c5\u5831\u306f\u6cd5\u6848\u306e\u6210\u7acb\u3068\u65bd\u884c\u65e5\u3092\u5fc5\u305a\u3054\u78ba\u8a8d\u304f\u3060\u3055\u3044\u3002\u53d6\u5f15\u306e\u8a18\u9332\u306f\u4eca\u306e\u3046\u3061\u304b\u3089\u6b8b\u3057\u3066\u304a\u304f\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/span><\/p>\n<span class=\"c-balloon__shapes\"><span class=\"c-balloon__before\"><\/span><span class=\"c-balloon__after\"><\/span><\/span><\/div><\/div><\/div><\/div>\n\n<div class=\"p-blogParts post_content\" data-partsID=\"200256\">\n<div class=\"wp-block-columns pc_only border_main\">\n<div class=\"wp-block-column\">\n<div class=\"swell-block-columns u-mb-ctrl u-mb-0\"><div class=\"swell-block-columns__inner\">\n<div class=\"swell-block-column swl-has-mb--s\" style=\"--clmn-w--pc:20%\">\n<figure class=\"wp-block-image size-full is-style-rounded size_xs u-mb-ctrl u-mb-0\"><img decoding=\"async\" width=\"505\" height=\"494\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview.png\" alt=\"\" class=\"wp-image-203117\" style=\"object-fit:cover\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview.png 505w, https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview-300x293.png 300w\" sizes=\"(max-width: 505px) 100vw, 505px\" \/><\/figure>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.3\"><strong><span class=\"swl-fz u-fz-s\">\u6c34\u91ce \u502b\u592a\u90ce<\/span><\/strong><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><br>(\u682a)ICHIZEN HOLDINGS<\/mark><\/span><\/p>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1\"><span class=\"swl-fz u-fz-xs\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\">\u4ee3\u8868\u53d6\u7de0\u5f79<\/mark><\/span><\/p>\n<\/div>\n\n\n\n<div class=\"swell-block-column swl-has-mb--s\" data-valign=\"center\" style=\"--clmn-w--pc:80%\">\n<div class=\"wp-block-columns u-mb-ctrl u-mb-0\">\n<div class=\"wp-block-column\">\n<p class=\"u-mb-ctrl u-mb-0 wp-block-paragraph\"><strong><span style=\"text-decoration: underline;\"><span class=\"swl-fz u-fz-s\">\u3053\u306e\u8a18\u4e8b\u306e\u57f7\u7b46\u8005\/\u76e3\u4fee\u8005<\/span><\/span><\/strong><\/p>\n<\/div>\n\n\n\n<div class=\"wp-block-column\">\n<p class=\"has-text-align-right wp-block-paragraph\"><span class=\"swl-fz u-fz-s\"><a href=\"https:\/\/x.com\/Miizuno_sine\" data-type=\"link\" data-id=\"https:\/\/x.com\/Miizuno_sine\" target=\"_blank\" rel=\"noreferrer noopener\">X<\/a>\u30fb<a href=\"https:\/\/www.facebook.com\/profile.php?id=100010001685351\" data-type=\"link\" data-id=\"https:\/\/www.facebook.com\/profile.php?id=100010001685351\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a>\u30fb<a href=\"https:\/\/www.linkedin.com\/in\/%E5%80%AB%E5%A4%AA%E9%83%8E-%E6%B0%B4%E9%87%8E-6762ab27b\/?originalSubdomain=jp\" data-type=\"link\" data-id=\"https:\/\/www.linkedin.com\/in\/%E5%80%AB%E5%A4%AA%E9%83%8E-%E6%B0%B4%E9%87%8E-6762ab27b\/?originalSubdomain=jp\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a><\/span><\/p>\n<\/div>\n<\/div>\n\n\n\n<p class=\"u-mb-ctrl u-mb-10 wp-block-paragraph\" style=\"line-height:1.4\"><mark style=\"background-color:rgba(0, 0, 0, 0);color:#676262\" class=\"has-inline-color\"><span class=\"swl-fz u-fz-xs\">\u6176\u61c9\u7fa9\u587e\u5927\u5b66\u7d4c\u6e08\u5b66\u90e8\u5352\u30022017\u5e74\u7c73\u56fd\u7559\u5b66\u6642\u306b\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u3068\u51fa\u4f1a\u3044\u3001Web3\u306e\u696d\u754c\u306b\u8db3\u3092\u8e0f\u307f\u5165\u308c\u308b\u30022018\u5e74\u3001\u4eee\u60f3\u901a\u8ca8\u30e1\u30c7\u30a3\u30a2CoinOtaku\u306b\u5165\u793e\u30022019\u5e74\u306b\u306f\u540c\u793e\u306eCMO\u306b\u5c31\u4efb\u3057\u30012020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u3068M\uff06A\u3092\u884c\u3044\u3001\u69d8\u3005\u306a\u30af\u30ea\u30d7\u30c8\u4e8b\u696d\u3092\u5c55\u958b\u30022022\u5e74\u306b\u73fe\u5728\u4ee3\u8868\u53d6\u7de0\u5f79\u793e\u9577\u3092\u52d9\u3081\u308bICHIZEN HOLDINGS\u3092\u7acb\u3061\u4e0a\u3052\u69d8\u3005\u306aWeb3\u4e8b\u696d\u3092\u624b\u304c\u3051\u308b\u3002\u8907\u6570\u306eWeb3\u7cfb\u4e8b\u696d\u306b\u51fa\u8cc7\u3092\u884c\u3044\u306a\u304c\u3089\u6709\u8b58\u8005\u3068\u3057\u3066\u6d3b\u52d5\u3002<\/span><\/mark><\/p>\n<\/div>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<div class=\"wp-block-columns border_gray sp_only\">\n<div class=\"wp-block-column\">\n<figure class=\"wp-block-image size-full is-resized is-style-rounded\"><img decoding=\"async\" width=\"505\" height=\"494\" src=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview.png\" alt=\"\" class=\"wp-image-203117\" style=\"width:85px\" srcset=\"https:\/\/ichizenholdings.co.jp\/media\/wp-content\/uploads\/2025\/03\/DSC00474\u306e\u30b3\u30d4\u30fc2-removebg-preview.png 505w, 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c0,0.322,0.036,0.635,0.106,0.935C8.67,8.867,5.647,7.234,3.623,4.751C3.27,5.357,3.067,6.062,3.067,6.814 c0,1.424,0.724,2.679,1.825,3.415c-0.673-0.021-1.305-0.206-1.859-0.513c0,0.017,0,0.034,0,0.052c0,1.988,1.414,3.647,3.292,4.023 c-0.344,0.094-0.707,0.144-1.081,0.144c-0.264,0-0.521-0.026-0.772-0.074c0.522,1.63,2.038,2.816,3.833,2.85 c-1.404,1.1-3.174,1.756-5.096,1.756c-0.331,0-0.658-0.019-0.979-0.057c1.816,1.164,3.973,1.843,6.29,1.843 c7.547,0,11.675-6.252,11.675-11.675c0-0.178-0.004-0.355-0.012-0.531C20.985,7.47,21.68,6.747,22.23,5.924z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Twitter<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-facebook wp-block-social-link\"><a href=\"https:\/\/www.facebook.com\/profile.php?id=100010001685351\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M12 2C6.5 2 2 6.5 2 12c0 5 3.7 9.1 8.4 9.9v-7H7.9V12h2.5V9.8c0-2.5 1.5-3.9 3.8-3.9 1.1 0 2.2.2 2.2.2v2.5h-1.3c-1.2 0-1.6.8-1.6 1.6V12h2.8l-.4 2.9h-2.3v7C18.3 21.1 22 17 22 12c0-5.5-4.5-10-10-10z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">Facebook<\/span><\/a><\/li>\n\n<li class=\"wp-social-link wp-social-link-linkedin wp-block-social-link\"><a href=\"https:\/\/www.linkedin.com\/in\/%E5%80%AB%E5%A4%AA%E9%83%8E-%E6%B0%B4%E9%87%8E-6762ab27b\/?originalSubdomain=jp\" class=\"wp-block-social-link-anchor\"><svg width=\"24\" height=\"24\" viewBox=\"0 0 24 24\" version=\"1.1\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" aria-hidden=\"true\" focusable=\"false\"><path d=\"M19.7,3H4.3C3.582,3,3,3.582,3,4.3v15.4C3,20.418,3.582,21,4.3,21h15.4c0.718,0,1.3-0.582,1.3-1.3V4.3 C21,3.582,20.418,3,19.7,3z M8.339,18.338H5.667v-8.59h2.672V18.338z M7.004,8.574c-0.857,0-1.549-0.694-1.549-1.548 c0-0.855,0.691-1.548,1.549-1.548c0.854,0,1.547,0.694,1.547,1.548C8.551,7.881,7.858,8.574,7.004,8.574z M18.339,18.338h-2.669 v-4.177c0-0.996-0.017-2.278-1.387-2.278c-1.389,0-1.601,1.086-1.601,2.206v4.249h-2.667v-8.59h2.559v1.174h0.037 c0.356-0.675,1.227-1.387,2.526-1.387c2.703,0,3.203,1.779,3.203,4.092V18.338z\"><\/path><\/svg><span class=\"wp-block-social-link-label screen-reader-text\">LinkedIn<\/span><\/a><\/li><\/ul>\n\n\n\n<p class=\"has-text-align-center u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u76e3\u4fee<\/span>\u3000<strong><span style=\"font-size:19px\" class=\"swl-fz\">\u6c34\u91ce \u502b\u592a\u90ce<\/span><\/strong><br><span class=\"swl-fz u-fz-xs\">\u682a\u5f0f\u4f1a\u793eICHIZEN HOLDINGS \u4ee3\u8868\u53d6\u7de0\u5f79<\/span><\/p>\n\n\n\n<p class=\"has-text-align-left u-mb-ctrl u-mb-0 wp-block-paragraph\" style=\"line-height:1.7\"><span class=\"swl-fz u-fz-xs\">\u6176\u61c9\u7fa9\u587e\u5927\u5b66\u7d4c\u6e08\u5b66\u90e8\u30022017\u5e74\u7c73\u56fd\u7559\u5b66\u6642\u306b\u30d6\u30ed\u30c3\u30af\u30c1\u30a7\u30fc\u30f3\u3068\u51fa\u4f1a\u3044\u3001Web3\u306e\u696d\u754c\u306b\u8db3\u3092\u8e0f\u307f\u5165\u308c\u308b\u30022018\u5e74\u306b\u306f\u3001\u65e5\u672c\u6709\u6570\u306e\u4eee\u60f3\u901a\u8ca8\u30e1\u30c7\u30a3\u30a2CoinOtaku\u306b\u5165\u793e\u30022019\u5e74\u306b\u306f\u540c\u793e\u306eCMO\u306b\u5c31\u4efb\u3057\u30012020\u5e74\u306b\u6771\u8a3c\u4e8c\u90e8\u4e0a\u5834\u4f01\u696d\u3068M\uff06A\u3092\u884c\u3044\u3001\u69d8\u3005\u306a\u30af\u30ea\u30d7\u30c8\u4e8b\u696d\u3092\u5c55\u958b\u3059\u308b\u30022022\u5e74\u306b\u73fe\u5728\u4ee3\u8868\u53d6\u7de0\u5f79\u793e\u9577\u3092\u52d9\u3081\u308bICHIZEN HOLDINGS\u3092\u7acb\u3061\u4e0a\u3052\u69d8\u3005\u306aWeb3\u4e8b\u696d\u3092\u624b\u304c\u3051\u308b\u3002\u8907\u6570\u306eWeb3\u7cfb\u4e8b\u696d\u306b\u51fa\u8cc7\u3092\u884c\u3044\u306a\u304c\u3089\u6709\u8b58\u8005\u3068\u3057\u3066\u6d3b\u52d5\u3002<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u6697\u53f7\u8cc7\u7523\u306e\u7a0e\u91d1\u306e\u5168\u4f53\u50cf\u306f\u300c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/crypto-tax-japan\" target=\"_blank\" rel=\"noopener noreferrer\">\u4eee\u60f3\u901a\u8ca8\u306e\u7a0e\u91d1\u306f\u3044\u304f\u3089\u304b\u3089\uff1f\u7a0e\u7387\u30fb\u8a08\u7b97\u65b9\u6cd5\u30fb\u78ba\u5b9a\u7533\u544a<\/a>\u300d\u3067\u8a73\u3057\u304f\u89e3\u8aac\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" itemscope=\"\" itemtype=\"https:\/\/schema.org\/FAQPage\"><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b5\u30fc\u30d5\u30a7\u30b9\u3063\u3066\u3001\u4f55\u3067\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\uff08X\u8ef8\uff09\u3068\u6e80\u671f\u307e\u3067\u306e\u6b8b\u5b58\u671f\u9593\uff08Y\u8ef8\uff09\u3054\u3068\u306b\u7570\u306a\u308b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08Z\u8ef8\uff09\u3092\u30011\u679a\u306e\u7acb\u4f53\u7684\u306a\u66f2\u9762\u3068\u3057\u3066\u8868\u3057\u305f\u3082\u306e\u3067\u3059\u3002\u30b9\u30c8\u30e9\u30a4\u30af\u65b9\u5411\u306b\u5207\u308c\u3070\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u3001\u6e80\u671f\u65b9\u5411\u306b\u5207\u308c\u3070IV\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u304c\u73fe\u308c\u307e\u3059\u3002\u3064\u307e\u308a\u3001\u3053\u308c\u307e\u3067\u5225\u3005\u306b\u898b\u3066\u3044\u305f2\u3064\u306e\u65ad\u9762\u3092\u7d71\u5408\u3057\u305f\u300c\u5e02\u5834\u306e\u30ea\u30b9\u30af\u8a8d\u8b58\u306e\u5730\u56f3\u300d\u3060\u3068\u7406\u89e3\u3059\u308b\u3068\u5206\u304b\u308a\u3084\u3059\u3044\u3067\u3057\u3087\u3046\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u306a\u305c\u30aa\u30d7\u30b7\u30e7\u30f3\u306eIV\u306fATM\u3092\u5e95\u3068\u3059\u308b\u30b9\u30de\u30a4\u30eb\u30ab\u30fc\u30d6\u3092\u63cf\u304f\u306e\u3067\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">\u5e02\u5834\u53c2\u52a0\u8005\u304c\u60f3\u5b9a\u3059\u308b\u539f\u8cc7\u7523\u4fa1\u683c\u306e\u78ba\u7387\u5206\u5e03\u304c\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30fb\u30e2\u30c7\u30eb\u306e\u524d\u63d0\u3067\u3042\u308b\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u3067\u306f\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u73fe\u5b9f\u306e\u5206\u5e03\u306f\u7aef\uff08\u30c6\u30fc\u30eb\uff09\u304c\u539a\u3044\u3068\u8a8d\u8b58\u3055\u308c\u3066\u3044\u308b\u305f\u3081\u3001OTM\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u307b\u3069\u7406\u8ad6\u5024\u3088\u308a\u9ad8\u3044\u4fa1\u683c\u304c\u4ed8\u304d\u3001\u9006\u7b97\u3055\u308c\u308bIV\u304c\u6301\u3061\u4e0a\u304c\u308a\u307e\u3059\u3002\u7d50\u679c\u3068\u3057\u3066ATM\u4ed8\u8fd1\u3092\u5e95\u3068\u3059\u308bU\u5b57\u306e\u30ab\u30fc\u30d6\u304c\u73fe\u308c\u307e\u3059\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u30b9\u30de\u30a4\u30eb\u3068\u30b9\u30ad\u30e5\u30fc\u306f\u4f55\u304c\u9055\u3044\u307e\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">\u3069\u3061\u3089\u3082\u30b9\u30c8\u30e9\u30a4\u30af\u65b9\u5411\u306eIV\u306e\u4e26\u3073\u3092\u6307\u3057\u307e\u3059\u304c\u3001\u5f62\u304c\u9055\u3044\u307e\u3059\u3002ATM\u3092\u5e95\u306b\u4e21\u7aef\u304c\u6301\u3061\u4e0a\u304c\u308b\u5de6\u53f3\u5bfe\u79f0\u306b\u8fd1\u3044U\u5b57\u578b\u304c\u300c\u30b9\u30de\u30a4\u30eb\u300d\u3001\u4e0b\u65b9\u5411\u306e\u30d7\u30c3\u30c8\u5074\u3060\u3051\u304c\u5927\u304d\u304f\u6301\u3061\u4e0a\u304c\u3063\u305f\u975e\u5bfe\u79f0\u306a\u5f62\u304c\u300c\u30b9\u30ad\u30e5\u30fc\u300d\u3067\u3059\u3002\u682a\u5f0f\u6307\u6570\u30aa\u30d7\u30b7\u30e7\u30f3\u306f\u66b4\u843d\u3078\u306e\u4fdd\u967a\u9700\u8981\u304c\u6052\u5e38\u7684\u306b\u3042\u308b\u305f\u3081\u3001\u30b9\u30ad\u30e5\u30fc\u306e\u5f62\u306b\u306a\u308a\u3084\u3059\u3044\u50be\u5411\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u306e\u7121\u88c1\u5b9a\u6761\u4ef6\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">\u89b3\u6e2c\u70b9\u3092\u3064\u306a\u3044\u3067\u66f2\u9762\u3092\u4f5c\u308b\u969b\u306b\u3001\u7406\u8ad6\u4e0a\u3042\u308a\u5f97\u306a\u3044\u4fa1\u683c\u95a2\u4fc2\u3092\u751f\u307e\u306a\u3044\u305f\u3081\u306e\u5236\u7d04\u3067\u3059\u3002\u5927\u304d\u304f\u30ab\u30ec\u30f3\u30c0\u30fc\u30b9\u30d7\u30ec\u30c3\u30c9\u6761\u4ef6\uff08\u6e80\u671f\u65b9\u5411\u306e\u6574\u5408\u6027\uff09\u3068\u30d0\u30bf\u30d5\u30e9\u30a4\u30b9\u30d7\u30ec\u30c3\u30c9\u6761\u4ef6\uff08\u30b9\u30c8\u30e9\u30a4\u30af\u65b9\u5411\u306e\u6574\u5408\u6027\uff09\u306e2\u3064\u306b\u6574\u7406\u3055\u308c\u307e\u3059\u3002\u88dc\u9593\u3084\u88dc\u5916\u304c\u307e\u305a\u3044\u3068\u3053\u308c\u3089\u306e\u6761\u4ef6\u304c\u7834\u308c\u3001\u8a08\u7b97\u4e0a\u30ea\u30b9\u30af\u306a\u3057\u3067\u5229\u76ca\u304c\u53d6\u308c\u308b\u88c1\u5b9a\u6a5f\u4f1a\u304c\u751f\u3058\u3066\u3057\u307e\u3044\u307e\u3059\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3068\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u4f55\u304c\u9055\u3044\u307e\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08IV\uff09\u306f\u3001\u5e02\u5834\u3067\u4ed8\u3044\u3066\u3044\u308b\u30aa\u30d7\u30b7\u30e7\u30f3\u4fa1\u683c\u304b\u3089\u9006\u7b97\u3055\u308c\u305f\u300c\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u3080\u4e88\u60f3\u5909\u52d5\u7387\u300d\u3067\u3059\u3002\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u5c40\u6240\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff09\u306f\u3001\u305d\u306eIV\u30b5\u30fc\u30d5\u30a7\u30b9\u5168\u4f53\u304b\u3089\u9006\u7b97\u3055\u308c\u308b\u300c\u5404\u6642\u70b9\u30fb\u5404\u4fa1\u683c\u6c34\u6e96\u306b\u304a\u3051\u308b\u77ac\u9593\u7684\u306a\u5909\u52d5\u7387\u300d\u3092\u8868\u3059\u95a2\u6570\u3067\u3001Dupire\u304c1994\u5e74\u306b\u4e00\u610f\u306b\u5c0e\u51fa\u3067\u304d\u308b\u3053\u3068\u3092\u793a\u3057\u307e\u3057\u305f\u3002IV\u304c\u89b3\u6e2c\u5024\u3001\u30ed\u30fc\u30ab\u30eb\u30dc\u30e9\u306f\u305d\u3053\u304b\u3089\u5c0e\u304b\u308c\u308b\u30e2\u30c7\u30eb\u91cf\u3068\u3044\u3046\u95a2\u4fc2\u3067\u3059\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>SVI\u30e2\u30c7\u30eb\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f\u306a\u305c\u30d5\u30a3\u30c3\u30c6\u30a3\u30f3\u30b0\u306b\u4f7f\u308f\u308c\u308b\u306e\u3067\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">SVI\uff08Stochastic Volatility Inspired\uff09\u306f\u3001\u539f\u8cc7\u7523\u306e\u30c0\u30a4\u30ca\u30df\u30af\u30b9\u3092\u4eee\u5b9a\u305b\u305aIV\u3068\u30b9\u30c8\u30e9\u30a4\u30af\u306e\u95a2\u4fc2\u3092\u76f4\u63a5\u30d1\u30e9\u30e1\u30fc\u30bf\u3067\u6307\u5b9a\u3059\u308b\u30e2\u30c7\u30eb\u3067\u3059\u3002\u5c11\u306a\u3044\u30d1\u30e9\u30e1\u30fc\u30bf\u3067\u5e02\u5834\u306e\u30b9\u30de\u30a4\u30eb\u5f62\u72b6\u3092\u7cbe\u5ea6\u3088\u304f\u518d\u73fe\u3067\u304d\u3001Gatheral\u3068Jacquier\u306b\u3088\u308a\u7121\u88c1\u5b9a\u6761\u4ef6\u3092\u6e80\u305f\u3059\u5b9a\u5f0f\u5316\u304c\u793a\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6271\u3044\u3084\u3059\u3055\u304b\u3089\u682a\u5f0f\u30b9\u30de\u30a4\u30eb\u306e\u30d5\u30a3\u30c3\u30c6\u30a3\u30f3\u30b0\u6a19\u6e96\u3068\u3057\u3066\u5e83\u304f\u4f7f\u308f\u308c\u3001Deribit\u306eIV\u30b5\u30fc\u30d5\u30a7\u30b9\u306b\u3082\u63a1\u7528\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u682a\u5f0f\u6307\u6570\u3068\u3069\u3046\u9055\u3044\u307e\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">\u30b9\u30ad\u30e5\u30fc\u306e\u5411\u304d\u304c\u56fa\u5b9a\u7684\u3067\u306a\u3044\u70b9\u304c\u6700\u5927\u306e\u9055\u3044\u3067\u3059\u3002\u682a\u5f0f\u6307\u6570\u306f\u4e0b\u843d\u8b66\u6212\u306b\u3088\u308b\u8ca0\u306e\u30b9\u30ad\u30e5\u30fc\u304c\u6052\u5e38\u7684\u3067\u3059\u304c\u3001BTC\u3067\u306f\u30b9\u30dd\u30c3\u30c8\u3068\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u76f8\u95a2\u304c\u53cd\u8ee2\u3059\u308b\u5c40\u9762\u304c\u3042\u308a\u307e\u3059\u3002Deribit\u306e\u5206\u6790\u3067\u306f\u30012022\u5e74\u306f\u8ca0\u306e\u76f8\u95a2\u3060\u3063\u305f\u4e00\u65b9\u30012023\u5e74\u7b2c1\u56db\u534a\u671f\u306b\u306f\u91d1\u306a\u3069\u306e\u4ee3\u66ff\u30de\u30cd\u30fc\u306b\u4f3c\u305f\u6b63\u306e\u76f8\u95a2\u3092\u793a\u3057\u300125\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u5074\u304cATM\u3088\u308a\u9ad8\u304f\u30ea\u30d7\u30e9\u30a4\u30b9\u3055\u308c\u308b\u5f62\u72b6\u3082\u89b3\u6e2c\u3055\u308c\u307e\u3057\u305f\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u3069\u3053\u3067\u898b\u3089\u308c\u307e\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">BTC\u30fbETH\u3067\u3042\u308c\u3070Deribit\u306e\u516c\u5f0f\u30da\u30fc\u30b8\u3067DVOL\u3084\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6570\u3092\u7121\u6599\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u300225\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u3084\u30d0\u30bf\u30d5\u30e9\u30a4\u307e\u3067\u898b\u305f\u3044\u5834\u5408\u306fLaevitas\u3001\u65e5\u672c\u8a9e\u8868\u793a\u306a\u3089CoinGlass\u304c\u9078\u629e\u80a2\u306b\u306a\u308a\u307e\u3059\uff08\u4e00\u90e8\u6a5f\u80fd\u306f\u30ed\u30b0\u30a4\u30f3\u304c\u5fc5\u8981\u3067\u3059\uff09\u3002\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u9650\u6708\u5225IV\u30fbHV\u306f\u3001Option Dojo\u304c2003\u5e74\u4ee5\u964d\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u7121\u6599\u3067\u516c\u958b\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n<\/div><\/div><\/div><div class=\"swell-block-faq__item\" itemscope=\"\" itemprop=\"mainEntity\" itemtype=\"https:\/\/schema.org\/Question\"><h3 class=\"swell-block-faq__question\" itemprop=\"name\"><span>\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u5229\u76ca\u306b\u7a0e\u91d1\u306f\u304b\u304b\u308a\u307e\u3059\u304b\uff1f\u5206\u96e2\u8ab2\u7a0e\u306b\u306a\u308a\u307e\u3059\u304b\uff1f<\/span><\/h3><div class=\"swell-block-faq__answer\" itemscope=\"\" itemprop=\"acceptedAnswer\" itemtype=\"https:\/\/schema.org\/Answer\"><div itemprop=\"text\">\n\n<p class=\"wp-block-paragraph\">\u304b\u304b\u308a\u307e\u3059\u3002\u56fd\u7a0e\u5e81\u306eFAQ\u306b\u3088\u308c\u3070\u3001\u6697\u53f7\u8cc7\u7523\u306e\u8a3c\u62e0\u91d1\u53d6\u5f15\u306f\u79df\u7a0e\u7279\u5225\u63aa\u7f6e\u6cd5\u306b\u3088\u308a\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\u306e\u5bfe\u8c61\u304b\u3089\u9664\u304b\u308c\u3066\u304a\u308a\u3001\u73fe\u884c\u3067\u306f\u7dcf\u5408\u8ab2\u7a0e\uff08\u96d1\u6240\u5f97\uff09\u306e\u5bfe\u8c61\u3067\u3059\u3002\u4ee4\u548c8\u5e74\u5ea6\u7a0e\u5236\u6539\u6b63\u5927\u7db1\u3067\u306f\u6697\u53f7\u8cc7\u7523\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u3092\u5206\u96e2\u8ab2\u7a0e\u306e\u5bfe\u8c61\u306b\u52a0\u3048\u308b\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u304c\u3001\u5927\u7db1\u6bb5\u968e\u306e\u305f\u3081\u6cd5\u6848\u306e\u6210\u7acb\u3068\u65bd\u884c\u3092\u8981\u78ba\u8a8d\u3067\u3059\u3002\u5bfe\u8c61\u306f\u300c\u7279\u5b9a\u6697\u53f7\u8cc7\u7523\u300d\u306b\u9650\u3089\u308c\u308b\u65b9\u5411\u306e\u305f\u3081\u3001\u6d77\u5916\u306e\u672a\u767b\u9332\u696d\u8005\u7d4c\u7531\u306e\u53d6\u5f15\u304c\u5bfe\u8c61\u306b\u306a\u308b\u304b\u306f\u73fe\u6642\u70b9\u3067\u78ba\u5b9a\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/p>\n\n<\/div><\/div><\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u3001\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u30fb\u6b8b\u5b58\u671f\u9593\u30fbIV\u306e3\u8ef8\u3067\u5e02\u5834\u306e\u30ea\u30b9\u30af\u8a8d\u8b58\u3092\u53ef\u8996\u5316\u3057\u305f\u5730\u56f3\u3067\u3059\u3002\u30b9\u30de\u30a4\u30eb\u3068\u30bf\u30fc\u30e0\u30b9\u30c8\u30e9\u30af\u30c1\u30e3\u30fc\u3092\u5225\u3005\u306b\u898b\u3066\u3044\u305f\u65b9\u3082\u3001\u4e21\u8005\u30921\u679a\u306b\u7d71\u5408\u3057\u305f\u3082\u306e\u3068\u6349\u3048\u76f4\u305b\u3070\u3001\u96e3\u89e3\u306a3D\u30b0\u30e9\u30d5\u3067\u306f\u306a\u304f\u306a\u308b\u3067\u3057\u3087\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f2\u9762\u304c\u5e73\u3089\u306b\u306a\u3089\u306a\u3044\u306e\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u304c\u524d\u63d0\u3068\u3059\u308b\u5bfe\u6570\u6b63\u898f\u5206\u5e03\u3068\u5e02\u5834\u306e\u8a8d\u8b58\u304c\u30ba\u30ec\u3066\u3044\u308b\u305f\u3081\u3067\u3059\u3002<strong>\u3053\u306e\u6b6a\u307f\u306f\u30e2\u30c7\u30eb\u306e\u8aa4\u5dee\u3067\u306f\u306a\u304f\u3001\u5e02\u5834\u53c2\u52a0\u8005\u306e\u30ea\u30b9\u30af\u8a8d\u8b58\u305d\u306e\u3082\u306e\u3092\u6620\u3057\u305f\u60c5\u5831\u3060\u3068\u6349\u3048\u3066\u304f\u3060\u3055\u3044\u3002<\/strong>\u5b9f\u52d9\u3067\u306f\u3001SVI\u3084SABR\u3068\u3044\u3063\u305f\u30e2\u30c7\u30eb\u304c\u7121\u88c1\u5b9a\u6761\u4ef6\u3092\u4fdd\u3061\u306a\u304c\u3089\u66f2\u9762\u3092\u69cb\u7bc9\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u3057\u3066BTC\u306e\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u3001\u682a\u5f0f\u6307\u6570\u306e\u5e38\u8b58\u304c\u305d\u306e\u307e\u307e\u901a\u3058\u307e\u305b\u3093\u3002\u30b9\u30ad\u30e5\u30fc\u306e\u5411\u304d\u306f\u53cd\u8ee2\u3057\u5f97\u307e\u3059\u3057\u3001DVOL\u306f\u6050\u6016\u6307\u6570\u3068\u3044\u3046\u3088\u308a\u4e0a\u4e0b\u53cc\u65b9\u5411\u306e\u5909\u52d5\u8a08\u5668\u3067\u3059\u3002<strong>\u307e\u305a\u306fDeribit\u3067\u5b9f\u7269\u306e\u5f62\u3092\u773a\u3081\u3001\u50be\u304d\u30fb\u76db\u308a\u4e0a\u304c\u308a\u30fb\u7a7a\u767d\u306e3\u70b9\u3092\u8ffd\u3046\u3068\u3053\u308d\u304b\u3089\u59cb\u3081\u3066\u307f\u3066\u306f\u3044\u304b\u304c\u3067\u3057\u3087\u3046\u304b\u3002<\/strong>\u305d\u306e\u3046\u3048\u3067\u3001\u5229\u76ca\u304c\u51fa\u305f\u969b\u306e\u7a0e\u52d9\u307e\u3067\u542b\u3081\u3066\u8a2d\u8a08\u3067\u304d\u308c\u3070\u3001\u30b5\u30fc\u30d5\u30a7\u30b9\u306f\u5b9f\u6226\u7684\u306a\u6b66\u5668\u306b\u306a\u308b\u3068\u8a00\u3048\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><span style=\"color: #999;\">\u53c2\u8003\u6587\u732e<\/span><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\"><span style=\"color: #999;\">\u203b1 Quant College\u300c\u30b9\u30de\u30a4\u30eb\u3068\u306f\uff1f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u3092\u308f\u304b\u308a\u3084\u3059\u304f\u89e3\u8aac\u300d\uff08<a href=\"https:\/\/quantcollege.net\/smile-pricing-volatility-smile-explained\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/quantcollege.net\/smile-pricing-volatility-smile-explained<\/a>\uff09<br>\u203b2 Deribit Insights\u300cThe BTC Volatility Surface \u2013 Q1 2023\u300d\uff08<a href=\"https:\/\/insights.deribit.com\/industry\/the-btc-volatility-surface-q1-2023\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/insights.deribit.com\/industry\/the-btc-volatility-surface-q1-2023\/<\/a>\uff09<br>\u203b3 Quant College\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30a4\u30b9\u306e\u7121\u88c1\u5b9a\u6761\u4ef6\u30fb2\u3064\u300d\uff08<a href=\"https:\/\/quantcollege.net\/%E3%83%9C%E3%83%A9%E3%83%86%E3%82%A3%E3%83%AA%E3%83%86%E3%82%A3%E3%82%B5%E3%83%BC%E3%83%95%E3%82%A7%E3%82%A4%E3%82%B9%E3%81%AE%E7%84%A1%E8%A3%81%E5%AE%9A%E6%9D%A1%E4%BB%B6-%EF%BC%92\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/quantcollege.net\/\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30a4\u30b9\u306e\u7121\u88c1\u5b9a\u6761\u4ef6-\uff12\u3064<\/a>\uff09<br>\u203b4 Gatheral, J. and Jacquier, A.\u300cArbitrage-free SVI volatility surfaces\u300darXiv:1204.0646\uff08<a href=\"https:\/\/arxiv.org\/pdf\/1204.0646\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/arxiv.org\/pdf\/1204.0646<\/a>\uff09<br>\u203b5 Deribit\u300cDVOL &#8211; Deribit Implied Volatility Index\u300d\uff08<a href=\"https:\/\/insights.deribit.com\/exchange-updates\/dvol-deribit-implied-volatility-index\/\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/insights.deribit.com\/exchange-updates\/dvol-deribit-implied-volatility-index\/<\/a>\uff09<br>\u203b6 Hagan, P., Kumar, D., Lesniewski, A. and Woodward, D.\u300cManaging Smile Risk\u300dWilmott Magazine, 2002\uff08<a href=\"https:\/\/www.next-finance.net\/IMG\/pdf\/pdf_SABR.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.next-finance.net\/IMG\/pdf\/pdf_SABR.pdf<\/a>\uff09<br>\u203b7 \u65e5\u672c\u9280\u884c\u91d1\u878d\u7814\u7a76\u6240\u300c\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u5e02\u5834\u306b\u304a\u3051\u308b\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30e2\u30c7\u30eb\u306e\u767a\u5c55\u300d\uff08<a href=\"https:\/\/www.imes.boj.or.jp\/research\/papers\/japanese\/kk30-4-6.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.imes.boj.or.jp\/research\/papers\/japanese\/kk30-4-6.pdf<\/a>\uff09<br>\u203b8 Deribit\u300cBTC Volatility Index\uff08DVOL\uff09\u300d\uff08<a href=\"https:\/\/www.deribit.com\/statistics\/BTC\/volatility-index\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.deribit.com\/statistics\/BTC\/volatility-index<\/a>\uff09\u203bDVOL\u306e\u6570\u5024\u306f2026\u5e747\u6708\u6642\u70b9<br>\u203b9 Option Dojo\u300c\u65e5\u7d4c225\u30aa\u30d7\u30b7\u30e7\u30f3 \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30c1\u30e3\u30fc\u30c8\u300d\uff08<a href=\"https:\/\/www.option-dojo.com\/kn\/225_vola.html\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.option-dojo.com\/kn\/225_vola.html<\/a>\uff09<br>\u203b10 ICHIZEN Capital note\u300c\u30104\/28\u3011\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3Vol Surface\u306e\u50c5\u304b\u306a\u6b6a\u307f\u304c\u898b\u305b\u308b\u5e02\u5834\u306e\u69d8\u5b50\u898b\u30e0\u30fc\u30c9+\u77ed\u671f\u30ed\u30f3\u30b0\u306e\u512a\u52e2\u7406\u7531\u300d\uff08<a href=\"https:\/\/note.com\/ichizen_capital\/n\/n963e15c8efce\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/note.com\/ichizen_capital\/n\/n963e15c8efce<\/a>\uff09<br>\u203b11 ICHIZEN Capital note\u300c\u30106\/30\u3011Vol surface\u304c\u793a\u3059BTC\u69d8\u5b50\u898b\u30e0\u30fc\u30c9+8\/21\u306b\u304b\u3051\u3066\u306e\u6700\u9069\u30b7\u30e7\u30fc\u30c8\u6226\u7565\u300d\uff08<a href=\"https:\/\/note.com\/ichizen_capital\/n\/nf0e427573743\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/note.com\/ichizen_capital\/n\/nf0e427573743<\/a>\uff09<br>\u203b12 \u56fd\u7a0e\u5e81\u300c\u6697\u53f7\u8cc7\u7523\u7b49\u306b\u95a2\u3059\u308b\u7a0e\u52d9\u4e0a\u306e\u53d6\u6271\u3044\u306b\u3064\u3044\u3066\uff08FAQ\uff09\u300d2-12 \u6697\u53f7\u8cc7\u7523\u306e\u8a3c\u62e0\u91d1\u53d6\u5f15\uff08<a href=\"https:\/\/www.nta.go.jp\/publication\/pamph\/pdf\/virtual_currency_faq_03.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/publication\/pamph\/pdf\/virtual_currency_faq_03.pdf<\/a>\uff09<br>\u203b13 \u56fd\u7a0e\u5e81\u300c\u30bf\u30c3\u30af\u30b9\u30a2\u30f3\u30b5\u30fc No.1522 \u5546\u54c1\u5148\u7269\u53d6\u5f15\u306b\u4fc2\u308b\u6240\u5f97\u7b49\u306e\u8ab2\u7a0e\u306e\u7279\u4f8b\u300d\uff08<a href=\"https:\/\/www.nta.go.jp\/taxes\/shiraberu\/taxanswer\/shotoku\/1522.htm\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.nta.go.jp\/taxes\/shiraberu\/taxanswer\/shotoku\/1522.htm<\/a>\uff09<br>\u203b14 EY\u7a0e\u7406\u58eb\u6cd5\u4eba\u300c\u4ee4\u548c8\u5e74\u5ea6\u7a0e\u5236\u6539\u6b63\u5927\u7db1\u300dJapan tax alert 2026\u5e741\u670828\u65e5\uff08<a href=\"https:\/\/www.ey.com\/content\/dam\/ey-unified-site\/ey-com\/ja-jp\/technical\/ey-japan-tax-library\/tax-alerts\/2026\/pdf\/ey-japan-tax-alert-28-jan-2026-jp.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">https:\/\/www.ey.com\/content\/dam\/ey-unified-site\/ey-com\/ja-jp\/technical\/ey-japan-tax-library\/tax-alerts\/2026\/pdf\/ey-japan-tax-alert-28-jan-2026-jp.pdf<\/a>\uff09<\/span><\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">\u203b\u5f53\u30b5\u30a4\u30c8\u306e\u60c5\u5831\u306f\u6295\u8cc7\u5224\u65ad\u306e\u53c2\u8003\u3068\u306a\u308b\u4e00\u822c\u7684\u306a\u60c5\u5831\u63d0\u4f9b\u3092\u76ee\u7684\u3068\u3057\u3066\u304a\u308a\u3001\u7279\u5b9a\u306e\u6697\u53f7\u8cc7\u7523\uff08\u4eee\u60f3\u901a\u8ca8\uff09\u3078\u306e\u6295\u8cc7\u3092\u52e7\u8a98\u3059\u308b\u3082\u306e\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u6697\u53f7\u8cc7\u7523\u53d6\u5f15\u306b\u306f\u30ea\u30b9\u30af\u304c\u4f34\u3044\u307e\u3059\u3002\u6700\u7d42\u7684\u306a\u6295\u8cc7\u5224\u65ad\u306f\u3054\u81ea\u8eab\u306e\u8cac\u4efb\u3067\u884c\u3063\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\uff08Vol Surface\uff09\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831 \u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b5\u30fc\u30d5\u30a7\u30b9\u3068\u306f\u3001\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u3068\u6b8b\u5b58\u671f\u9593\u306e\u7d44\u307f\u5408\u308f\u305b\u3054\u3068\u306b\u7570\u306a\u308b\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":205261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"swell_btn_cv_data":"{\"option-volatility-surface-bitget\":{\"pv\":3,\"imp\":3}}","footnotes":""},"categories":[121],"tags":[153],"class_list":["post-205027","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-option-trading","tag-level-advanced"],"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"ICHIZEN Capital\u306e\u30a4\u30c1\u62bc\u3057\u30dd\u30a4\u30f3\u30c8\uff01 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