{"id":205034,"date":"2026-07-16T17:30:22","date_gmt":"2026-07-16T08:30:22","guid":{"rendered":"https:\/\/ichizenholdings.co.jp\/media\/?p=205034"},"modified":"2026-07-21T18:03:32","modified_gmt":"2026-07-21T09:03:32","slug":"option-risk-reversal-skew","status":"publish","type":"post","link":"https:\/\/ichizenholdings.co.jp\/media\/trading\/option-trading\/option-risk-reversal-skew\/","title":{"rendered":"\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb(\u30b9\u30ad\u30e5\u30fc)\u3068\u306f\uff1f\u610f\u5473\u30fb25\u30c7\u30eb\u30bf\u306e\u8a08\u7b97\u65b9\u6cd5\u30fb\u8aad\u307f\u65b9\u3092\u5fd6\u5ea6\u306a\u304f\u89e3\u8aac"},"content":{"rendered":"\n<p class=\"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 is-style-wide u-mb-ctrl u-mb-10\"\/>\n\n\n\n<ul class=\"-list-under-dashed is-style-index wp-block-list\">\n<li><strong><span class=\"swl-marker mark_yellow\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306f\u3001\u540c\u3058\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee\u3067\u300c\u5e02\u5834\u304c\u3069\u3061\u3089\u5411\u304d\u306e\u30ea\u30b9\u30af\u3092\u8b66\u6212\u3057\u3066\u3044\u308b\u304b\u300d\u30921\u3064\u306e\u6570\u5024\u306b\u3057\u305f\u6307\u6a19<\/span><\/strong>\u3067\u3059\u3002\n<ul class=\"wp-block-list\">\n<li>\u6a19\u6e96\u306f\u300c\u6e80\u671f1\u30f6\u6708\u30fb\u30c7\u30eb\u30bf25%\u300d\u3067\u7b97\u51fa\u3057\u305f25\u30c7\u30eb\u30bf\u30fb\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb<\/li>\n\n<li>\u30b9\u30de\u30a4\u30eb\u30ab\u30fc\u30d6\u306e\u300c\u5de6\u53f3\u5dee\u300d\u3060\u3051\u3092\u629c\u304d\u51fa\u3057\u3066\u6570\u5024\u5316\u3057\u305f\u3082\u306e<\/li>\n<\/ul>\n<\/li>\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u6700\u5927\u306e\u843d\u3068\u3057\u7a74\u306f\u3001\u30d7\u30e9\u30b9\u3068\u30de\u30a4\u30ca\u30b9\u306e\u610f\u5473\u304c\u30c7\u30fc\u30bf\u63d0\u4f9b\u5143\u306b\u3088\u3063\u3066\u771f\u9006\u306b\u306a\u308b\u3053\u3068<\/span><\/strong>\u3002\u540c\u3058\u300c25\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u300d\u3067\u3082\u5b9a\u7fa9\u5f0f\u304c\u9055\u3044\u307e\u3059\u3002\n<ul class=\"wp-block-list\">\n<li>Coin Metrics\u306f\u300c\u30b3\u30fc\u30ebIV\u2212\u30d7\u30c3\u30c8IV\u300d\uff1d\u30d7\u30e9\u30b9\u304c\u5f37\u6c17<\/li>\n\n<li>Glassnode\u3084\u8ca1\u52d9\u7701\u306e\u89e3\u8aac\u306f\u300c\u30d7\u30c3\u30c8IV\u2212\u30b3\u30fc\u30ebIV\u300d\uff1d\u30d7\u30e9\u30b9\u304c\u5f31\u6c17<\/li>\n<\/ul>\n<\/li>\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u682a\u4fa1\u6307\u6570\u3068\u9055\u3044\u3001\u30b9\u30ad\u30e5\u30fc\u306e\u7b26\u53f7\u305d\u306e\u3082\u306e\u304c\u53cd\u8ee2\u3059\u308b\u8cc7\u7523<\/span><\/strong>\u3067\u3059\u3002\u300c\u5e38\u306b\u30d7\u30c3\u30c8\u304c\u9ad8\u3044\u300d\u3068\u3044\u3046\u682a\u306e\u5e38\u8b58\u3092\u6301\u3061\u8fbc\u3080\u3068\u8aad\u307f\u9055\u3048\u307e\u3059\u3002\n<ul class=\"wp-block-list\">\n<li>2026\u5e747\u6708\u6642\u70b9\u3067\u306f\u671f\u9593\u3092\u901a\u3058\u3066\u30d7\u30c3\u30c8\u512a\u52e2\u304c\u7d9a\u3044\u3066\u3044\u307e\u3057\u305f<\/li>\n\n<li>\u5f37\u6c17\u5c40\u9762\u3067\u306f\u30b3\u30fc\u30eb\u512a\u52e2\uff08\u30d7\u30e9\u30b9\uff09\u306b\u632f\u308c\u308b\u5834\u9762\u3082\u3042\u308b<\/li>\n<\/ul>\n<\/li>\n\n<li><strong><span class=\"swl-marker mark_yellow\">\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u300c\u53d6\u5f15\u3059\u308b\u6307\u6a19\u300d\u3067\u306f\u306a\u304f\u300c\u8aad\u3080\u6307\u6a19\u300d<\/span><\/strong>\u3068\u3044\u3046\u4f4d\u7f6e\u3065\u3051\u304c\u5b9f\u60c5\u306b\u5408\u3063\u3066\u3044\u307e\u3059\u3002\n<ul class=\"wp-block-list\">\n<li>\u4e3b\u6226\u5834\u306eDeribit\u306f\u65e5\u672c\u5c45\u4f4f\u8005\u306e\u65b0\u898f\u767b\u9332\u3092\u505c\u6b62\u3057\u305f\u3068\u5831\u3058\u3089\u308c\u3066\u3044\u307e\u3059<\/li>\n\n<li>ICHIZEN Capital\u306f\u300c\u30d5\u30ea\u30c3\u30d7\uff08\u7b26\u53f7\u306e\u53cd\u8ee2\u70b9\uff09\u300d\u3068\u3057\u3066\u5b9f\u969b\u306b\u8aad\u3093\u3067\u304d\u307e\u3057\u305f<\/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\">\u3053\u306e\u6307\u6a19\u3067\u4e00\u756a\u591a\u3044\u4e8b\u6545\u306f\u3001\u8a08\u7b97\u30df\u30b9\u3067\u3082\u5206\u6790\u30df\u30b9\u3067\u3082\u306a\u304f\u300c\u7b26\u53f7\u306e\u53d6\u308a\u9055\u3048\u300d\u3067\u3059\u3002\u65e5\u672c\u8a9e\u3067\u899a\u3048\u305f\u5411\u304d\u306e\u307e\u307e\u6d77\u5916\u306e\u30c0\u30c3\u30b7\u30e5\u30dc\u30fc\u30c9\u3092\u958b\u304f\u3068\u3001\u5f37\u6c17\u3092\u5f31\u6c17\u3068\u8aad\u3093\u3067\u3057\u307e\u3046\u3002\u307e\u305a\u305d\u3053\u3092\u6f70\u3057\u3066\u304b\u3089\u4e2d\u8eab\u306b\u5165\u308a\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\n<p class=\"wp-block-paragraph\"><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><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u3068\u306f\uff1f\u57fa\u672c\u60c5\u5831<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u3068\u306f\u3001\u540c\u3058\u6e80\u671f\u30fb\u540c\u3058\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u30aa\u30d7\u30b7\u30e7\u30f3\u3068\u30d7\u30c3\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30a4\u30f3\u30d7\u30e9\u30a4\u30c9\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08IV\uff09\u306e\u5dee\u3092\u53d6\u308a\u3001\u5e02\u5834\u306e\u65b9\u5411\u6027\u30d0\u30a4\u30a2\u30b9\u3092\u6570\u5024\u5316\u3057\u305f\u6307\u6a19\u3067\u3059\u3002<\/strong>\u30d7\u30c3\u30c8\u306eIV\u304c\u9ad8\u3051\u308c\u3070\u5e02\u5834\u306f\u4e0b\u843d\u3092\u3001\u30b3\u30fc\u30eb\u306eIV\u304c\u9ad8\u3051\u308c\u3070\u4e0a\u6607\u3092\u5f37\u304f\u8b66\u6212\u3057\u3066\u3044\u308b\u3068\u8aad\u307f\u53d6\u308c\u307e\u3059\u3002<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-iv-smile\" target=\"_blank\" rel=\"noopener\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\uff08IV\u30b9\u30de\u30a4\u30eb\uff09<\/a>\u306e\u300c\u5de6\u53f3\u5dee\u300d\u3060\u3051\u3092\u629c\u304d\u51fa\u3057\u305f\u6307\u6a19\u3001\u3068\u6349\u3048\u308b\u3068\u7406\u89e3\u304c\u65e9\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u307e\u305a\u5207\u308a\u5206\u3051\u3066\u304a\u304d\u305f\u3044\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u65e5\u672c\u8a9e\u3067\u300c\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u300d\u3092\u691c\u7d22\u3059\u308b\u3068\u3001\u8fd4\u91d1\u4fdd\u8a3c\u306a\u3069\u3067\u8cfc\u5165\u30cf\u30fc\u30c9\u30eb\u3092\u4e0b\u3052\u308b\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u7528\u8a9e\u304c\u591a\u304f\u51fa\u3066\u304d\u307e\u3059\u3002\u672c\u8a18\u4e8b\u3067\u6271\u3046\u306e\u306f<strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u306e\u6307\u6a19\u3068\u3057\u3066\u306e\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb<\/strong>\u3067\u3042\u308a\u3001\u4e21\u8005\u306f\u5168\u304f\u306e\u5225\u7269\u3067\u3059\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;\"><tbody><tr><td>\u540d\u79f0<\/td><td>\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\uff08Risk Reversal\uff09\uff0f\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\uff0f25\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc<\/td><\/tr><tr><td>\u4f55\u3092\u6e2c\u308b\u304b<\/td><td>\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee\uff1d\u5e02\u5834\u306e\u65b9\u5411\u6027\u30d0\u30a4\u30a2\u30b9\uff08\u6b6a\u307f\uff09<\/td><\/tr><tr><td>\u6a19\u6e96\u7684\u306a\u6761\u4ef6<\/td><td>\u6e80\u671f1\u30f6\u6708\u30fb\u30c7\u30eb\u30bf25%\uff08\u5e02\u5834\u6163\u884c\uff09<\/td><\/tr><tr><td>\u5358\u4f4d<\/td><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30dd\u30a4\u30f3\u30c8\uff08\uff05\uff09\u3002\u63d0\u4f9b\u5143\u306b\u3088\u308aATM IV\u3067\u6b63\u898f\u5316\u3059\u308b\u5834\u5408\u3042\u308a<\/td><\/tr><tr><td>2\u3064\u306e\u610f\u5473<\/td><td>\u2460\u30bb\u30f3\u30c1\u30e1\u30f3\u30c8\u6307\u6a19\u3000\u2461\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\uff08OTM\u30b3\u30fc\u30eb\u8cb7\u3044\uff0bOTM\u30d7\u30c3\u30c8\u58f2\u308a\uff09<\/td><\/tr><tr><td>\u4e3b\u306a\u89b3\u6e2c\u5148<\/td><td>Deribit\u3001The Block\u3001Coinglass\u3001Laevitas\u3001Glassnode<\/td><\/tr><tr><td>\u95a2\u9023\u6307\u6a19<\/td><td>DVOL\uff08\u30dc\u30e9\u306e\u6c34\u6e96\uff09\u3001IV\u30b9\u30de\u30a4\u30eb\uff08\u5206\u5e03\u306e\u5f62\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">\u300c\u6307\u6a19\u300d\u3068\u300c\u6226\u7565\u300d\u306f\u5225\u7269\u3067\u306f\u306a\u304f\u8868\u3068\u88cf<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306b\u306f2\u3064\u306e\u9854\u304c\u3042\u308a\u307e\u3059\u30021\u3064\u306fOTM\u30b3\u30fc\u30eb\u3092\u8cb7\u3044\u3001OTM\u30d7\u30c3\u30c8\u3092\u58f2\u308b<strong>\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565<\/strong>\u3068\u3057\u3066\u306e\u9854\u3002\u3082\u30461\u3064\u306f\u5e02\u5834\u306e\u30ea\u30b9\u30af\u8a8d\u8b58\u3092\u6620\u3059<strong>\u30bb\u30f3\u30c1\u30e1\u30f3\u30c8\u6307\u6a19<\/strong>\u3068\u3057\u3066\u306e\u9854\u3067\u3059\u3002\u3053\u306e2\u3064\u306f\u5225\u7269\u3068\u3057\u3066\u6697\u8a18\u3059\u308b\u306e\u3067\u306f\u306a\u304f\u3001\u540c\u3058\u3082\u306e\u306e\u8868\u3068\u88cf\u3068\u3057\u3066\u7406\u89e3\u3059\u308b\u3068\u8179\u843d\u3061\u3057\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u7406\u7531\u306f\u30b7\u30f3\u30d7\u30eb\u3067\u3059\u3002\u300c\u30b3\u30fc\u30eb\u3092\u8cb7\u3063\u3066\u30d7\u30c3\u30c8\u3092\u58f2\u308b\u300d\u3068\u3044\u3046\u6226\u7565\u3092\u7d44\u3080\u3068\u304d\u3001\u305d\u306e<strong>\u30b3\u30b9\u30c8\u306f\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee\u305d\u306e\u3082\u306e<\/strong>\u306b\u306a\u308a\u307e\u3059\u3002\u3064\u307e\u308a\u6226\u7565\u306e\u5024\u6bb5\u304c\u305d\u306e\u307e\u307e\u6307\u6a19\u306b\u306a\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u3059\u3002\u91ce\u6751\u8b49\u5238\u3082\u3001\u30ea\u30b9\u30af\u30fb\u30ea\u30d0\u30fc\u30b5\u30eb\u3092\u901a\u8ca8\u30aa\u30d7\u30b7\u30e7\u30f3\u6226\u7565\u306e\u4e00\u7a2e\u3068\u5b9a\u7fa9\u3057\u305f\u3046\u3048\u3067\u3001\u6e80\u671f1\u30f6\u6708\u30fb\u30c7\u30eb\u30bf25%\u3092\u6a19\u6e96\u3068\u3057\u3066\u7b97\u51fa\u3057\u305f\u3082\u306e\u304c\u5e02\u5834\u53c2\u52a0\u8005\u306e\u30ea\u30b9\u30af\u8a8d\u8b58\u3092\u53cd\u6620\u3059\u308b\u6307\u6a19\u3068\u3057\u3066\u7528\u3044\u3089\u308c\u308b\u3001\u3068\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\uff08\u203b1\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u691c\u7d22\u30ad\u30fc\u30ef\u30fc\u30c9\u306b\u300c\u30b9\u30ad\u30e5\u30fc\u300d\u304c\u4ed8\u304f\u5834\u5408\u3001\u6c42\u3081\u3089\u308c\u3066\u3044\u308b\u306e\u306f\u307b\u307c\u6307\u6a19\u3068\u3057\u3066\u306e\u610f\u5473\u3067\u3059\u3002\u672c\u8a18\u4e8b\u3082\u6307\u6a19\u5074\u3092\u4e3b\u5f79\u306b\u7f6e\u304d\u3001\u6226\u7565\u306f\u300c\u306a\u305cIV\u5dee\u304c\u6307\u6a19\u306b\u306a\u308b\u306e\u304b\u300d\u3092\u8aac\u660e\u3059\u308b\u5f79\u3068\u3057\u3066\u6271\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306e\u8a08\u7b97\u5f0f\u3068\u300c25\u30c7\u30eb\u30bf\u30fb1\u30f6\u6708\u300d\u304c\u6a19\u6e96\u306e\u7406\u7531<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u8a08\u7b97\u5f0f\u305d\u306e\u3082\u306e\u306f\u62cd\u5b50\u629c\u3051\u3059\u308b\u307b\u3069\u5358\u7d14\u3067\u3059\u3002<strong>\u540c\u3058\u6e80\u671f\u30fb\u540c\u3058\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30ebIV\u304b\u3089\u3001\u30d7\u30c3\u30c8IV\u3092\u5dee\u3057\u5f15\u304f\u3060\u3051<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><div class=\"cap_box_ttl\"><span><strong>25\u30c7\u30eb\u30bf\u30fb\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306e\u57fa\u672c\u5f0f<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-s\">25\u30c7\u30eb\u30bfRR \uff1d 25\u30c7\u30eb\u30bf\u30b3\u30fc\u30eb\u306eIV \u2212 25\u30c7\u30eb\u30bf\u30d7\u30c3\u30c8\u306eIV<\/span><\/p>\n\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">\u203b\u3053\u306e\u5411\u304d\u3067\u5b9a\u7fa9\u3057\u305f\u5834\u5408\u3001\u30d7\u30e9\u30b9\u306a\u3089\u30b3\u30fc\u30eb\u512a\u52e2\uff08\u5f37\u6c17\uff09\u3001\u30de\u30a4\u30ca\u30b9\u306a\u3089\u30d7\u30c3\u30c8\u512a\u52e2\uff08\u5f31\u6c17\uff09\u3002\u305f\u3060\u3057\u5f8c\u8ff0\u306e\u3068\u304a\u308a\u3001\u63d0\u4f9b\u5143\u306b\u3088\u3063\u3066\u306f\u5f15\u304d\u7b97\u306e\u5411\u304d\u304c\u9006\u306b\u306a\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u5358\u4f4d\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30dd\u30a4\u30f3\u30c8\uff08\uff05\uff09\u3067\u3059\u300225\u30c7\u30eb\u30bfRR\u304c\u30de\u30a4\u30ca\u30b910%\u3067\u3042\u308c\u3070\u300125\u30c7\u30eb\u30bf\u30d7\u30c3\u30c8\u306eIV\u304c25\u30c7\u30eb\u30bf\u30b3\u30fc\u30eb\u306eIV\u309210\u30dd\u30a4\u30f3\u30c8\u4e0a\u56de\u3063\u3066\u3044\u308b\u72b6\u614b\u3092\u6307\u3057\u307e\u3059\u3002<strong>\u4fa1\u683c\u306e\u5dee\u3067\u306f\u306a\u304fIV\u306e\u5dee\u3067\u3042\u308b\u70b9<\/strong>\u304c\u91cd\u8981\u3067\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u52d5\u3044\u3066\u3082\u76f4\u63a5\u306f\u6bd4\u8f03\u53ef\u80fd\u6027\u304c\u5931\u308f\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u306a\u305c\u300c\u30c7\u30eb\u30bf25%\u300d\u3067\u63c3\u3048\u308b\u306e\u304b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u305d\u306e\u3082\u306e\u3067\u6bd4\u8f03\u3057\u306a\u3044\u306e\u306f\u3001\u539f\u8cc7\u7523\u4fa1\u683c\u304c\u52d5\u304f\u305f\u3073\u306b\u300c\u540c\u3058\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u300d\u306e\u610f\u5473\u304c\u5909\u308f\u3063\u3066\u3057\u307e\u3046\u304b\u3089\u3067\u3059\u3002\u305d\u3053\u3067<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-delta\" target=\"_blank\" rel=\"noopener\">\u30c7\u30eb\u30bf<\/a>\u3092\u57fa\u6e96\u306b\u63c3\u3048\u307e\u3059\u3002<strong>\u30c7\u30eb\u30bf25%\u306f\u300cATM\u304b\u3089\u7a0b\u3088\u304f\u96e2\u308c\u305fOTM\u300d\u3092\u6307\u3059\u5171\u901a\u306e\u3082\u306e\u3055\u3057<\/strong>\u3068\u3057\u3066\u6a5f\u80fd\u3057\u3001\u4fa1\u683c\u304c\u52d5\u3044\u3066\u3082\u5e38\u306b\u540c\u3058\u8ddd\u96e2\u611f\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u540c\u58eb\u3092\u6bd4\u3079\u3089\u308c\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c7\u30eb\u30bf25%\u304c\u9078\u3070\u308c\u308b\u306e\u306f\u3001ATM\u306b\u8fd1\u3059\u304e\u305a\u9060\u3059\u304e\u306a\u3044\u6c34\u6e96\u3060\u304b\u3089\u3067\u3059\u3002ATM\u4ed8\u8fd1\u306f\u5de6\u53f3\u306eIV\u5dee\u304c\u307b\u3068\u3093\u3069\u51fa\u305a\u3001\u9006\u306b\u6975\u7aef\u306b\u6df1\u3044OTM\u306f\u6d41\u52d5\u6027\u304c\u8584\u304fIV\u304c\u4e0d\u5b89\u5b9a\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u4e2d\u9593\u3067\u3001\u30d8\u30c3\u30b8\u9700\u8981\u304c\u6700\u3082\u73fe\u308c\u3084\u3059\u3044\u5e2f\u304c\u30c7\u30eb\u30bf25%\u4ed8\u8fd1\u3068\u3044\u3046\u308f\u3051\u3067\u3059\u3002\u6e80\u671f1\u30f6\u6708\u304c\u6a19\u6e96\u3068\u3055\u308c\u308b\u306e\u3082\u3001\u77ed\u3059\u304e\u3066\u30a4\u30d9\u30f3\u30c8\u306b\u632f\u308a\u56de\u3055\u308c\u305a\u3001\u9577\u3059\u304e\u3066\u920d\u5316\u3082\u3057\u306a\u3044\u671f\u9593\u3060\u304b\u3089\u3067\u3059\uff08\u203b1\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d7\u30e9\u30b9\u30fb\u30de\u30a4\u30ca\u30b9\u306e\u8aad\u307f\u65b9\u2014\u2014\u7b26\u53f7\u306f\u30c7\u30fc\u30bf\u5143\u306b\u3088\u3063\u3066\u9006\u306b\u306a\u308b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u304c\u672c\u8a18\u4e8b\u3067\u6700\u3082\u4f1d\u3048\u305f\u3044\u90e8\u5206\u3067\u3059\u3002<strong>\u300c\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u304c\u30de\u30a4\u30ca\u30b9\u306a\u3089\u5f31\u6c17\u300d\u3068\u3044\u3046\u899a\u3048\u65b9\u306f\u3001\u534a\u5206\u3057\u304b\u6b63\u3057\u304f\u3042\u308a\u307e\u305b\u3093\u3002<\/strong>\u5f15\u304d\u7b97\u306e\u5411\u304d\u304c\u63d0\u4f9b\u5143\u3054\u3068\u306b\u9055\u3046\u305f\u3081\u3001\u540c\u3058\u5e02\u5834\u30fb\u540c\u3058\u65e5\u306e\u30c7\u30fc\u30bf\u3067\u3082\u7b26\u53f7\u304c\u53cd\u8ee2\u3059\u308b\u304b\u3089\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306b\u3001\u4e3b\u8981\u306a\u4e00\u6b21\u8cc7\u6599\u3092\u4e26\u3079\u308b\u3068\u5b9a\u7fa9\u304c\u5272\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u78ba\u8a8d\u3067\u304d\u307e\u3059\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>\u63d0\u4f9b\u5143\u30fb\u51fa\u5178<\/th><th>\u5b9a\u7fa9\u5f0f<\/th><th>\u30d7\u30e9\u30b9\u306e\u610f\u5473<\/th><\/tr><\/thead><tbody><tr><td>Coin Metrics\uff08\u203b2\uff09<\/td><td>\u30b3\u30fc\u30ebIV \u2212 \u30d7\u30c3\u30c8IV<\/td><td><strong>\u5f37\u6c17<\/strong>\uff08\u30b3\u30fc\u30eb\u512a\u52e2\uff09<\/td><\/tr><tr><td>Glassnode\uff08\u203b3\uff09<\/td><td>\uff08\u30d7\u30c3\u30c8IV \u2212 \u30b3\u30fc\u30ebIV\uff09\u00f7 ATM IV<\/td><td><strong>\u5f31\u6c17<\/strong>\uff08\u30d7\u30c3\u30c8\u512a\u52e2\uff09<\/td><\/tr><tr><td>\u8ca1\u52d9\u7701\u30fb\u670d\u90e8\u6c0f\u306e\u89e3\u8aac\uff08\u203b4\uff09<\/td><td>\u30d7\u30c3\u30c8IV \u2212 \u30b3\u30fc\u30ebIV<\/td><td><strong>\u5f31\u6c17<\/strong>\uff08\u30d7\u30c3\u30c8\u512a\u52e2\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Coin Metrics\u306f\u516c\u5f0f\u30c9\u30ad\u30e5\u30e1\u30f3\u30c8\u3067\u300c\u30b9\u30ad\u30e5\u30fc\u3092\u30b3\u30fc\u30eb\u304b\u3089\u30d7\u30c3\u30c8\u3092\u5f15\u3044\u305f\u3082\u306e\u3068\u3057\u3066\u5b9a\u7fa9\u3057\u3066\u3044\u308b\u305f\u3081\u3001\u7b26\u53f7\u304c\u65b9\u5411\u6027\u30d0\u30a4\u30a2\u30b9\u3092\u793a\u3059\u300d\u3068\u660e\u8a18\u3057\u3066\u3044\u307e\u3059\uff08\u203b2\uff09\u3002\u4e00\u65b9\u3067Glassnode\u306f25\u30c7\u30eb\u30bf\u30d7\u30c3\u30c8\u306eIV\u304b\u308925\u30c7\u30eb\u30bf\u30b3\u30fc\u30eb\u306eIV\u3092\u5f15\u304d\u3001\u3055\u3089\u306bATM IV\u3067\u6b63\u898f\u5316\u3057\u305f\u5024\u3092\u63a1\u7528\u3057\u3066\u3044\u307e\u3059\uff08\u203b3\uff09\u3002<strong>\u4e21\u8005\u306f\u7b26\u53f7\u304c\u6b63\u53cd\u5bfe<\/strong>\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3084\u3063\u304b\u3044\u306a\u306e\u306f\u3001\u65e5\u672c\u8a9e\u3067\u5b66\u3076\u3068\u5f8c\u8005\u306e\u5411\u304d\u306b\u89e6\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3053\u3068\u3067\u3059\u3002\u8ca1\u52d9\u7701\u306e\u520a\u884c\u7269\u306b\u63b2\u8f09\u3055\u308c\u305f\u670d\u90e8\u6c0f\u306e\u89e3\u8aac\u3067\u306f\u3001\u30b9\u30ad\u30e5\u30fc\u3092\u300c\u30d7\u30c3\u30c8\u306eIV\u2212\u30b3\u30fc\u30eb\u306eIV\u300d\u306e\u5f62\u3067\u8aac\u660e\u3057\u3066\u3044\u307e\u3059\uff08\u203b4\uff09\u3002<strong>\u65e5\u672c\u8a9e\u306e\u6559\u6750\u3067\u899a\u3048\u305f\u5411\u304d\u306e\u307e\u307e\u6d77\u5916\u306e\u30c0\u30c3\u30b7\u30e5\u30dc\u30fc\u30c9\u3092\u958b\u304f\u3068\u3001\u5f37\u6c17\u306e\u30b5\u30a4\u30f3\u3092\u5f31\u6c17\u3068\u8aad\u307f\u9055\u3048\u307e\u3059\u3002<\/strong><\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-intext\"><div class=\"cap_box_ttl\"><span><strong>\u7b26\u53f7\u306e\u4e8b\u6545\u3092\u9632\u3050\u5b9f\u52d9\u624b\u9806<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<p class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">\u6570\u5024\u3092\u898b\u308b\u524d\u306b\u3001\u305d\u306e\u30c1\u30e3\u30fc\u30c8\u306e\u5b9a\u7fa9\u5f0f\u3092\u5fc5\u305a\u78ba\u8a8d\u3057\u307e\u3059\u3002\u5b9a\u7fa9\u304c\u66f8\u304b\u308c\u3066\u3044\u306a\u3044\u5834\u5408\u306f\u3001\u660e\u3089\u304b\u306a\u6025\u843d\u5c40\u9762\u306e\u30c7\u30fc\u30bf\u3092\u898b\u3066\u300c\u30d7\u30c3\u30c8\u512a\u52e2\u304c\u30d7\u30e9\u30b9\u306b\u51fa\u308b\u304b\u30de\u30a4\u30ca\u30b9\u306b\u51fa\u308b\u304b\u300d\u3067\u5411\u304d\u3092\u5224\u5b9a\u3067\u304d\u307e\u3059\u3002\u8907\u6570\u30b5\u30a4\u30c8\u306e\u6570\u5024\u3092\u540c\u3058\u30b0\u30e9\u30d5\u3067\u6bd4\u8f03\u3057\u306a\u3044\u3053\u3068\u3082\u5fb9\u5e95\u3057\u305f\u3044\u70b9\u3067\u3059\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u6b63\u898f\u5316\u306e\u6709\u7121\u3082\u898b\u843d\u3068\u305b\u307e\u305b\u3093\u3002Glassnode\u306e\u3088\u3046\u306bATM IV\u3067\u5272\u308b\u65b9\u5f0f\u3067\u306f\u3001IV\u6c34\u6e96\u305d\u306e\u3082\u306e\u304c\u9ad8\u3044\u5c40\u9762\u3067\u30b9\u30ad\u30e5\u30fc\u306e\u6570\u5024\u304c\u76f8\u5bfe\u7684\u306b\u5c0f\u3055\u304f\u51fa\u307e\u3059\u3002<strong>\u751f\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30dd\u30a4\u30f3\u30c8\u5dee\u3068\u3001\u6b63\u898f\u5316\u6e08\u307f\u306e\u6bd4\u7387\u306f\u3001\u305d\u3082\u305d\u3082\u6bd4\u8f03\u3067\u304d\u306a\u3044\u5225\u306e\u6570\u5024<\/strong>\u3067\u3059\u3002\u904e\u53bb\u3068\u306e\u6bd4\u8f03\u3067\u300c\u6b6a\u307f\u304c\u5f31\u307e\u3063\u305f\u300d\u3068\u5224\u65ad\u3059\u308b\u524d\u306b\u3001\u540c\u3058\u5b9a\u7fa9\u306e\u7cfb\u5217\u3092\u898b\u3066\u3044\u308b\u304b\u3092\u78ba\u8a8d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\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\/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\">\u7b26\u53f7\u306e\u8a71\u3092\u7d30\u304b\u3044\u3068\u611f\u3058\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u304c\u3001\u3053\u3053\u3092\u9593\u9055\u3048\u308b\u3068\u5206\u6790\u306e\u5168\u5de5\u7a0b\u304c\u9006\u5411\u304d\u306b\u8d70\u308a\u307e\u3059\u3002\u4f7f\u3046\u30b5\u30a4\u30c8\u30921\u3064\u306b\u56fa\u5b9a\u3057\u3066\u3001\u305d\u306e\u5b9a\u7fa9\u3060\u3051\u3092\u4f53\u306b\u5165\u308c\u308b\u3002\u3053\u308c\u304c\u4e00\u756a\u4e8b\u6545\u304c\u5c11\u306a\u3044\u3084\u308a\u65b9\u3067\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\n<h2 class=\"wp-block-heading\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u30fb\u30b9\u30ad\u30e5\u30fc\u3068\u306e\u95a2\u4fc2<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306f\u3001\u5358\u72ec\u3067\u751f\u307e\u308c\u305f\u6307\u6a19\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u3068\u3044\u3046\u300c\u66f2\u7dda\u300d\u304b\u3089\u3001\u5de6\u53f3\u306e\u975e\u5bfe\u79f0\u6027\u3060\u3051\u3092\u629c\u304d\u51fa\u3057\u30661\u3064\u306e\u6570\u5024\u306b\u5727\u7e2e\u3057\u305f\u3082\u306e<\/strong>\u3067\u3059\u3002\u95a2\u4fc2\u3092\u6574\u7406\u3059\u308b\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\u308a\u307e\u3059\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>\u6307\u6a19<\/th><th>\u5f62\u5f0f<\/th><th>\u308f\u304b\u308b\u3053\u3068<\/th><\/tr><\/thead><tbody><tr><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb<\/td><td>\u66f2\u7dda\uff08\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306eIV\u5206\u5e03\uff09<\/td><td>\u3069\u306e\u4fa1\u683c\u5e2f\u306b\u30ea\u30b9\u30af\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u304b\u306e\u5168\u4f53\u50cf<\/td><\/tr><tr><td>\u30b9\u30ad\u30e5\u30fc<\/td><td>\u66f2\u7dda\u306e\u50be\u304d\u30fb\u975e\u5bfe\u79f0\u6027<\/td><td>\u6b6a\u307f\u304c\u3069\u3061\u3089\u5074\u306b\u5bc4\u3063\u3066\u3044\u308b\u304b<\/td><\/tr><tr><td>\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb<\/td><td>1\u3064\u306e\u6570\u5024\uff08IV\u5dee\uff09<\/td><td>\u975e\u5bfe\u79f0\u6027\u306e\u5f37\u3055\u3092\u6642\u7cfb\u5217\u3067\u6bd4\u8f03\u3067\u304d\u308b<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u66f2\u7dda\u306f\u60c5\u5831\u91cf\u304c\u591a\u3044\u4ee3\u308f\u308a\u306b\u3001\u65e5\u3005\u306e\u5909\u5316\u3092\u6bd4\u8f03\u3057\u306b\u304f\u3044\u3068\u3044\u3046\u5f31\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306f\u305d\u3053\u3092\u88dc\u3044\u3001<strong>\u300c\u6628\u65e5\u3088\u308a\u6b6a\u307f\u304c\u5f37\u307e\u3063\u305f\u304b\u3001\u5f31\u307e\u3063\u305f\u304b\u300d\u3092\u4e00\u76ee\u3067\u8ffd\u3048\u308b\u5f62<\/strong>\u306b\u3057\u3066\u304f\u308c\u307e\u3059\u3002\u9006\u306b\u8a00\u3048\u3070\u30011\u3064\u306e\u6570\u5024\u306b\u5727\u7e2e\u3057\u305f\u6642\u70b9\u3067\u66f2\u7dda\u306e\u7d30\u304b\u3044\u5f62\u72b6\u306f\u6368\u3066\u3089\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u3082\u305d\u3082\u30b9\u30de\u30a4\u30eb\u3084\u30b9\u30ad\u30e5\u30fc\u304c\u751f\u3058\u308b\u80cc\u666f\u306b\u306f\u3001\u30d6\u30e9\u30c3\u30af\u30fb\u30b7\u30e7\u30fc\u30eb\u30ba\u30e2\u30c7\u30eb\u304c\u7f6e\u304f\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306f\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u306b\u95a2\u4fc2\u306a\u304f\u4e00\u5b9a\u300d\u3068\u3044\u3046\u524d\u63d0\u304c\u73fe\u5b9f\u306b\u306f\u6210\u7acb\u3057\u306a\u3044\u3001\u3068\u3044\u3046\u4e8b\u60c5\u304c\u3042\u308a\u307e\u3059\u3002\u682a\u4fa1\u6307\u6570\u3067\u306f1987\u5e74\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u4ee5\u964d\u3001\u66b4\u843d\u306b\u5099\u3048\u308b\u4fdd\u967a\u3068\u3057\u3066\u306e\u30d7\u30c3\u30c8\u306b\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u4e57\u308a\u3001\u6052\u5e38\u7684\u306a\u5de6\u30b9\u30ad\u30e5\u30fc\u304c\u5b9a\u7740\u3057\u305f\u3068\u8aac\u660e\u3055\u308c\u3066\u3044\u307e\u3059\uff08\u203b4\uff09\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u304c\u682a\u4fa1\u6307\u6570\u3068\u9055\u3046\u70b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u3053\u3067\u6ce8\u610f\u3057\u305f\u3044\u306e\u304c\u3001<strong>\u682a\u4fa1\u6307\u6570\u306e\u30b9\u30ad\u30e5\u30fc\u306e\u5e38\u8b58\u3092\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306b\u305d\u306e\u307e\u307e\u6301\u3061\u8fbc\u3081\u306a\u3044<\/strong>\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u682a\u4fa1\u6307\u6570\u306f\u66b4\u843d\u4fdd\u967a\u306e\u9700\u8981\u304c\u69cb\u9020\u7684\u306b\u5b58\u5728\u3059\u308b\u305f\u3081\u3001\u30b9\u30ad\u30e5\u30fc\u306f\u307b\u307c\u5e38\u306b\u300c\u30d7\u30c3\u30c8\u9ad8\u300d\u306e\u4e00\u65b9\u5411\u306b\u5f35\u308a\u4ed8\u304d\u307e\u3059\u3002\u5f37\u6c17\u76f8\u5834\u3067\u3082\u3053\u306e\u50be\u5411\u306f\u5927\u304d\u304f\u306f\u5d29\u308c\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u65b9\u3067\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306f\u9055\u3044\u307e\u3059\u3002<strong>\u5f37\u6c17\u5c40\u9762\u3067\u306f\u300c\u4e0a\u306b\u98db\u3076\u3053\u3068\u300d\u3078\u306e\u9700\u8981\u304c\u30b3\u30fc\u30eb\u5074\u306eIV\u3092\u62bc\u3057\u4e0a\u3052\u3001\u30b9\u30ad\u30e5\u30fc\u306e\u7b26\u53f7\u305d\u306e\u3082\u306e\u304c\u30d7\u30e9\u30b9\u5074\u3078\u53cd\u8ee2\u3059\u308b\u5834\u9762\u304c\u3042\u308a\u307e\u3059\u3002<\/strong>\u6295\u8cc7\u5bb6\u304c\u4e0b\u843d\u3060\u3051\u3067\u306a\u304f\u300c\u4e57\u308a\u9045\u308c\u300d\u3082\u30ea\u30b9\u30af\u3068\u3057\u3066\u8a8d\u8b58\u3059\u308b\u8cc7\u7523\u3060\u304b\u3089\u3067\u3059\u3002\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u7531\u6765\u306e\u5de6\u30b9\u30ad\u30e5\u30fc\u3068\u3044\u3046\u682a\u5f0f\u306e\u6210\u56e0\u304c\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306b\u306f\u305d\u306e\u307e\u307e\u5f53\u3066\u306f\u307e\u308a\u307e\u305b\u3093\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306e\u6c34\u6e96\u611f\u3082\u898b\u3066\u304a\u304d\u307e\u3059\u30022026\u5e747\u6708\u6642\u70b9\u306e\u5831\u9053\u3067\u306f\u3001\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u4fa1\u683c\u304c\u7d046\u4e075,000\u30c9\u30eb\u306e\u5c40\u9762\u3067\u3001\u671f\u95931\u9031\u9593\u306e25\u30c7\u30eb\u30bf\u306e\u30d7\u30c3\u30c8\u30fb\u30b3\u30fc\u30eb\u30b9\u30ad\u30e5\u30fc\u306f\u7d0416%\u306e\u30d7\u30c3\u30c8\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u793a\u3057\u3066\u3044\u307e\u3057\u305f\u3002\u305d\u306e\u7d0410\u65e5\u524d\u306b\u306f\u7d0425%\u306b\u9054\u3057\u3066\u304a\u308a\u3001\u4f4e\u4e0b\u50be\u5411\u306b\u3042\u3063\u305f\u3068\u4f1d\u3048\u3089\u308c\u3066\u3044\u307e\u3059\u30021\u30f6\u6708\u30fb3\u30f6\u6708\u30fb6\u30f6\u6708\u306e\u5404\u671f\u9593\u3067\u308210%\u4ee5\u4e0a\u306e\u30d7\u30c3\u30c8\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u89b3\u6e2c\u3055\u308c\u3066\u304a\u308a\u3001\u5f53\u6642\u306f<strong>\u671f\u9593\u3092\u901a\u3058\u3066\u4e0b\u65b9\u5411\u306e\u8b66\u6212\u304c\u512a\u52e2<\/strong>\u3060\u3063\u305f\u3053\u3068\u304c\u308f\u304b\u308a\u307e\u3059\uff08\u203b5\uff09\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u300c\u671f\u9593\u5225\u306b\u4e26\u3079\u3066\u898b\u308b\u300d\u3068\u3044\u3046\u8996\u70b9\u3082\u5b9f\u52d9\u3067\u306f\u6b20\u304b\u305b\u307e\u305b\u3093\u3002\u671f\u8fd1\u3060\u3051\u30d7\u30c3\u30c8\u5074\u304c\u8df3\u306d\u4e0a\u304c\u3063\u3066\u3044\u308b\u306a\u3089\u76ee\u5148\u306e\u30a4\u30d9\u30f3\u30c8\u8b66\u6212\u3001\u671f\u5148\u307e\u3067\u4e00\u69d8\u306b\u6b6a\u3093\u3067\u3044\u308b\u306a\u3089\u69cb\u9020\u7684\u306a\u30ea\u30b9\u30af\u8a8d\u8b58\u3001\u3068\u3044\u3046\u8aad\u307f\u5206\u3051\u304c\u3067\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">DVOL\u3068\u306e\u4f7f\u3044\u5206\u3051\uff1a\u6c34\u6e96\u3092\u898b\u308b\u304b\u3001\u6b6a\u307f\u3092\u898b\u308b\u304b<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u3068\u3088\u304f\u4f75\u7528\u3055\u308c\u308b\u306e\u304c<a href=\"https:\/\/ichizenholdings.co.jp\/media\/option-dvol\" target=\"_blank\" rel=\"noopener\">DVOL\uff08Deribit\u306e\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u6307\u6570\uff09<\/a>\u3067\u3059\u3002\u4e21\u8005\u306f\u7af6\u5408\u305b\u305a\u3001\u5f79\u5272\u304c\u660e\u78ba\u306b\u5206\u304b\u308c\u3066\u3044\u307e\u3059\u3002<strong>DVOL\u306f\u300c\u3069\u308c\u3060\u3051\u52d5\u304d\u305d\u3046\u304b\u300d\u3068\u3044\u3046\u6c34\u6e96\u3092\u3001\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306f\u300c\u3069\u3061\u3089\u5411\u304d\u306e\u52d5\u304d\u304c\u8b66\u6212\u3055\u308c\u3066\u3044\u308b\u304b\u300d\u3068\u3044\u3046\u6b6a\u307f\u3092\u793a\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><\/th><th>DVOL<\/th><th>\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc<\/th><\/tr><\/thead><tbody><tr><td>\u6e2c\u308b\u3082\u306e<\/td><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6c34\u6e96\uff08\u5927\u304d\u3055\uff09<\/td><td>\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6b6a\u307f\uff08\u65b9\u5411\uff09<\/td><\/tr><tr><td>\u7b54\u3048\u308b\u554f\u3044<\/td><td>\u3069\u308c\u3060\u3051\u52d5\u304f\u304b<\/td><td>\u3069\u3063\u3061\u306b\u52d5\u304f\u6050\u6016\u304c\u5f37\u3044\u304b<\/td><\/tr><tr><td>\u7b97\u51fa<\/td><td>30\u65e5\u5148\u306e\u4e88\u60f3\u30dc\u30e9\u3092\u5e74\u7387\u63db\u7b97\uff08\u203b6\uff09<\/td><td>\u540c\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">DVOL\u306f30\u65e5\u5148\u306e\u4e88\u60f3\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u3092\u5e74\u7387\u63db\u7b97\u3057\u305f\u6307\u6570\u3067\u3001\u30d0\u30ea\u30a2\u30f3\u30b9\u30b9\u30ef\u30c3\u30d7\u306e\u624b\u6cd5\u3092\u30d9\u30fc\u30b9\u306b\u7b97\u51fa\u3055\u308c\u307e\u3059\u3002Deribit\u81ea\u8eab\u306f\u3001DVOL\u3092\u6050\u6016\u6307\u6570\uff08fear gauge\uff09\u3067\u306f\u306a\u304f<strong>\u884c\u52d5\u6307\u6570\uff08action gauge\uff09<\/strong>\u3068\u8868\u73fe\u3057\u3066\u3044\u307e\u3059\uff08\u203b6\uff09\u3002\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u4e0a\u6607\u306f\u4e0b\u843d\u3060\u3051\u3067\u306a\u304f\u6025\u9a30\u3067\u3082\u8d77\u304d\u308b\u305f\u3081\u3001\u6c34\u6e96\u3060\u3051\u3067\u306f\u65b9\u5411\u304c\u308f\u304b\u3089\u306a\u3044\u3068\u3044\u3046\u8003\u3048\u65b9\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3060\u304b\u3089\u3053\u305d2\u8ef8\u3067\u898b\u308b\u4fa1\u5024\u304c\u3042\u308a\u307e\u3059\u3002DVOL\u304c\u9ad8\u3044\u3060\u3051\u306a\u3089\u300c\u8352\u308c\u308b\u300d\u3068\u3057\u304b\u8a00\u3048\u307e\u305b\u3093\u304c\u3001\u305d\u3053\u306b\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306e\u6b6a\u307f\u3092\u91cd\u306d\u308b\u3068\u300c\u8352\u308c\u308b\u3001\u3057\u304b\u3082\u4e0b\u65b9\u5411\u3078\u306e\u8b66\u6212\u304c\u5f37\u3044\u300d\u307e\u3067\u8e0f\u307f\u8fbc\u3081\u307e\u3059\u3002\u9006\u306bDVOL\u304c\u4f4e\u3044\u306e\u306b\u30b9\u30ad\u30e5\u30fc\u3060\u3051\u304c\u6025\u306b\u6b6a\u3093\u3060\u5834\u5408\u306f\u3001\u9650\u5b9a\u7684\u306a\u7bc4\u56f2\u3067\u30d8\u30c3\u30b8\u304c\u7a4d\u307e\u308c\u3066\u3044\u308b\u30b5\u30a4\u30f3\u3068\u3057\u3066\u8aad\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306f\u3069\u3053\u3067\u898b\u3089\u308c\u308b\uff1f<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u30b9\u30ad\u30e5\u30fc\u306f\u3001\u8907\u6570\u306e\u30b5\u30a4\u30c8\u3067\u7121\u6599\u307e\u305f\u306f\u4e00\u90e8\u7121\u6599\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002<strong>\u91cd\u8981\u306a\u306e\u306f\u300c\u3069\u3053\u3067\u898b\u308b\u304b\u300d\u3088\u308a\u300c\u305d\u306e\u30b5\u30a4\u30c8\u306e\u7b26\u53f7\u304c\u3069\u3061\u3089\u5411\u304d\u304b\u300d<\/strong>\u3067\u3059\u3002\u4e0b\u8868\u306f\u5404\u30b5\u30a4\u30c8\u306e\u4f4d\u7f6e\u3065\u3051\u3068\u3001\u5b9a\u7fa9\u3092\u78ba\u8a8d\u3059\u3079\u304d\u70b9\u3092\u307e\u3068\u3081\u305f\u3082\u306e\u3067\u3059\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>\u30b5\u30a4\u30c8<\/th><th>\u7279\u5fb4<\/th><th>\u7b26\u53f7\u306e\u6271\u3044<\/th><\/tr><\/thead><tbody><tr><td>Deribit\uff08Metrics\uff09<\/td><td>\u6697\u53f7\u8cc7\u7523\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u4e3b\u8981\u53d6\u5f15\u6240\u3002DVOL\u306e\u767a\u8868\u5143<\/td><td>\u30c1\u30e3\u30fc\u30c8\u4e0a\u306e\u5b9a\u7fa9\u3092\u8981\u78ba\u8a8d<\/td><\/tr><tr><td>The Block<\/td><td>25\u30c7\u30eb\u30bf\u306e\u30b9\u30ad\u30e5\u30fc\u3092\u671f\u9593\u5225\u306b\u7121\u6599\u516c\u958b<\/td><td>\u30c1\u30e3\u30fc\u30c8\u51e1\u4f8b\u3092\u8981\u78ba\u8a8d<\/td><\/tr><tr><td>Coinglass<\/td><td>OI\u30fb\u6e80\u671f\u306a\u3069\u4ed6\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u6307\u6a19\u3068\u307e\u3068\u3081\u3066\u95b2\u89a7\u53ef<\/td><td>\u8981\u78ba\u8a8d<\/td><\/tr><tr><td>Laevitas<\/td><td>\u30b9\u30ad\u30e5\u30fc\u30fb\u30d0\u30bf\u30d5\u30e9\u30a4\u3092\u8a73\u7d30\u306b\u78ba\u8a8d\u3067\u304d\u308b<\/td><td>\u8981\u78ba\u8a8d<\/td><\/tr><tr><td>Glassnode<\/td><td>\u30aa\u30f3\u30c1\u30a7\u30fc\u30f3\u7cfb\u300225\u30c7\u30eb\u30bf\u30b9\u30ad\u30e5\u30fc\u3092\u63d0\u4f9b<\/td><td><strong>\u30d7\u30c3\u30c8IV\u2212\u30b3\u30fc\u30ebIV\uff08ATM IV\u3067\u6b63\u898f\u5316\uff09<\/strong>\uff08\u203b3\uff09<\/td><\/tr><tr><td>Coin Metrics<\/td><td>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u5411\u3051\u30c7\u30fc\u30bf\u3002\u30c9\u30ad\u30e5\u30e1\u30f3\u30c8\u304c\u660e\u5feb<\/td><td><strong>\u30b3\u30fc\u30ebIV\u2212\u30d7\u30c3\u30c8IV<\/strong>\uff08\u203b2\uff09<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u8907\u6570\u30b5\u30a4\u30c8\u3092\u4f75\u7528\u3057\u305f\u304f\u306a\u308a\u307e\u3059\u304c\u3001<strong>\u521d\u5fc3\u8005\u307b\u30691\u3064\u306b\u7d5e\u308b\u3053\u3068\u3092\u304a\u3059\u3059\u3081\u3057\u307e\u3059\u3002<\/strong>\u7b26\u53f7\u3068\u6b63\u898f\u5316\u306e\u6709\u7121\u304c\u63c3\u3063\u3066\u3044\u306a\u3044\u6570\u5024\u3092\u4e26\u3079\u3066\u3082\u3001\u6bd4\u8f03\u3068\u3057\u3066\u306f\u6210\u7acb\u3057\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u6163\u308c\u308b\u307e\u3067\u306f\u5b9a\u7fa9\u304c\u660e\u8a18\u3055\u308c\u3066\u3044\u308b\u30b5\u30a4\u30c8\u30921\u3064\u9078\u3073\u3001\u305d\u306e\u7cfb\u5217\u3060\u3051\u3092\u6642\u7cfb\u5217\u3067\u8ffd\u3046\u904b\u7528\u304c\u5805\u5b9f\u3067\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u3092\u4f7f\u3046\u3068\u304d\u306e\u6ce8\u610f\u70b9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u6307\u6a19\u3068\u3057\u3066\u512a\u79c0\u306a\u4e00\u65b9\u3067\u3001\u8aad\u307f\u65b9\u3092\u8aa4\u308b\u3068\u5bb3\u306b\u306a\u308b\u5834\u9762\u3082\u3042\u308a\u307e\u3059\u3002\u3067\u304d\u308b\u3053\u3068\u30fb\u3067\u304d\u306a\u3044\u3053\u3068\u3092\u6574\u7406\u3057\u3066\u304a\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-good_list\"><div class=\"cap_box_ttl\"><span><strong>\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u3067\u3067\u304d\u308b\u3053\u3068<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u5e02\u5834\u304c\u3069\u3061\u3089\u5411\u304d\u306e\u30ea\u30b9\u30af\u3092\u8b66\u6212\u3057\u3066\u3044\u308b\u304b\u3092\u6570\u5024\u3067\u628a\u63e1\u3067\u304d\u308b<\/li>\n\n<li>\u6b6a\u307f\u306e\u5f37\u5f31\u3092\u6642\u7cfb\u5217\u3067\u6bd4\u8f03\u3067\u304d\u3001\u8b66\u6212\u306e\u9ad8\u307e\u308a\u30fb\u5f8c\u9000\u3092\u8ffd\u3048\u308b<\/li>\n\n<li>\u671f\u9593\u5225\u306b\u4e26\u3079\u3001\u76ee\u5148\u306e\u8b66\u6212\u3068\u69cb\u9020\u7684\u306a\u8b66\u6212\u3092\u8aad\u307f\u5206\u3051\u3089\u308c\u308b<\/li>\n\n<li>DVOL\u3068\u7d44\u307f\u5408\u308f\u305b\u3001\u6c34\u6e96\u3068\u65b9\u5411\u306e2\u8ef8\u3067\u30b7\u30ca\u30ea\u30aa\u3092\u7acb\u3066\u3089\u308c\u308b<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<div class=\"swell-block-capbox cap_box is-style-bad_list\"><div class=\"cap_box_ttl\"><span><strong>\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u3067\u3067\u304d\u306a\u3044\u3053\u3068<\/strong><\/span><\/div><div class=\"cap_box_content\">\n<ul class=\"wp-block-list\">\n<li>\u76f8\u5834\u306e\u65b9\u5411\u3092\u5f53\u3066\u308b\u3053\u3068\uff08\u8b66\u6212\u306e\u504f\u308a\u3067\u3042\u308a\u3001\u4e88\u8a00\u3067\u306f\u306a\u3044\uff09<\/li>\n\n<li>\u6b6a\u307f\u306e\u89e3\u6d88\u6642\u671f\u3092\u7279\u5b9a\u3059\u308b\u3053\u3068\uff08\u3044\u3064\u623b\u308b\u304b\u306f\u793a\u3055\u306a\u3044\uff09<\/li>\n\n<li>\u8ab0\u304c\u3069\u3061\u3089\u5074\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u6301\u3063\u3066\u3044\u308b\u304b\u3092\u78ba\u5b9a\u3059\u308b\u3053\u3068<\/li>\n\n<li>\u5b9a\u7fa9\u306e\u7570\u306a\u308b\u30b5\u30a4\u30c8\u540c\u58eb\u3067\u6570\u5024\u3092\u6bd4\u8f03\u3059\u308b\u3053\u3068<\/li>\n<\/ul>\n<\/div><\/div>\n\n\n\n<p class=\"wp-block-paragraph\">\u3068\u304f\u306b\u8aa4\u89e3\u304c\u591a\u3044\u306e\u304c\u300c\u30b9\u30ad\u30e5\u30fc\u304c\u4e2d\u7acb\u5316\u3059\u308c\u3070\u5b89\u5168\u300d\u3068\u3044\u3046\u8aad\u307f\u65b9\u3067\u3059\u3002<strong>\u6b6a\u307f\u306e\u6d88\u5931\u306f\u3001\u5e02\u5834\u304c\u4e0b\u843d\u3092\u7e54\u308a\u8fbc\u307e\u306a\u304f\u306a\u3063\u305f\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3060\u3051\u3067\u3001\u4e0b\u843d\u304c\u8d77\u304d\u306a\u3044\u3053\u3068\u3092\u610f\u5473\u3057\u307e\u305b\u3093\u3002<\/strong>\u3080\u3057\u308d\u8b66\u6212\u304c\u7de9\u3093\u3060\u5c40\u9762\u307b\u3069\u3001\u60f3\u5b9a\u5916\u306e\u6025\u5909\u306b\u5bfe\u3059\u308b\u5099\u3048\u304c\u5e02\u5834\u304b\u3089\u629c\u3051\u3066\u3044\u308b\u72b6\u614b\u3068\u3082\u8a00\u3048\u307e\u3059\u3002\u6b21\u7ae0\u3067\u306f\u3001\u3053\u306e\u70b9\u3092\u81ea\u793e\u306e\u5b9f\u89b3\u6e2c\u304b\u3089\u5177\u4f53\u7684\u306b\u898b\u3066\u3044\u304d\u307e\u3059\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">ICHIZEN Capital\u306e\u8996\u70b9\uff1a\u30d5\u30ea\u30c3\u30d7\u3067\u8aad\u3080\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">ICHIZEN Capital\u306f\u3001\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u58f2\u8cb7\u3059\u308b\u3053\u3068\u81ea\u4f53\u3067\u306f\u306a\u304f\u3001<strong>OI\u30fbIV\u30fb\u30b9\u30ad\u30e5\u30fc\u30fb\u6e80\u671f\u3068\u3044\u3063\u305f\u30aa\u30d7\u30b7\u30e7\u30f3\u60c5\u5831\u304b\u3089\u5e02\u5834\u53c2\u52a0\u8005\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u63a8\u6e2c\u3057\u3001\u73fe\u7269\u30fb\u5148\u7269\u306e\u65b9\u5411\u5224\u65ad\u306b\u4f7f\u3046<\/strong>\u3068\u3044\u3046\u5206\u6790\u3092\u7d99\u7d9a\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u305d\u306e\u4e2d\u3067\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306f\u3001\u65e5\u3005\u306e\u89b3\u6e2c\u3067\u6700\u3082\u983b\u7e41\u306b\u53c2\u7167\u3057\u3066\u304d\u305f\u6307\u6a19\u306e1\u3064\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1\u3064\u306e\u6570\u5024\u3067\u306f\u306a\u304f\u300c\u30ab\u30fc\u30d6\u300d\u3068\u3057\u3066\u898b\u308b<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u4e00\u822c\u7684\u306a\u89e3\u8aac\u306f\u300c25\u30c7\u30eb\u30bfRR\u306e\u6570\u5024\u300d\u30921\u70b9\u3067\u8a9e\u308a\u307e\u3059\u3002\u305f\u3060\u81ea\u793e\u306e\u5206\u6790\u3067\u306f\u3001<strong>\u30c7\u30eb\u30bf\u8ef8\u306b\u6cbf\u3063\u3066\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u3092\u4e26\u3079\u3001\u3069\u306e\u30c7\u30eb\u30bf\u3067\u7b26\u53f7\u304c\u53cd\u8ee2\u3059\u308b\u304b<\/strong>\u3092\u91cd\u8996\u3057\u3066\u304d\u307e\u3057\u305f\u3002\u3053\u306e\u53cd\u8ee2\u70b9\u3092\u3001\u793e\u5185\u3067\u306f\u300c\u30d5\u30ea\u30c3\u30d7\u300d\u3068\u547c\u3093\u3067\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3068\u3048\u30702026\u5e745\u6708\u306e\u81ea\u793e\u5206\u6790\u3067\u306f\u3001\u30c7\u30eb\u30bf0.4\u4ed8\u8fd1\u306e\u6d45\u3044OTM\u3067\u306f\u30d7\u30c3\u30c8IV\u304c\u30b3\u30fc\u30ebIV\u3092\u4e0a\u56de\u308b\u4e00\u65b9\u3001\u30c7\u30eb\u30bf0.35\u4ed8\u8fd1\u306e\u6df1\u3044OTM\u306b\u5165\u308b\u3068\u30ab\u30fc\u30d6\u304c\u6025\u53cd\u8ee2\u3057\u3066\u30b3\u30fc\u30eb\u512a\u52e2\u3078\u30d5\u30ea\u30c3\u30d7\u3059\u308b\u5f62\u72b6\u3092\u8a18\u9332\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u6b6a\u307f\u304b\u3089\u8aad\u307f\u53d6\u3063\u305f\u306e\u306f\u3001<strong>\u5e02\u5834\u306f\u76ee\u5148\u306e\u8abf\u6574\u306f\u8b66\u6212\u3057\u3066\u3044\u308b\u304c\u3001\u5e95\u304c\u629c\u3051\u308b\u6c34\u6e96\u307e\u3067\u306e\u60b2\u89b3\u306f\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044<\/strong>\u3068\u3044\u3046\u898b\u7acb\u3066\u3067\u3057\u305f\u3002\u540c\u6642\u671f\u306e\u8a18\u9332\u3067\u306f\u3001\u30d5\u30ea\u30c3\u30d7\u306e\u8d77\u70b9\u3067\u3042\u308b\u30c7\u30eb\u30bf0.37\u4ed8\u8fd1\u3092\u30aa\u30d7\u30b7\u30e7\u30f3\u30c1\u30a7\u30fc\u30f3\u306e\u30b9\u30c8\u30e9\u30a4\u30af\u306b\u5f53\u3066\u306f\u3081\u308b\u3068\u3001\u5f53\u6642\u60f3\u5b9a\u3057\u3066\u3044\u305f\u652f\u6301\u7dda\u306e\u4fa1\u683c\u5e2f\u3068\u307b\u307c\u4e00\u81f4\u3059\u308b\u3053\u3068\u3082\u78ba\u8a8d\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">25\u30c7\u30eb\u30bf\u3068\u3044\u3046\u56fa\u5b9a\u70b9\u3060\u3051\u3092\u898b\u3066\u3044\u308b\u3068\u3001\u3053\u306e\u69cb\u9020\u306f\u898b\u3048\u307e\u305b\u3093\u3002<strong>\u30d5\u30ea\u30c3\u30d7\u306e\u4f4d\u7f6e\u304c\u53f3\u3078\u5bc4\u308b\u306e\u304b\u5de6\u3078\u5bc4\u308b\u306e\u304b\u3068\u3044\u3046\u300c\u52d5\u304d\u300d<\/strong>\u306b\u3053\u305d\u3001\u5e02\u5834\u306e\u8b66\u6212\u306e\u91cd\u5fc3\u304c\u3069\u3053\u306b\u3042\u308b\u304b\u304c\u8868\u308c\u307e\u3059\u30022026\u5e746\u6708\u306e\u8a18\u9332\u3067\u306f\u3001\u4fa1\u683c\u4e0a\u6607\u306b\u4f34\u3063\u3066\u30c7\u30eb\u30bf0.3\u4ed8\u8fd1\u306e\u30d7\u30c3\u30c8\u8cb7\u3044\u512a\u52e2\u304c\u30cb\u30e5\u30fc\u30c8\u30e9\u30eb\u3078\u63a5\u8fd1\u3059\u308b\u5e73\u5766\u5316\u3092\u89b3\u6e2c\u3057\u3066\u304a\u308a\u3001\u30ab\u30fc\u30d6\u5168\u4f53\u306e\u5909\u5316\u3068\u3057\u3066\u6349\u3048\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<h3 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class=\"wp-block-paragraph\">\u5fd6\u5ea6\u306a\u304f\u66f8\u3044\u3066\u304a\u304d\u305f\u3044\u5b9f\u4f8b\u304c\u3042\u308a\u307e\u3059\u30022025\u5e7410\u6708\u521d\u65ec\u306e\u81ea\u793e\u5206\u6790\u3067\u306f\u3001<strong>\u4e0b\u843d\u8b66\u6212\u306e\u5f37\u3055\u3092\u793a\u305925\u30c7\u30eb\u30bf\u30fb\u30b9\u30ad\u30e5\u30fc\u304c\u30d4\u30fc\u30af\u6642\u306e\u7d0418.5\u304b\u3089\u7d046.0\u3078\u4f4e\u4e0b\u3057\u3001\u4e2d\u7acb\u306b\u8fd1\u3065\u3044\u305f<\/strong>\u3053\u3068\u3092\u8a18\u9332\u3057\u307e\u3057\u305f\u3002\u5e02\u5834\u53c2\u52a0\u8005\u304c\u6025\u843d\u306b\u5099\u3048\u308b\u4fdd\u967a\u3092\u624b\u653e\u3057\u3001\u4e0b\u843d\u3078\u306e\u6050\u6016\u304c\u5f8c\u9000\u3057\u305f\u8a3c\u62e0\u3068\u3057\u3066\u6349\u3048\u3066\u3044\u307e\u3059\u3002\u5b9f\u969b\u306e\u53d6\u5f15\u30d5\u30ed\u30fc\u3067\u3082\u3001\u30d7\u30c3\u30c8\u3092\u58f2\u3063\u3066\u30b3\u30fc\u30eb\u3092\u8cb7\u3046\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u6226\u7565\u306e\u69cb\u7bc9\u304c\u78ba\u8a8d\u3055\u308c\u3001\u5f53\u6642\u306f\u614e\u91cd\u306a\u697d\u89b3\u8ad6\u3068\u3044\u3046\u6574\u7406\u3092\u3057\u3066\u3044\u307e\u3057\u305f\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u8a18\u9332\u304c\u793a\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u6307\u6a19\u3068\u6226\u7565\u304c\u8868\u88cf\u4e00\u4f53\u3060\u3068\u3044\u3046\u6559\u79d1\u66f8\u7684\u306a\u4e8b\u5b9f\u3060\u3051\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u30b9\u30ad\u30e5\u30fc\u306e\u4e2d\u7acb\u5316\u306f\u3001\u305d\u306e\u5f8c\u306b\u5927\u304d\u306a\u5909\u52d5\u304c\u8d77\u304d\u306a\u3044\u3053\u3068\u3092\u4fdd\u8a3c\u3057\u306a\u304b\u3063\u305f<\/strong>\u3068\u3044\u3046\u70b9\u3067\u3059\u3002\u6b6a\u307f\u304c\u6d88\u3048\u305f\u3068\u3044\u3046\u89b3\u6e2c\u306f\u300c\u5e02\u5834\u304c\u5099\u3048\u3092\u3084\u3081\u305f\u300d\u3068\u3044\u3046\u4e8b\u5b9f\u306e\u8a18\u9332\u3067\u3042\u308a\u3001\u5b89\u5168\u5ba3\u8a00\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u3053\u306e\u533a\u5225\u3092\u66d6\u6627\u306b\u3057\u305f\u307e\u307e\u6307\u6a19\u3092\u4f7f\u3046\u3068\u3001\u6700\u3082\u5371\u967a\u306a\u5c40\u9762\u3067\u6700\u3082\u5b89\u5fc3\u3057\u3066\u3057\u307e\u3044\u307e\u3059\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\/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 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class=\"wp-block-paragraph\"><span class=\"swl-fz u-fz-xs\">\u30b9\u30ad\u30e5\u30fc\u306e\u5f62\u304b\u3089\u300c\u5927\u53e3\u304c\u4fa1\u683c\u3092\u30b3\u30f3\u30c8\u30ed\u30fc\u30eb\u3057\u3066\u3044\u308b\u300d\u3068\u65ad\u5b9a\u3059\u308b\u3053\u3068\u306f\u3067\u304d\u307e\u305b\u3093\u3002\u30d8\u30c3\u30b8\u30d5\u30ed\u30fc\u304c\u5024\u52d5\u304d\u3092\u5897\u5e45\u30fb\u6291\u5236\u3057\u5f97\u308b\u3001\u3068\u3044\u3046\u78ba\u7387\u7684\u306a\u898b\u65b9\u306b\u7559\u3081\u308b\u306e\u304c\u9069\u5207\u3067\u3059\u3002\u307e\u305fIV\u5dee\u304b\u3089\u306f\u3001\u8ab0\u304c\u8cb7\u3044\u624b\u3067\u8ab0\u304c\u58f2\u308a\u624b\u304b\u3092\u78ba\u5b9a\u3067\u304d\u307e\u305b\u3093\u3002IV\u306f\u5909\u52d5\u306e\u5927\u304d\u3055\u306e\u4e88\u60f3\u3067\u3042\u3063\u3066\u3001\u65b9\u5411\u3092\u4fdd\u8a3c\u3059\u308b\u3082\u306e\u3067\u306f\u306a\u3044\u70b9\u3082\u8e0f\u307e\u3048\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/span><\/p>\n<\/div><\/div>\n\n\n\n<h2 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class=\"wp-block-paragraph\">\u306a\u304aDeribit\u306f\u30012025\u5e748\u6708\u306bCoinbase\u306b\u3088\u308b\u8cb7\u53ce\u304c\u5b8c\u4e86\u3057\u3066\u3044\u307e\u3059\uff08\u203b8\uff09\u3002\u904b\u55b6\u4f53\u5236\u306f\u5909\u308f\u308a\u307e\u3057\u305f\u304c\u3001\u65e5\u672c\u5c45\u4f4f\u8005\u306e\u53d6\u308a\u6271\u3044\u306b\u3064\u3044\u3066\u306f\u5404\u81ea\u3067\u6700\u65b0\u306e\u516c\u5f0f\u60c5\u5831\u3092\u78ba\u8a8d\u3059\u308b\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3067\u306f\u8aad\u3081\u306a\u3044\u6307\u6a19\u304b\u3068\u3044\u3046\u3068\u3001\u305d\u3046\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002<strong>\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u306f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30d8\u30c3\u30b8\u9700\u8981\u304c\u6700\u521d\u306b\u73fe\u308c\u308b\u5834\u6240\u3067\u3042\u308a\u3001\u30b9\u30ad\u30e5\u30fc\u306f\u305d\u306e\u75d5\u8de1\u304c\u6700\u3082\u65e9\u304f\u51fa\u308b\u6307\u6a19<\/strong>\u3067\u3059\u3002\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u53d6\u5f15\u3067\u304d\u306a\u304f\u3066\u3082\u3001\u73fe\u7269\u3084\u8a3c\u62e0\u91d1\u53d6\u5f15\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u5224\u65ad\u306b\u4f7f\u3046\u6750\u6599\u3068\u3057\u3066\u306f\u5341\u5206\u306b\u6a5f\u80fd\u3057\u307e\u3059\u3002\u300c\u5e02\u5834\u306e\u30d7\u30ed\u304c\u3069\u3061\u3089\u5074\u306b\u4fdd\u967a\u3092\u639b\u3051\u3066\u3044\u308b\u304b\u300d\u3092\u5148\u884c\u60c5\u5831\u3068\u3057\u3066\u8aad\u3080\u3001\u3068\u3044\u3046\u4f7f\u3044\u65b9\u3067\u3059\u3002<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">\u7a0e\u91d1\u306e\u6271\u3044\u3082\u62bc\u3055\u3048\u3066\u304a\u304f<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">\u5b9f\u969b\u306b\u53d6\u5f15\u3078\u8e0f\u307f\u8fbc\u3080\u5834\u5408\u3001\u7a0e\u52d9\u306e\u524d\u63d0\u306f\u907f\u3051\u3066\u901a\u308c\u307e\u305b\u3093\u3002<strong>\u73fe\u884c\u5236\u5ea6\u3067\u306f\u3001\u6697\u53f7\u8cc7\u7523\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u53d6\u5f15\u306e\u5229\u76ca\u306f\u96d1\u6240\u5f97\u3068\u3057\u3066\u7dcf\u5408\u8ab2\u7a0e\u306e\u5bfe\u8c61<\/strong>\u3067\u3059\uff08\u203b9\uff09\u3002\u682a\u5f0f\u5148\u7269\u306a\u3069\u306e\u7533\u544a\u5206\u96e2\u8ab2\u7a0e20.315%\u306e\u5bfe\u8c61\u3067\u306f\u306a\u304f\u3001\u4f4f\u6c11\u7a0e\u3092\u542b\u3081\u308b\u3068\u6700\u5927\u3067\u7d0455%\u306e\u7a0e\u7387\u304c\u9069\u7528\u3055\u308c\u5f97\u307e\u3059\u3002<a href=\"https:\/\/ichizenholdings.co.jp\/media\/crypto-tax-japan\" target=\"_blank\" rel=\"noopener\">\u6697\u53f7\u8cc7\u7523\u306e\u7a0e\u91d1\u306e\u4ed5\u7d44\u307f<\/a>\u3082\u4f75\u305b\u3066\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3068\u5b89\u5168\u3067\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u5236\u5ea6\u306f\u5909\u308f\u308b\u65b9\u5411\u306b\u3042\u308a\u307e\u3059\u3002\u4ee4\u548c8\u5e74\u5ea6\u7a0e\u5236\u6539\u6b63\u3092\u76db\u308a\u8fbc\u3093\u3060\u300c\u6240\u5f97\u7a0e\u6cd5\u7b49\u306e\u4e00\u90e8\u3092\u6539\u6b63\u3059\u308b\u6cd5\u5f8b\u300d\u306f\u3001<strong>2026\u5e743\u670831\u65e5\u306b\u6210\u7acb\u30fb\u516c\u5e03\u6e08\u307f<\/strong>\u3067\u3059\uff08\u203b10\uff09\u3002\u6697\u53f7\u8cc7\u7523\u3092\u7533\u544a\u5206\u96e2\u8ab2\u7a0e20.315%\u3078\u79fb\u884c\u3055\u305b\u308b\u5185\u5bb9\u3068\u3001\u640d\u5931\u306e\u7e70\u8d8a\u63a7\u9664\u306e\u5275\u8a2d\u304c\u542b\u307e\u308c\u3066\u3044\u307e\u3059\uff08\u203b11\uff09\u3002\u3053\u3053\u306f\u300c\u307e\u3060\u691c\u8a0e\u4e2d\u300d\u3068\u8aac\u660e\u3055\u308c\u308b\u3053\u3068\u304c\u3042\u308a\u307e\u3059\u304c\u3001\u6cd5\u5f8b\u81ea\u4f53\u306f\u3059\u3067\u306b\u6210\u7acb\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305f\u3060\u3057<strong>\u300c\u3044\u3064\u304b\u308920.315%\u306b\u306a\u308b\u304b\u300d\u306f\u3001\u307e\u3060\u78ba\u5b9a\u3057\u3066\u3044\u307e\u305b\u3093\u3002<\/strong>\u6697\u53f7\u8cc7\u7523\u306e\u5206\u96e2\u8ab2\u7a0e\u304c\u9069\u7528\u3055\u308c\u308b\u306e\u306f\u91d1\u878d\u5546\u54c1\u53d6\u5f15\u6cd5\u7b49\u306e\u6539\u6b63\u306e\u65bd\u884c\u65e5\u3092\u8d77\u70b9\u3068\u3059\u308b\u6642\u671f\u304b\u3089\u3067\u3042\u308a\u3001\u305d\u306e\u65bd\u884c\u65e5\u304c\u5b9a\u307e\u3063\u3066\u3044\u306a\u3044\u305f\u3081\u3067\u3059\u3002\u300c\u6cd5\u5f8b\u306f\u6210\u7acb\u6e08\u307f\u3001\u9069\u7528\u6642\u671f\u306f\u672a\u78ba\u5b9a\u300d\u3068\u3044\u3046\u4e8c\u6bb5\u69cb\u3048\u3092\u6b63\u78ba\u306b\u62bc\u3055\u3048\u3066\u304a\u304f\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u52a0\u3048\u3066\u3001\u672c\u8a18\u4e8b\u306e\u8aad\u8005\u306b\u3068\u3063\u3066\u898b\u843d\u3068\u305b\u306a\u3044\u8ad6\u70b9\u304c\u3042\u308a\u307e\u3059\u3002\u5206\u96e2\u8ab2\u7a0e\u306e\u5bfe\u8c61\u306f\u5236\u5ea6\u4e0a\u300c\u7279\u5b9a\u6697\u53f7\u8cc7\u7523\u300d\u306b\u9650\u3089\u308c\u308b\u65b9\u5411\u3067\u3042\u308a\u3001<strong>\u6d77\u5916\u53d6\u5f15\u6240\u3084DEX\u3067\u306e\u53d6\u5f15\u304c\u5bfe\u8c61\u306b\u542b\u307e\u308c\u308b\u304b\u306f\u73fe\u6642\u70b9\u3067\u78ba\u8a8d\u3067\u304d\u307e\u305b\u3093\u3002<\/strong>Deribit\u306e\u3088\u3046\u306a\u6d77\u5916\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u5e02\u5834\u3092\u4f7f\u3046\u5834\u5408\u3001\u9069\u7528\u958b\u59cb\u5f8c\u3082\u7dcf\u5408\u8ab2\u7a0e\u306e\u307e\u307e\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u6b8b\u308a\u307e\u3059\u3002\u3053\u3053\u306f\u65ad\u5b9a\u3067\u304d\u306a\u3044\u305f\u3081\u3001\u5b9f\u969b\u306e\u7533\u544a\u6642\u306b\u7a0e\u7406\u58eb\u3084\u6700\u65b0\u306e\u516c\u5f0f\u60c5\u5831\u3067\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3092\u5f37\u304f\u304a\u3059\u3059\u3081\u3057\u307e\u3059\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\">\u5206\u96e2\u8ab2\u7a0e\u5316\u306e\u5831\u9053\u304c\u5148\u884c\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u3044\u307e\u5b9f\u969b\u306b\u7d0d\u3081\u308b\u306e\u306f\u7dcf\u5408\u8ab2\u7a0e\u3067\u3059\u3002\u53d6\u5f15\u524d\u306b\u300c\u4eca\u5e74\u306e\u5229\u76ca\u306f\u3069\u306e\u7a0e\u7387\u533a\u5206\u306b\u4e57\u308b\u306e\u304b\u300d\u3092\u78ba\u8a8d\u3057\u3066\u304a\u304f\u3053\u3068\u304c\u3001\u6307\u6a19\u306e\u52c9\u5f37\u3088\u308a\u3082\u5148\u306b\u52b9\u3044\u3066\u304d\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\n<p class=\"wp-block-paragraph\"><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, 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<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:\/\/x.com\/Miizuno_sine\" 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\/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><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u305d\u306e\u3082\u306e\u306f\u65e5\u672c\u304b\u3089\u53d6\u5f15\u3057\u3065\u3089\u3044\u72b6\u6cc1\u3067\u3059\u304c\u3001\u30b9\u30ad\u30e5\u30fc\u304b\u3089\u8aad\u307f\u53d6\u3063\u305f\u898b\u7acb\u3066\u3092\u5b9f\u969b\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u843d\u3068\u3059\u306b\u306f\u3001<a href=\"https:\/\/ichizenholdings.co.jp\/media\/kaigai-torihikijo-osusume\" target=\"_blank\" rel=\"noopener\">\u6d77\u5916\u53d6\u5f15\u6240<\/a>\u306e\u30c7\u30ea\u30d0\u30c6\u30a3\u30d6\u304c\u9078\u629e\u80a2\u306e1\u3064\u306b\u306a\u308a\u307e\u3059\u3002\u53d6\u6271\u9298\u67c4\u3068\u677f\u306e\u539a\u3055\u3092\u8e0f\u307e\u3048\u308b\u3068\u3001\u7dcf\u5408\u578b\u306e\u5927\u624b\u304c\u73fe\u5b9f\u7684\u3067\u3059\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\u30b9\u30ad\u30e5\u30fc\u306e\u898b\u7acb\u3066\u3092\u30dd\u30b8\u30b7\u30e7\u30f3\u306b\u843d\u3068\u3059\u306a\u3089\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-risk-reversal-skew-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\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306b\u95a2\u3059\u308b\u3088\u304f\u3042\u308b\u8cea\u554f<\/h2>\n\n\n\n<div class=\"swell-block-faq\" data-swell-faq=\"{&quot;outputJsonLd&quot;:true,&quot;titleTag&quot;:&quot;h3&quot;}\">\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u3068\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u30aa\u30d7\u30b7\u30e7\u30f3\u53d6\u5f15\u3067\u306f\u3001\u540c\u3058\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee\u304b\u3089\u5e02\u5834\u306e\u65b9\u5411\u6027\u30d0\u30a4\u30a2\u30b9\u3092\u6e2c\u308b\u6307\u6a19\u3092\u6307\u3057\u307e\u3059\u3002\u540c\u6642\u306b\u3001OTM\u30b3\u30fc\u30eb\u3092\u8cb7\u3044OTM\u30d7\u30c3\u30c8\u3092\u58f2\u308b\u6226\u7565\u306e\u540d\u524d\u3067\u3082\u3042\u308a\u3001\u4e21\u8005\u306f\u8868\u3068\u88cf\u306e\u95a2\u4fc2\u3067\u3059\u3002\u306a\u304a\u8fd4\u91d1\u4fdd\u8a3c\u306a\u3069\u306e\u30de\u30fc\u30b1\u30c6\u30a3\u30f3\u30b0\u7528\u8a9e\u3068\u3057\u3066\u306e\u300c\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u300d\u306f\u5168\u304f\u306e\u5225\u7269\u3067\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306e\u8a08\u7b97\u5f0f\u306f\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u57fa\u672c\u5f62\u306f\u300c25\u30c7\u30eb\u30bf\u30b3\u30fc\u30eb\u306eIV \u2212 25\u30c7\u30eb\u30bf\u30d7\u30c3\u30c8\u306eIV\u300d\u3067\u3059\u3002\u6e80\u671f1\u30f6\u6708\u30fb\u30c7\u30eb\u30bf25%\u3067\u7b97\u51fa\u3057\u305f\u3082\u306e\u304c\u5e02\u5834\u6163\u884c\u306e\u6a19\u6e96\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002\u305f\u3060\u3057\u63d0\u4f9b\u5143\u306b\u3088\u3063\u3066\u306f\u5f15\u304d\u7b97\u306e\u5411\u304d\u304c\u9006\u3067\u3042\u3063\u305f\u308a\u3001ATM IV\u3067\u6b63\u898f\u5316\u3055\u308c\u3066\u3044\u305f\u308a\u3059\u308b\u305f\u3081\u3001\u4f7f\u3046\u30c7\u30fc\u30bf\u306e\u5b9a\u7fa9\u5f0f\u3092\u5fc5\u305a\u78ba\u8a8d\u3057\u3066\u304f\u3060\u3055\u3044\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u304c\u30de\u30a4\u30ca\u30b9\u3060\u3068\u5f31\u6c17\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u4f7f\u3063\u3066\u3044\u308b\u30c7\u30fc\u30bf\u5143\u306b\u3088\u308a\u307e\u3059\u3002\u300c\u30b3\u30fc\u30ebIV\u2212\u30d7\u30c3\u30c8IV\u300d\u3067\u5b9a\u7fa9\u3059\u308bCoin Metrics\u57fa\u6e96\u306a\u3089\u30de\u30a4\u30ca\u30b9\u306f\u5f31\u6c17\u3067\u3059\u3002\u3057\u304b\u3057\u300c\u30d7\u30c3\u30c8IV\u2212\u30b3\u30fc\u30ebIV\u300d\u3067\u5b9a\u7fa9\u3059\u308bGlassnode\u3084\u8ca1\u52d9\u7701\u520a\u884c\u7269\u306e\u89e3\u8aac\u3067\u306f\u3001\u30de\u30a4\u30ca\u30b9\u306f\u3080\u3057\u308d\u30b3\u30fc\u30eb\u512a\u52e2\uff1d\u5f37\u6c17\u3092\u610f\u5473\u3057\u307e\u3059\u3002\u7b26\u53f7\u3060\u3051\u3092\u6697\u8a18\u3059\u308b\u3068\u9006\u306b\u8aad\u3080\u5371\u967a\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u306a\u305c25\u30c7\u30eb\u30bf\u304c\u6a19\u6e96\u306a\u306e\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u30c7\u30eb\u30bf25%\u304c\u300cATM\u304b\u3089\u7a0b\u3088\u304f\u96e2\u308c\u305fOTM\u300d\u3092\u6307\u3059\u5171\u901a\u306e\u3082\u306e\u3055\u3057\u306b\u306a\u308b\u305f\u3081\u3067\u3059\u3002ATM\u4ed8\u8fd1\u306f\u5de6\u53f3\u306eIV\u5dee\u304c\u307b\u3068\u3093\u3069\u51fa\u305a\u3001\u6df1\u3044OTM\u306f\u6d41\u52d5\u6027\u304c\u8584\u304fIV\u304c\u4e0d\u5b89\u5b9a\u306b\u306a\u308a\u307e\u3059\u3002\u305d\u306e\u4e2d\u9593\u3067\u30d8\u30c3\u30b8\u9700\u8981\u304c\u6700\u3082\u73fe\u308c\u3084\u3059\u3044\u5e2f\u304c25\u30c7\u30eb\u30bf\u4ed8\u8fd1\u3067\u3042\u308a\u3001\u6e80\u671f1\u30f6\u6708\u3068\u7d44\u307f\u5408\u308f\u305b\u305f\u6761\u4ef6\u304c\u5e02\u5834\u6163\u884c\u306e\u6a19\u6e96\u3068\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30ad\u30e5\u30fc\u3068\u30b9\u30de\u30a4\u30eb\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u30b9\u30de\u30a4\u30eb\u306f\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u3054\u3068\u306eIV\u3092\u4e26\u3079\u305f\u66f2\u7dda\u5168\u4f53\u306e\u5f62\u3092\u6307\u3057\u3001\u30b9\u30ad\u30e5\u30fc\u306f\u305d\u306e\u5f62\u304c\u5de6\u53f3\u975e\u5bfe\u79f0\u306b\u6b6a\u3093\u3060\u72b6\u614b\u3092\u6307\u3057\u307e\u3059\u3002\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306f\u3001\u305d\u306e\u975e\u5bfe\u79f0\u6027\u3060\u3051\u30921\u3064\u306e\u6570\u5024\u306b\u5727\u7e2e\u3057\u305f\u6307\u6a19\u3067\u3059\u3002\u66f2\u7dda\u30fb\u6b6a\u307f\u30fb\u6570\u5024\u3068\u3044\u30463\u6bb5\u968e\u306e\u95a2\u4fc2\u3068\u6349\u3048\u308b\u3068\u6574\u7406\u3057\u3084\u3059\u304f\u306a\u308a\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u306e\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306f\u3069\u3053\u3067\u898b\u3089\u308c\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">Deribit\u306e\u30e1\u30c8\u30ea\u30af\u30b9\u3001The Block\u3001Coinglass\u3001Laevitas\u3001Glassnode\u306a\u3069\u3067\u78ba\u8a8d\u3067\u304d\u307e\u3059\u3002\u7121\u6599\u3067\u898b\u3089\u308c\u308b\u3082\u306e\u3082\u3042\u308a\u307e\u3059\u3002\u305f\u3060\u3057\u30b5\u30a4\u30c8\u3054\u3068\u306b\u7b26\u53f7\u306e\u5411\u304d\u3084\u6b63\u898f\u5316\u306e\u6709\u7121\u304c\u7570\u306a\u308b\u305f\u3081\u3001\u5b9a\u7fa9\u304c\u660e\u8a18\u3055\u308c\u305f\u30b5\u30a4\u30c8\u30921\u3064\u9078\u3073\u3001\u305d\u306e\u7cfb\u5217\u3060\u3051\u3092\u7d99\u7d9a\u3057\u3066\u8ffd\u3046\u904b\u7528\u304c\u5b89\u5168\u3067\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">DVOL\u3068\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306f\u3069\u3046\u9055\u3044\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">DVOL\u306f\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u306e\u6c34\u6e96\uff08\u3069\u308c\u3060\u3051\u52d5\u304d\u305d\u3046\u304b\uff09\u3092\u793a\u3057\u3001\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u306f\u6b6a\u307f\uff08\u3069\u3061\u3089\u5411\u304d\u306e\u52d5\u304d\u304c\u8b66\u6212\u3055\u308c\u3066\u3044\u308b\u304b\uff09\u3092\u793a\u3057\u307e\u3059\u3002\u5f79\u5272\u304c\u9055\u3046\u305f\u3081\u7af6\u5408\u305b\u305a\u3001\u7d44\u307f\u5408\u308f\u305b\u3066\u4f7f\u3046\u6307\u6a19\u3067\u3059\u3002DVOL\u304c\u9ad8\u3044\u3060\u3051\u3067\u306f\u65b9\u5411\u304c\u308f\u304b\u3089\u306a\u3044\u305f\u3081\u3001\u30b9\u30ad\u30e5\u30fc\u3068\u91cd\u306d\u3066\u521d\u3081\u3066\u30b7\u30ca\u30ea\u30aa\u304c\u7acb\u3066\u3089\u308c\u307e\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u65e5\u672c\u4eba\u306f\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u53d6\u5f15\u3067\u304d\u307e\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u73fe\u72b6\u3067\u306f\u5bb9\u6613\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3002\u4e3b\u8981\u306a\u53d6\u5f15\u6240\u3067\u3042\u308bDeribit\u306f2020\u5e745\u6708\u4ee5\u964d\u3001\u65e5\u672c\u5c45\u4f4f\u8005\u306e\u65b0\u898f\u53e3\u5ea7\u958b\u8a2d\u3092\u505c\u6b62\u3057\u305f\u3068\u5831\u3058\u3089\u308c\u3066\u3044\u307e\u3059\u3002\u56fd\u5185\u306e\u6697\u53f7\u8cc7\u7523\u53d6\u5f15\u6240\u3067\u30d3\u30c3\u30c8\u30b3\u30a4\u30f3\u30aa\u30d7\u30b7\u30e7\u30f3\u3092\u63d0\u4f9b\u3057\u3066\u3044\u308b\u4e8b\u696d\u8005\u3082\u78ba\u8a8d\u3067\u304d\u3066\u3044\u307e\u305b\u3093\u3002\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001\u53d6\u5f15\u3059\u308b\u6307\u6a19\u3068\u3044\u3046\u3088\u308a\u5e02\u5834\u5fc3\u7406\u3092\u8aad\u3080\u6307\u6a19\u3068\u3057\u3066\u6d3b\u7528\u3059\u308b\u306e\u304c\u73fe\u5b9f\u7684\u3067\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u6226\u7565\u3068\u30bc\u30ed\u30b3\u30b9\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u306e\u9055\u3044\u306f\u4f55\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u6226\u7565\u306fOTM\u30b3\u30fc\u30eb\u3092\u8cb7\u3044OTM\u30d7\u30c3\u30c8\u3092\u58f2\u308b\u7d44\u307f\u5408\u308f\u305b\u3092\u6307\u3057\u307e\u3059\u3002\u3053\u306e\u3068\u304d\u53d7\u3051\u53d6\u308b\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u652f\u6255\u3046\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u3061\u3087\u3046\u3069\u76f8\u6bba\u3055\u308c\u3001\u521d\u671f\u30b3\u30b9\u30c8\u304c\u30bc\u30ed\u306b\u306a\u308b\u3088\u3046\u6a29\u5229\u884c\u4f7f\u4fa1\u683c\u3092\u8abf\u6574\u3057\u305f\u3082\u306e\u304c\u30bc\u30ed\u30b3\u30b9\u30c8\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3059\u3002\u30b3\u30b9\u30c8\u306f\u304b\u304b\u308a\u307e\u305b\u3093\u304c\u3001\u4e0b\u843d\u6642\u306b\u30d7\u30c3\u30c8\u58f2\u308a\u306e\u640d\u5931\u304c\u767a\u751f\u3059\u308b\u70b9\u306f\u5909\u308f\u308a\u307e\u305b\u3093\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n\n\n\n<div class=\"swell-block-faq__item\"><dl><dt class=\"faq_q\">\u30b9\u30ad\u30e5\u30fc\u304c\u4e2d\u7acb\u306b\u623b\u308c\u3070\u5b89\u5168\u3068\u3044\u3046\u3053\u3068\u3067\u3059\u304b\uff1f<\/dt><dd class=\"faq_a\"><div class=\"faq_a_inner\">\n<p class=\"wp-block-paragraph\">\u3044\u3044\u3048\u3001\u305d\u3046\u3068\u306f\u8a00\u3048\u307e\u305b\u3093\u3002\u4e2d\u7acb\u5316\u306f\u5e02\u5834\u304c\u4e0b\u843d\u3092\u7e54\u308a\u8fbc\u307e\u306a\u304f\u306a\u3063\u305f\u3053\u3068\u3092\u793a\u3059\u3060\u3051\u3067\u3001\u4e0b\u843d\u304c\u8d77\u304d\u306a\u3044\u3053\u3068\u306f\u610f\u5473\u3057\u307e\u305b\u3093\u3002ICHIZEN Capital\u30822025\u5e7410\u6708\u521d\u65ec\u306b25\u30c7\u30eb\u30bf\u30fb\u30b9\u30ad\u30e5\u30fc\u304c\u7d0418.5\u304b\u3089\u7d046.0\u3078\u4f4e\u4e0b\u3057\u4e2d\u7acb\u306b\u8fd1\u3065\u3044\u305f\u3053\u3068\u3092\u8a18\u9332\u3057\u3066\u3044\u307e\u3059\u304c\u3001\u6b6a\u307f\u306e\u6d88\u5931\u306f\u5b89\u5168\u5ba3\u8a00\u3067\u306f\u306a\u304f\u300c\u5e02\u5834\u304c\u5099\u3048\u3092\u3084\u3081\u305f\u300d\u3068\u3044\u3046\u4e8b\u5b9f\u306e\u8a18\u9332\u3068\u3057\u3066\u6271\u3046\u3079\u304d\u3067\u3059\u3002<\/p>\n<\/div><\/dd><\/dl><\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">\u307e\u3068\u3081<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ea\u30b9\u30af\u30ea\u30d0\u30fc\u30b5\u30eb\u30b9\u30ad\u30e5\u30fc\u306f\u3001<strong>\u540c\u3058\u30c7\u30eb\u30bf\u306e\u30b3\u30fc\u30eb\u3068\u30d7\u30c3\u30c8\u306eIV\u5dee\u304b\u3089\u3001\u5e02\u5834\u304c\u3069\u3061\u3089\u5411\u304d\u306e\u30ea\u30b9\u30af\u3092\u8b66\u6212\u3057\u3066\u3044\u308b\u304b\u30921\u3064\u306e\u6570\u5024\u306b\u843d\u3068\u3057\u8fbc\u3093\u3060\u6307\u6a19<\/strong>\u3067\u3059\u3002\u6a19\u6e96\u306f\u6e80\u671f1\u30f6\u6708\u30fb\u30c7\u30eb\u30bf25%\u3067\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30b9\u30de\u30a4\u30eb\u306e\u5de6\u53f3\u5dee\u3092\u629c\u304d\u51fa\u3057\u305f\u3082\u306e\u3068\u7406\u89e3\u3059\u308b\u3068\u5168\u4f53\u50cf\u304c\u3064\u304b\u3081\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u521d\u306b\u62bc\u3055\u3048\u308b\u3079\u304d\u306f\u3001\u7b26\u53f7\u306e\u5411\u304d\u304c\u30c7\u30fc\u30bf\u63d0\u4f9b\u5143\u306b\u3088\u3063\u3066\u771f\u9006\u306b\u306a\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u3067\u3059\u3002\u300c\u30de\u30a4\u30ca\u30b9\u306a\u3089\u5f31\u6c17\u300d\u3068\u3044\u3046\u6697\u8a18\u306f\u3001\u53c2\u7167\u5148\u304c\u5909\u308f\u308c\u3070\u901a\u7528\u3057\u307e\u305b\u3093\u3002<strong>\u6570\u5024\u3092\u898b\u308b\u524d\u306b\u5b9a\u7fa9\u5f0f\u3092\u78ba\u8a8d\u3057\u3001\u7cfb\u5217\u30921\u3064\u306b\u56fa\u5b9a\u3059\u308b<\/strong>\u2014\u2014\u3053\u306e\u4e00\u624b\u9593\u304c\u3001\u5206\u6790\u5168\u4f53\u304c\u9006\u5411\u304d\u306b\u8d70\u308b\u4e8b\u6545\u3092\u9632\u304e\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u3046\u3048\u3067\u300125\u30c7\u30eb\u30bf\u3068\u3044\u30461\u70b9\u3060\u3051\u3067\u306a\u304f\u3001\u30c7\u30eb\u30bf\u8ef8\u306b\u6cbf\u3063\u3066\u7b26\u53f7\u304c\u3069\u3053\u3067\u53cd\u8ee2\u3059\u308b\u304b\u3068\u3044\u3046\u300c\u30ab\u30fc\u30d6\u306e\u5f62\u300d\u307e\u3067\u898b\u308b\u3068\u3001\u8b66\u6212\u306e\u91cd\u5fc3\u304c\u3069\u3053\u306b\u3042\u308b\u304b\u304c\u7acb\u4f53\u7684\u306b\u8aad\u3081\u308b\u3088\u3046\u306b\u306a\u308a\u307e\u3059\u3002\u65e5\u672c\u306e\u500b\u4eba\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u53d6\u5f15\u3057\u3065\u3089\u3044\u5e02\u5834\u3067\u3059\u304c\u3001<strong>\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306e\u30d8\u30c3\u30b8\u306e\u75d5\u8de1\u304c\u6700\u3082\u65e9\u304f\u73fe\u308c\u308b\u5148\u884c\u60c5\u5831<\/strong>\u3068\u3057\u3066\u3001\u73fe\u7269\u3084\u8a3c\u62e0\u91d1\u306e\u30dd\u30b8\u30b7\u30e7\u30f3\u5224\u65ad\u306b\u5341\u5206\u6d3b\u304b\u305b\u307e\u3059\u3002\u6b6a\u307f\u306f\u8ab0\u304b\u304c\u4fdd\u967a\u3092\u639b\u3051\u305f\u75d5\u8de1\u3067\u3042\u308a\u3001\u305d\u3053\u304b\u3089\u65ad\u5b9a\u3067\u306f\u306a\u304f\u78ba\u7387\u7684\u306a\u898b\u7acb\u3066\u3092\u7d44\u307f\u7acb\u3066\u308b\u59ff\u52e2\u304c\u51fa\u767a\u70b9\u306b\u306a\u308a\u307e\u3059\u3002<\/p>\n\n\n\n<p class=\"has-small-font-size wp-block-paragraph\">\u53c2\u8003\u6587\u732e<br><a href=\"https:\/\/www.nomura.co.jp\/terms\/japan\/ri\/A02952.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b1 \u91ce\u6751\u8b49\u5238\u300c\u30ea\u30b9\u30af\u30fb\u30ea\u30d0\u30fc\u30b5\u30eb\u300d\u8a3c\u5238\u7528\u8a9e\u89e3\u8aac\u96c6<\/a><br><a href=\"https:\/\/gitbook-docs.coinmetrics.io\/market-data\/market-data-overview\/volatility\/skew-constant-maturity-constant-delta\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b2 Coin Metrics\u300cSkew (Constant Maturity, Constant Delta)\u300d<\/a><br><a href=\"https:\/\/studio.glassnode.com\/metrics?a=BTC&amp;category=Derivatives&amp;m=derivatives.Options25DeltaSkewAll\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b3 Glassnode\u300cOptions 25 Delta Skew\u300d<\/a><br><a href=\"https:\/\/www.mof.go.jp\/pri\/research\/special_report\/f202007_02.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b4 \u8ca1\u52d9\u7701\u30fb\u670d\u90e8\u5b5d\u6d0b\u300c\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\u30fb\u30b9\u30de\u30a4\u30eb\u3068\u30b9\u30ad\u30e5\u30fc\u300d\u30d5\u30a1\u30a4\u30ca\u30f3\u30b92020\u5e747\u6708\u53f7<\/a><br><a href=\"https:\/\/www.coindesk.com\/daybook-us\/2026\/07\/03\/bitcoin-ether-traders-aren-t-fully-buying-the-bounce-options-markets-show\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b5 CoinDesk\u300cBitcoin, Ether Traders Aren&#8217;t Fully Buying the Bounce\u300d\uff082026\u5e747\u6708\uff09<\/a><br><a href=\"https:\/\/insights.deribit.com\/exchange-updates\/dvol-deribit-implied-volatility-index\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b6 Deribit Insights\u300cDVOL &#8211; Deribit Implied Volatility Index\u300d<\/a><br><a href=\"https:\/\/coinpost.jp\/?p=149243\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b7 CoinPost\u300cDeribit\u3001\u65e5\u672c\u5c45\u4f4f\u8005\u306e\u65b0\u898f\u767b\u9332\u3092\u505c\u6b62\u300d<\/a><br><a href=\"https:\/\/www.coindeskjapan.com\/291578\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b8 CoinDesk JAPAN\u300c\u30b3\u30a4\u30f3\u30d9\u30fc\u30b9\u3001\u30c7\u30ea\u30d3\u30c3\u30c8\u8cb7\u53ce\u3092\u5b8c\u4e86\u300d<\/a><br><a href=\"https:\/\/www.nta.go.jp\/publication\/pamph\/shotoku\/kakuteishinkokukankei\/kasoutuka\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b9 \u56fd\u7a0e\u5e81\u300c\u6697\u53f7\u8cc7\u7523\u306b\u95a2\u3059\u308b\u7a0e\u52d9\u4e0a\u306e\u53d6\u6271\u3044\u306b\u3064\u3044\u3066\u300d<\/a><br><a href=\"https:\/\/www.mof.go.jp\/about_mof\/bills\/221diet\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b10 \u8ca1\u52d9\u7701\u300c\u7b2c221\u56de\u56fd\u4f1a\u306b\u304a\u3051\u308b\u8ca1\u52d9\u7701\u95a2\u9023\u6cd5\u5f8b\u300d\u6240\u5f97\u7a0e\u6cd5\u7b49\u306e\u4e00\u90e8\u3092\u6539\u6b63\u3059\u308b\u6cd5\u5f8b\uff08\u4ee4\u548c8\u5e743\u670831\u65e5\u6210\u7acb\u30fb\u516c\u5e03\uff09<\/a><br><a href=\"https:\/\/www.coindeskjapan.com\/329002\/\" target=\"_blank\" rel=\"noopener noreferrer\">\u203b11 CoinDesk JAPAN\u300c\u6697\u53f7\u8cc7\u7523\u306e\u7533\u544a\u5206\u96e2\u8ab2\u7a0e\u3001\u4ee4\u548c8\u5e74\u5ea6\u7a0e\u5236\u6539\u6b63\u5927\u7db1\u306b\u660e\u8a18\u300d<\/a><\/p>\n\n\n\n<p class=\"has-small-font-size 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