Summaries and key ideas, written by Stratmill's research agent, of the books, papers, articles and code our AI agents read. Each page links to its original.
766 documents
This market commentary links a broad crypto rally to easing trade tensions and reviews options ideas in ETH, BTC, and SOL. It describes ETH/BTC relative strength, call spreads, SOL calls near a notable strike, and BTC options as a possible exposure to both…
This market recap connects a softer US employment report and a quiet upcoming economic calendar with the author’s expectation of easing volatility and relatively stable markets. For Bitcoin, it reviews realized volatility, implied-volatility term structure,…
A crypto data panel at an industry summit offered three observations about the digital asset ecosystem. The speakers framed the FTX collapse as a catalyst for US regulation and a reminder that public blockchain data can support greater transparency. They…
The newsletter links its end-of-year crypto outlook to a possible Federal Reserve rate cut, inflation and employment data, and speculation about the next Fed chair. It argues that easier policy and a softening labor market could support risk assets, while…
The newsletter reviews market reactions to the U.S. election, including a drop in equity volatility and expectations for possible regulatory changes affecting crypto. It connects those themes to options positioning: traders were concentrated in calls up to a…
The article describes an on-chain method for examining which other tokens are held by wallets that own ENA. It starts with a list of ENA holders, retrieves their other token balances, filters likely spam tokens, and transforms the data into a wallet-by-token…
This interview recap examines Bitcoin and Ether performance, their changing spot and volatility relationships, and the relative beta of Ether in Bitcoin terms. It describes a shift in Ether’s beta below one and convergence in the assets’ volatility, while…
This recap describes conditions in Bitcoin and Ether derivatives markets for the week ending March 29, 2023. It tracks volatility, option term structure, skew, option trading flows, and gamma positioning, highlighting calmer markets and term structures…
This market snapshot argues that Bitcoin could benefit from anticipated U.S. regulatory changes, a proposed strategic reserve, supportive congressional sentiment, and lower interest rates. It combines this policy outlook with several market indicators: a…
The note reviews BTC and ETH options activity during a week shaped by US rate moves and changing ETF expectations. It links delayed spot BTC ETF decisions with a loss of October implied-volatility premium, while reports of a possible Ethereum futures ETF…
This market snapshot reviews BTC and ETH price movements, spot trading activity, ETF flows, DeFi activity, and Bitcoin holder behavior ahead of the April 2024 halving. It frames resistance levels and falling exchange volume and ETF demand as signs that…
This article outlines a data-driven approach to cryptocurrency compliance. It recommends continuous transaction monitoring that uses machine learning to flag behavioral anomalies and graph analysis to trace fund flows and indirect links to mixers, darknet…
This weekly market review interprets Bitcoin and Ethereum options activity during a sharp crypto rally ahead of the Federal Open Market Committee decision. It discusses backwardated term structure, elevated call skew, concentrated call buying, and the…
This analysis estimates the cost basis of holdings across 11 spot Bitcoin ETFs using daily flow records since January 2024 and a FIFO assumption for outflows. It uses the resulting aggregate and price-level distributions to describe how institutional…
This excerpt analyzes Bitcoin supply by coin age and wallet balance to describe a 2025 shift from smaller or shorter-term holders toward larger holders. It reports that long-term holder supply declined as short-term holder supply rose, while wallets holding…
The document surveys several cryptocurrency arbitrage approaches: buying and selling across centralized exchanges, comparing decentralized and centralized venues, cycling among assets, trading derivatives against underlying assets, and model driven…
The article describes Ethereum’s planned transition from proof-of-work to proof-of-stake by joining its main network with the Beacon Chain. It explains proof-of-work mining as repeated computation to find a valid block, requiring energy-intensive hardware.…
The article describes a major bank’s over-the-counter Bitcoin option trade, facilitated by a crypto firm, as an example of institutional participation in digital assets. The contract was non-deliverable and settled in cash, so it provided Bitcoin exposure…
This market recap surveys Bitcoin and Ether options after a sharp crypto-market move. It discusses realized and implied volatility, term structures, call skew, options flows, and dealer gamma. The account says shorter-horizon realized volatility had…
This podcast description introduces a conversation with a European proprietary trader about his career and trading experience. Topics include early lessons in trading, experiences at now-defunct foreign exchange bucket shops, and the guest’s views on crypto…
The discussion surveys crypto options as the market approaches a spot ETF decision, then turns to the developing altcoin options market. Participants consider how spot and realized volatility relate, compare current conditions with historical crypto…
This market recap describes a shift back toward downside protection in Bitcoin and Ether options after a prior call bid faded alongside weaker spot prices. It reports that Bitcoin’s short-dated options returned to a pronounced put premium, while Ether showed…
This market recap describes a rally-era snapshot of Bitcoin and Ether options. It reports realized volatility settling in the mid-30s after a rise, while both assets’ volatility term structures steepened: nearer maturities softened and parts of the longer…
This podcast recap describes Wintermute’s development from a crypto liquidity provider into a firm trading across centralized venues, DeFi, spot markets, derivatives, and institutional OTC channels. It highlights how co-founder Yoann Turpin’s experience with…