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 snapshot discusses conditions around Bitcoin’s fourth block reward halving and Hong Kong’s approval of Bitcoin and Ether exchange traded funds. It connects Bitcoin’s new Runes token activity with higher transaction counts and fees, and contrasts…
This interview-based article discusses how to research open-source crypto protocols, using Ethereum as a central example. Its proposed framework is to identify a protocol’s purpose, examine how development and decisions are organized, map influential…
This podcast article introduces Hashflow’s approach to decentralized trading across blockchains. It describes a request-for-quote model in which traders request prices from market makers, alongside an intent-based routing system intended to find liquidity…
This episode recap discusses crypto market structure, macroeconomic themes, and options positioning across Bitcoin, Ethereum, and Solana. It describes subdued sentiment alongside recovering prices, contrasts crypto with equities and gold, and presents the…
The document introduces crypto calls and puts, explaining the buyer’s rights and the seller’s obligations. It describes moneyness by comparing the strike with the underlying price, and outlines intrinsic value and time value. It also introduces delta, gamma,…
This weekly recap describes conditions in BTC and ETH options around a major BTC expiry. It reports that BTC realized volatility had declined, with seven-day realized volatility returning to the 30s. The term structures changed little: front-end volatility…
This report reviews Ethereum market and ecosystem developments across early 2025, linking price weakness and volatility to macroeconomic pressure, a major exchange hack, institutional ETF positioning, staking yields, and network upgrades. It describes…
This market review examines crypto options and volatility during the sharp January 2023 rally. It connects the post-inflation-data rise in Bitcoin and Ether with higher realized and implied volatility, a backwardated Bitcoin volatility term structure, and…
This weekly digital asset report combines price and volume changes with derivatives positioning, orderbook liquidity, institutional flows, stablecoin supply, and DeFi activity. It interprets the reported pullback as consolidation after a rally: open interest…
The document surveys ways to interpret crypto market sentiment using Bitcoin and Ethereum metrics, visual dashboards, and spot ETF flow data. It explains how Net Unrealized Profit/Loss compares market capitalization with realized capitalization, while…
The announcement describes Amberdata becoming an authorized redistributor of Coinbase Exchange market data. It says the Coinbase-derived historical datasets include tick-level trades, order books, hourly and daily OHLCV, and daily prices. The data is…
The article reviews Bitcoin ETF flows during the first half of 2024, interpreting fund inflows and outflows as signals of investor interest and changing market sentiment. It reports strong first-quarter inflows to new spot funds, led by BlackRock’s IBIT and…
This article explains how to read implied-volatility skew in cryptocurrency options using the 25-delta risk reversal and butterfly. Risk reversal compares call and put implied volatility at matching deltas to show which side of the market is more bid; the…
The article explains how spot crypto ETFs provide exposure through regulated brokerage products and, in the case of Bitcoin funds, hold the underlying asset. It argues that ETF purchases can shift coins out of open-market circulation, while familiar account…
This article outlines four risk controls for institutions investing in digital assets. Counterparty review includes examining exchanges or decentralized finance protocols, their past behavior in volatile periods, trading volumes, and order-book depth.…
The document outlines how institutions can use on-chain data to assess a blockchain’s operational performance, economic resilience, and security. It groups useful observations into address activity, block capacity and production, token behavior and supply,…
The document explains options trading volume as activity over a period and open interest as the number of outstanding contracts. It suggests reading the two together to gauge participation, liquidity, and possible trend strength or fading activity. Examples…
The dashboard reviews Bitcoin’s 2025 market through six regimes, tracking price, futures basis, open interest, and spot ETF flows. It argues that an annual return alone obscures large differences between phases, and describes a carry trade that pairs ETF…
The report interprets a 57-day crypto market selloff as a derivatives deleveraging event rather than clear evidence that bullish sentiment had ended. It describes how falling prices can trigger maintenance-margin liquidations, whose market orders push prices…
This market commentary reviews Bitcoin and Ethereum options after a rally and a major political event. It reports that realized volatility rose ahead of the event, while front-end implied volatility later fell as the event passed without major crypto policy…
This weekly review links the July 2023 macro backdrop to crypto options pricing and reported trading flows. It describes low realized volatility, steepening futures contango, and a sizable variance risk premium, arguing that low implied volatility alone did…
The article describes how crypto derivatives data can help traders assess uncertainty around elections. It focuses on implied volatility as a measure of expected price swings and open interest as an indication of outstanding positions and participation. It…
The announcement describes a data service that records real-time and historical blockchain events at wallet, asset, and protocol levels. It presents this granularity as useful for institutional trading research, risk management, compliance, accounting, and…
The article argues that liquidity alone offers an incomplete view of volatile crypto markets. Traders and institutions also need context on how activity connects across blockchains, DeFi protocols, centralized exchanges, and stablecoin flows. Stablecoin…