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.
23 documents
The recap compares Bitcoin and Ethereum options markets through realized and implied volatility, term structures, skew, and relative gamma pricing. It describes BTC shifting into contango as front-end implied volatility falls more sharply than longer-dated…
This market snapshot interprets crypto conditions across derivatives, spot flows, order books, stablecoins, and DeFi lending. It describes continued long liquidations in BTC, ETH, and SOL, funding turning negative across major assets, and BTC–ETH correlation…
This weekly crypto options analysis links macroeconomic events, including US debt ceiling negotiations, inflation data, Fed minutes, and upcoming employment figures, to Bitcoin and Ethereum volatility. It argues that the market may remain in a wait-and-see…
This digital asset market report assesses a fragile recovery using price action, trading volume, realized volatility, open interest, funding, order book depth, institutional ETF flows, stablecoin supply, and DeFi lending conditions. It describes a mixed…
This market recap reviews BTC and ETH options positioning before US CPI. It reports lower realized volatility as prices stayed in ranges, while implied volatility changed little and carry turned positive. The author sees short gamma as attractive, suggesting…
The report argues that a sharp Bitcoin price decline and ETF redemptions reflected a concentrated unwind of cash and carry positions rather than broad institutional capitulation. It explains the trade: hold spot Bitcoin or ETF shares while shorting futures…
The document introduces Rho Protocol as an on-chain venue for trading crypto-native interest rates, especially perpetual funding rates and staking rates. It describes fixed-for-floating contracts as a way to hedge exposure to changing rates, similar to…
This interview discusses how traders can identify persistent sources of edge, implement them, and manage the risks and emotions that accompany them. Euan Sinclair describes edge as a market phenomenon that mathematics can measure, citing trends, mean…
This commentary presents a framework for crypto volatility trading that stresses timing and carrying costs over the simple idea of selling volatility whenever it appears historically high. It describes realized volatility as mean reverting, while warning…
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 digital-asset snapshot describes a risk-off period marked by falling BTC and ETH prices, accelerating ETF outflows, weaker spot volumes, and signs of strained order-book liquidity. It reports elevated positive funding across BTC, ETH, and SOL while spot…
This market recap reviews Bitcoin and Ethereum derivatives conditions, including realized and implied volatility, skew term structure, carry, and relative value. It reports that realized volatility had eased, front-end implied volatility softened before…
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…
The article explains how periodic funding payments in perpetual swaps help keep contract prices near spot prices. When funding is positive, longs pay shorts; when negative, shorts pay longs. These payments affect the net cost of holding a position and can…
The document examines 2025 spot Bitcoin ETF flows and stablecoin supply as measures of institutional positioning and potential crypto market liquidity. It reports cumulative ETF inflows and accumulation, the distribution of flows across issuers and market…
This market commentary reviews early 2025 conditions across Bitcoin, Ethereum, and Solana. It links macro events and labor data to volatility expectations, and describes Bitcoin positioning around the $100,000 strike, including dealer short gamma and demand…
The document explains a cash-and-carry strategy: buy spot and short futures when futures trade above spot, then seek to earn the premium as prices converge. It discusses how basis varies by contract tenor and compares the estimated return with Treasury bill…
This market recap interprets Bitcoin and Ether options during a sharp sell-off and liquidation episode. It compares realized and implied volatility, put and call skew across expiries, carry, and the volatility spread between the two assets. The commentary…
This article explains Ethereum proof-of-stake and liquid staking tokens (LSTs), which let holders delegate ETH to a protocol and receive a token representing their staked position. That token can be used in DeFi, such as as lending collateral, improving…
This overview explains how Ethereum liquid staking converts staked ETH into a tradable or lendable liquid staking token. A staking provider holds or routes the ETH for validation, while the token represents the staked position and allows the holder to use it…
This market recap reviews Bitcoin and Ethereum options after an upside move. It reports rising realized volatility in both assets, with implied volatility lagging, and negative carry. The author links the demand for volatility to price moves exceeding…