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.
64 documents
This conference recap describes several developments in digital asset markets: valuing tokens against underlying revenue and rights, crypto-native venues affecting traditional markets, software agents transacting autonomously, and institutions connecting…
The newsletter assesses a sharp rise in Bitcoin volatility alongside macroeconomic catalysts and crypto market positioning. It uses options implied volatility and term-structure richness as indicators of stress, noting that a high backwardation reading has…
This podcast recap describes Cboe Digital’s crypto spot and derivatives exchange and clearinghouse. It lists spot markets in several major digital assets and notes the launch of Bitcoin and Ethereum futures. A central topic is futures margin clearing, which…
This podcast account follows Michael Dunn’s move from fixed-income and equity trading into crypto derivatives and Bitnomial’s effort to build a regulated U.S. exchange and clearing infrastructure. It describes exchange components such as matching engines,…
This market commentary interprets crypto options conditions ahead of the U.S. election, focusing on Bitcoin and Ethereum realized volatility, implied volatility, skew, term structure, and relative performance. It describes realized volatility as stable while…
This market commentary surveys crypto conditions around the period following Ethereum’s Shapella upgrade. It describes a permit-signature scam risk: gasless token approvals can look like ordinary wallet signatures, making it difficult for users to recognize…
This derivatives newsletter argues that Bitcoin may remain in consolidation despite bullish headlines, while stronger equities and lower equity volatility point to a different near-term backdrop. Its macro discussion cites the upcoming Federal Reserve…
This report reviews 2024 activity in centralized crypto spot and derivatives markets. It describes how exchange and asset trading volumes changed through the year, noting periods of high activity across major venues and tokens. It suggests using volume…
This report examines BTC options and futures behavior in Q1 2023, then introduces Lyra as an automated market maker for on-chain options. It contrasts AMM and order-book models and frames DeFi options as an evolving market without an established analytical…
The snapshot combines macroeconomic news with market indicators for Bitcoin, Ether, and Solana. It discusses modest inflation relief alongside tariff and interest-rate concerns, a large loss from a highly leveraged Ether position, and the U.S. decision to…
This market update reviews three developments in crypto derivatives: August activity at Deribit, the launch of Bumper, and Kraken’s plans to expand its derivatives business. It reports that Deribit’s volume rose while global derivatives volume fell, with…
This market commentary links the inflation outlook and Federal Reserve communications to crypto sentiment, then focuses on Bitcoin positioning ahead of the April 2024 halving. It notes the reported PCE and core PCE readings, upcoming employment data, strong…
The article introduces OKX Nitro Spreads as a way to trade the price difference between futures and perpetual swap contracts through a single instrument. It describes spread trading as useful for hedging exposure or responding to price differences, with the…
The newsletter links crypto markets to broader risk assets and discusses how macroeconomic uncertainty, Federal Reserve messaging, tariff concerns, and upcoming data releases may affect prices. It interprets falling VIX and VVIX as evidence that near-term…
This market snapshot surveys digital-asset developments around geopolitical attacks, U.S. stablecoin legislation, macroeconomic pressure, an Ethereum chart pattern, and a DeFi exploit. Its market analysis interprets Bitcoin ETF creations and redemptions as…
The newsletter reviews a week in which Bitcoin rose 8% after briefly falling below $100,000 amid geopolitical headlines. It connects the rebound to falling crude prices and stronger performance in higher beta crypto assets, while noting that Bitcoin’s year…
The report teaser examines institutional participation in Bitcoin futures, options, and perpetual swaps during 2023. It compares CME and Deribit through rolling futures basis and open interest, interpreting CME’s higher basis and growth in open interest as…
The article explains how trading volume and open interest can help assess liquidity in Bitcoin and Ethereum derivatives. Volume indicates trading activity and can be broken down by exchange, currency, and expiration; open interest counts outstanding…
The article explains open interest as the number of derivatives contracts that remain open and presents it as a measure of participation in crypto futures markets. It recommends reading changes in OI alongside price: rising OI with rising prices may support…
This weekly crypto market snapshot combines regulatory and company news with indicators of institutional activity and derivatives positioning. It covers the launch of XRP and Dogecoin ETFs, Tether’s U.S.-focused stablecoin, a large corporate Solana purchase,…
The article compares Bitcoin market conditions in late 2023 with the rally in late 2020, using spot returns, options implied volatility, futures basis, and realized volatility. It reports that implied volatility was near its 2023 high amid call buying, while…
This market commentary combines a US macro calendar with views on Japanese rates, Bitcoin, and Ethereum options. It notes that the Federal Reserve decision and US employment report could move markets, while a weaker employment result might support bonds and…
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 research summary compares high-frequency factors built from minute data in stocks and futures. It groups signals into return-distribution measures, intraday volume patterns, price-volume relationships, order-flow measures, and trend strength. Reported…