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.
385 documents
This article outlines factors to assess before depositing token pairs into a decentralized exchange liquidity pool. Liquidity providers receive a share of swap fees, generally represented by redeemable pool tokens, and some pools may also distribute…
This market commentary reviews crypto volatility conditions and options positioning in September 2023. It notes subdued equity volatility and low realized volatility in crypto, while describing rising put-wing implied volatility for a near-term Bitcoin…
This weekly crypto market report assesses a recovery in prices by combining spot performance with trading volume, volatility, open interest, funding, order book depth, ETF flows, stablecoin issuance, and DeFi credit measures. It interprets rising prices…
This market commentary connects Federal Reserve expectations and stablecoin policy news with volatility in crypto and crypto-linked equities. It focuses on Circle’s post-IPO shares, noting a sharp rise in implied volatility and short-dated call skew, then…
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…
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 weekly note reviews Bitcoin and Ether options conditions around March 5, 2023. It links falling spot prices to softening implied volatility, describes a contango term structure, and points to the largest roll-down between short dated maturities and the…
This midweek derivatives recap describes a subdued Bitcoin market and summarizes changes in implied and realized volatility, term structure, skew, options activity, and dealer gamma. It reports that Bitcoin’s realized volatility fell by about 10 points while…
The newsletter links weaker U.S. payroll data and expectations for Federal Reserve rate cuts with diverging moves in gold and crypto. It interprets low VIX readings, short VIX futures positioning, and differences between September and October VIX futures as…
The analysis compares Binance BTC/FDUSD order book behavior around six 2025 Federal Open Market Committee decisions: five rate holds and one cut. It tracks five-minute averages of volatility, bid-ask spread, depth, order book imbalance, and pressure…
This market recap describes a week of softer realized and implied volatility in Bitcoin and Ether options as spot prices drifted within recent ranges without a major macro catalyst. It notes that Bitcoin’s term structure shifted lower, especially at the…
This overview describes an interactive Moody’s data story examining prominent stablecoin depegs through dynamic charts. The reported episodes include Terra’s collapse, an FTX-related USDT depeg, USDC losing its peg amid stress in traditional finance, and a…
This excerpt organizes the 2025 crypto market into six regimes, grouped into early-year optimism, a mid-year build, and a late-year crisis and aftermath. It proposes identifying regimes through their triggers and through changes in flows, open interest,…
This market snapshot assesses an early-2026 crypto rally using price and volume changes alongside open interest, perpetual funding, ETF flows, stablecoin supply, orderbook depth, and volatility. It interprets rising prices, expanding open interest, positive…
This market snapshot discusses three digital-asset themes: institutional Bitcoin adoption, prospective uses for autonomous AI systems in decentralized finance, and tokenization of real-world assets. Its Bitcoin analysis describes a sharp rise above $100,000…
The article explains stablecoins as crypto assets designed to track another asset, usually the US dollar, and distinguishes reserve-backed tokens from algorithmic designs. Reserve-backed tokens depend on the issuer holding assets intended to support…
This weekly market recap reviews Bitcoin and Ether derivatives conditions, including realized volatility, implied-volatility term structure, skew, option flows, and dealer gamma. It describes weak spot prices alongside subdued realized volatility, while…
This market recap describes how a sharp crypto decline affected BTC and ETH options. It reports rising realized volatility, a larger response in short-dated implied volatility than in longer maturities, and an inverted term structure after spot fell. The…
This Q2 2023 report teaser examines Bitcoin and Ethereum options activity, volatility behavior, and the DVOL index. It describes a rules-based method for estimating trade aggressor direction using weighted heuristics, then discusses differences in spot and…
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 market note reviews Bitcoin and Ether options around a period of banking stress and major US economic releases. It describes Bitcoin’s term structure moving into backwardation, with near-dated implied volatility elevated relative to longer maturities,…
This market commentary examines crypto options positioning in December 2023 as traders anticipated a US spot Bitcoin ETF decision. It discusses a sharp Bitcoin pullback and a rise in realized volatility, alongside a decline in short-dated implied volatility…
This weekly digital-asset snapshot combines price action with derivatives positioning, institutional flows, order-book liquidity, spreads, and DeFi indicators. It describes Bitcoin testing support near $86,000 amid a broader risk-off move, while ETF…
This market commentary links changing Federal Reserve rate-cut expectations with risk-asset performance, then examines relative strength and options conditions in Bitcoin and Ether. It discusses how realized volatility and the ETH/BTC ratio may reflect…