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.
1,232 documents
This market note examines how regulatory headlines, prospective altcoin liquidations, and macroeconomic events affected Bitcoin and Ethereum. It describes relative resilience in the two largest assets, while identifying nearby support zones whose failure…
The article describes exchange combo orders that package multiple futures or options legs into a single order book and execution. It demonstrates a futures calendar spread: selling the farther dated contract and buying the nearer one when the trader expects…
This review explains how macroeconomic expectations and thin crypto liquidity coincided with a sharp January 2023 rebound. Its central mechanism is dealer gamma hedging: when options positions leave dealers short gamma, rising prices can force them to buy…
This trade proposal uses a put ratio spread for a short-term bearish Bitcoin view. Its example buys one out-of-the-money put at a higher strike and sells two puts at a lower strike with the same expiry. The article frames the lower strike near a demand zone…
This lesson explains cryptocurrency put options, including contract terms, expiry settlement, buyer and seller payoffs, and breakeven calculation. A put gives its buyer the right to sell at the strike. Using a Bitcoin example, the text shows that an…
This market commentary interprets ETF flows, futures positioning, policy developments, and macro conditions as context for Bitcoin’s move toward prior highs and Ethereum’s sharp rally. It then compares realized and implied volatility, carry, and options…
This exchange article explains how option time to expiry affects premium and short-term trading use. Options with only a day or two remaining generally carry less time value, making them comparatively inexpensive instruments for hedging events or expressing…
This weekly snapshot reviews Bitcoin and Ether derivatives conditions using futures yields, perpetual swap funding, option implied volatility, risk reversals, and volatility surfaces. It reports positive futures yields, with Bitcoin’s annualised curve…
This weekly commentary interprets Bitcoin options positioning near $50,000 resistance as spot fell toward $47,000. It describes opposing call trades: selling September $50,000 calls, buying higher-strike calls, and demand for September calls around $52,000…
This note outlines a bullish Ethereum call ratio spread after a reported 39% decline from the ETF approval period to a demand zone near $2,150. The structure buys one out-of-the-money $3,000 call and sells two $3,200 calls with the same August 30 expiry. The…
This market commentary interprets Bitcoin and Ether options trades around regulatory and creditor-distribution news. It describes heavy November put buying ahead of DOJ-Binance statements, followed by spot movement above $36,500, and later put purchases…
This exchange notice explains a scheduled increase in the minimum price increments for BTC and ETH spot pairs quoted in USDC and USDT. Tick size determines the smallest permitted price step for an order. The notice gives the new increments and says that…
This market commentary weighs a modest Bitcoin rebound against continued macroeconomic and crypto-specific risks. It describes crypto’s recent underperformance relative to equities, links short-term sentiment to concern about technology valuations and…
This brief option-flow commentary describes a rapid change in crypto derivatives positioning around developments involving the Federal Reserve and banking concerns. Traders had recently used puts, put spreads, and put flies to hedge downside risk, leaving…
This report examines how implied volatility and option smile skew changed for ETH and BTC during market selloffs in May and June 2022, followed by a July rally linked to news about Ethereum’s planned transition to proof of stake. It explains that rising…
This market commentary compares Bitcoin spot moves with options positioning after a Sunday Trump social media announcement concerning SR expansion. The initial spot reaction triggered short covering and call buying, but the author says options positioning…
This weekly market recap describes several Bitcoin derivatives conditions: futures term structure flattened and turned negative at a 30-day tenor, while annualized implied futures yields fell notably below spot at short maturities. It also reports that an…
This trade note proposes an Ethereum call ratio spread around anticipated spot ETF approval news. The position buys one July 19 call at a $3,200 strike and sells two calls at $3,400, for a stated net debit of $4 per ETH. The thesis combines updated filings…
Deribit announces that it will remove its Proof of Reserves page and stop daily updates from September 1, 2026, citing wallet infrastructure changes during its integration with Coinbase. The previous page used a privacy-preserving binary Merkle tree: hashed…
The article explains why institutional crypto adoption depends partly on secure custody and reliable settlement. It compares multi-signature key management, which requires a quorum of separate signatures, with multiparty computation (MPC), which splits…
This podcast overview outlines a discussion of macro conditions and their possible effects on stocks and crypto. Topics include tariff rhetoric, the upcoming Federal Reserve decision, a weaker US dollar and falling yields, Bitcoin’s near-term direction, and…
The document describes a tool for visualizing historical block option trades on Deribit for Bitcoin or Ethereum. A user selects an asset and a lookback period; the script retrieves and cleans the trade data, then plots activity by option maturity and strike.…
The article links Bitcoin’s past halving-year rallies to a proposed supply-and-demand mechanism: miners reduce the flow of coins onto exchanges while new investment demand continues. It compares estimated spot ETF inflows with annual mining issuance and with…
This weekly report summarizes BTC and ETH futures, perpetual funding, and options conditions after a spot selloff pushed prices toward the lower end of a sideways range. It says futures-implied yields were near recent lows, BTC funding was intermittently…