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 report reviews BTC and ETH derivatives during a period when spot prices moved toward the bottom of their recent ranges. It says short-dated implied volatility rose as traders sought downside protection, and options smiles remained tilted toward…
The announcement explains how a block request-for-quote system gives traders a separate workflow for negotiating large over-the-counter crypto options trades. Institutional participants can request pricing from liquidity providers and arrange block or…
This weekly report tracks BTC and ETH derivatives around the March 22 Federal Open Market Committee meeting, which it says confirmed a 25 basis point rate increase. It describes at-the-money implied volatility falling after the meeting, while a subsequent…
This weekly snapshot reviews BTC and ETH futures yields, perpetual swap funding, and options volatility and skew. It reports falling implied volatility across both assets, with short tenors reaching stated lows in the 25% to 30% range. Futures yields were…
This podcast episode discusses a pause in the crypto rally ahead of Bitcoin's halving, with attention to support levels, macroeconomic pressures, and options pricing. The hosts consider whether a stronger US dollar and concerns about Chinese capital flight…
This weekly analytics recap reviews Bitcoin and Ethereum derivatives through futures yields, perpetual swap funding, implied volatility, volatility surfaces, and SABR smile skew. It reports shorter dated yields recovering toward longer dated futures levels,…
This market commentary examines Bitcoin and Ethereum options after Bitcoin reached new highs, focusing on why call skew did not become more extreme after a strong rally. It reports softer implied volatility alongside rising prices and describes the…
This brief weekly note interprets Bitcoin options activity amid strongly negative sentiment and widespread fear. It reports unusually elevated skew, which the author reads as evidence that traders are seeking protection, while implied volatility remains…
This report interprets BTC and ETH options pricing around expected policy and legislative events. It describes broadly flat implied volatility, with BTC options’ overall levels around 38% to 39% and a small premium in seven-day options over fourteen-day…
This weekly market recap reviews BTC and ETH derivatives using futures-implied yields, at-the-money implied volatility, and option volatility smiles. It reports BTC futures-implied yields above zero at tenors below one year, with at-the-money implied…
The document explains Deribit’s proof-of-reserves approach, combining a customer-liability snapshot with on-chain asset disclosures. Its modified Merkle tree uses concealed, asset-specific balance entries so customers can verify their own inclusion without…
The article expects Bitcoin to trade in a range through year-end absent credible progress toward approval of a spot ETF. It points to upcoming inflation and Federal Reserve events, a low options-implied move around employment data, and the possibility of…
The document describes a long call butterfly on Bitcoin options, built by buying one lower-strike call, selling two calls at a middle strike, and buying one call at a higher strike. Its example uses June expiry strikes of $73,000, $74,000, and $75,000, with…
The commentary contrasts close US election polling with market prices that imply a strong expectation of a Trump victory. It cites prediction-market odds, a rally in Bitcoin, gains in DOGE, and a rise in Trump Media shares as signs of that market view. It…
This product guide explains linear USDC-margined perpetual contracts and compares them with inverse contracts collateralized in bitcoin. For equivalent positions, it says dollar-denominated profit or loss can match, while settlement currency differs:…
This market commentary examines BTC and ETH during a choppy period, relating price weakness to realized and implied volatility, term structures, relative ETH/BTC volatility, skew, option flows, and dealer gamma. It reports that BTC volatility firmed across…
This guide explains an option strategy assistant that selects a strategy based on a trader’s forecast for an asset’s price by a chosen date and a maximum investment amount. It introduces intrinsic and extrinsic option value, describing how time remaining,…
This weekly commentary reviews crypto volatility after the FTX collapse, noting that realized volatility had eased while uncertainty around further credit deleveraging could still revive market swings. It compares BTC and ETH volatility, observes elevated…
This options-flow note reviews positioning in Ether and Bitcoin during a period of renewed upside interest. It highlights large purchases of short-dated ETH calls at the 2,800 strike and relates them to an earlier December call spread. The reported…
The analysis describes a long-volatility trade around the launch of an Ether ETF. It reports the profit and loss from holding an ETH straddle struck at $1,650 from September 30 into the October 2 event, while rebalancing hourly to keep delta flat. The…
This commentary examines why Ether underperformed Bitcoin in 2023 by comparing spot returns, futures-implied yields, perpetual funding, and options risk reversals. The central observation is that ETH’s futures-implied yields weakened after the August 18…
The commentary assesses Bitcoin and Ether options markets after a rebound and subsequent pullback. It frames Bitcoin as increasingly exposed to macro positioning and cross-asset deleveraging, so recent price action may reflect institutional portfolio flows…
This weekly report reviews BTC and ETH derivatives conditions ahead of the US presidential election. It highlights a term-structure dislocation in which 30-day at-the-money implied volatility had risen toward longer-dated levels, even as outright volatility…
This market commentary describes a relative-value options position during a period of subdued realized and implied volatility. The proposed trade is to buy a March ETH straddle and sell a March BTC straddle, expressing the view that ETH volatility may…