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
The document explains the launch of USDC-settled BTC and ETH options alongside existing coin-settled contracts. It describes linear option payouts in USDC, contrasts them with inverse products settled in the underlying coin, and outlines how the choice…
This educational guide explains how to construct straddles and strangles and how their payoff profiles respond to price movement and implied volatility. A straddle combines a call and put at the same strike and expiry; a strangle uses an out-of-the-money put…
This article explains Bancor’s automated market maker design and the role of BNT as a connector asset across token pools. It focuses on changes introduced in Bancor v2.1 to reduce barriers for liquidity providers: single-sided deposits and impermanent loss…
This weekly options commentary interprets BTC positioning through reported trades, maturity changes, volatility structure, and put skew. It describes traders moving upside exposure from March and June calls into April and May calls at a lower, more immediate…
This November 2023 market review compares BTC and ETH spot performance, realized volatility, implied volatility, and options skew. It attributes much of the month’s price rise to a weaker US dollar and notes that ETH outperformed BTC in both returns and…
This market commentary links crypto option activity with a sharp Bitcoin decline amid Mt. Gox creditor distributions, Ether ETF trading, and weaker broader markets. It describes earlier demand for short-dated BTC calls around anticipated conference remarks,…
This weekly report interprets Bitcoin and Ether derivatives pricing in the run-up to the U.S. election. It compares short and long option maturities, futures premiums, funding rates, and option skew to describe a mixed near-term picture alongside more…
The note tracks Bitcoin options positioning around a market rally following an announced truce. It describes short-dated call buying, put selling or rolling to higher strikes, and a call-condor structure aimed at further near-term upside. One put position…
This market note interprets recent conditions in Bitcoin and Ether through realized volatility, implied volatility, options skew, and the ETH/BTC relationship. It reports that realized volatility had eased, front-end implied volatility had declined, and…
The document argues that Bitcoin is best analyzed as a distinct alternative asset class. It outlines Robert Greer’s three broad asset groups—capital assets, consumable or transformable assets, and stores of value—and places Bitcoin closer to the…
This trade note presents a defined-risk bull call spread on ETH in response to anticipated spot ether ETF launches. The structure buys a lower-strike call and sells a higher-strike call with the same expiry, creating a net debit. The example buys the $3,550…
This commentary examines BTC and ETH derivatives positioning after a mid-August selloff. It compares at-the-money implied volatility across maturities, volatility smile steepness, and one-month 25-delta risk reversals. The report says spot prices were…
This podcast episode discusses a choppy crypto market and the possibility that Ethereum could approach prior highs. The hosts connect ETH strength to anticipated stablecoin legislation, ETF inflows, a breakout in Ethereum dominance, and shifting supply and…
This weekly report reviews crypto derivatives positioning through futures-implied yields and options volatility measures for BTC and ETH. It describes BTC futures yields moving closer to zero as a spot rally loses momentum, while BTC at-the-money implied…
This market commentary examines BTC options activity during a sharp spot decline associated with German government BTC sales, Nasdaq weakness, and Mt. Gox transfer notifications. Despite expectations that uncertainty might raise implied volatility and put…
This report reviews how BTC and ETH derivatives responded to a spot-market selloff. Short-dated implied volatility briefly rose above longer-dated volatility, inverting the term structure, before volatility fell. ETH implied volatility remained five to ten…
This weekly market review tracks BTC and ETH futures yields, perpetual swap funding, and options volatility. It reports that annualized yields for both assets rose, reaching levels last seen around the buildup of leverage before BTC’s ETF announcement.…
This weekly report reviews BTC and ETH futures yields, perpetual swap funding, options volatility, and volatility skews. It describes a rebound in spot prices after a selloff, alongside increases in at-the-money implied volatility that did not break the…
This market note tracks changes in Bitcoin and Ether options flow around news that Grayscale prevailed against the SEC. Before the news, the author describes mixed positioning: call buying at several expiries coexisted with downside hedges and offered calls.…
This review describes the 2022 collapse of UST and LUNA as a crisis amplified by fragile market confidence, low liquidity, and an unstable backing structure. It contrasts UST’s algorithmic link to LUNA with a currency peg supported by substantial…
This podcast episode brings together crypto and financial-market commentators to discuss a Bitcoin market dip amid tariff uncertainty, stagflation concerns, and changing expectations for liquidity and Federal Reserve policy. The episode is framed around…
The document outlines Deribit FZE’s virtual asset service provider license from Dubai’s Virtual Assets Regulatory Authority. The license covers spot virtual assets for all investor classifications and virtual asset derivatives for qualified and institutional…
This weekly report examines BTC and ETH futures, perpetual swap funding, and options volatility. It describes implied volatility falling in both assets after early-January ETF event risk had passed. Although volatility declined, out-of-the-money call…
This weekly market recap connects macroeconomic commentary about the Federal Reserve with moves in BTC and ETH derivatives. It reports that both assets’ implied volatility rose across the curve as spot prices fell. BTC futures positioning appeared less…