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 article proposes interpreting Bitcoin’s range-bound price action through recurring leveraged-position liquidations. It describes a liquidation heatmap that estimates price zones where leveraged traders’ liquidation points and stop losses cluster, then…
This weekly report surveys BTC and ETH derivatives through futures yields, perpetual swap funding, at-the-money implied volatility, volatility surfaces, and SABR skew. It describes futures trading above spot across sub-year tenors for BTC and ETH, alongside…
This desk commentary examines Bitcoin and Ether options around a Federal Open Market Committee rate decision. Before the announcement, front-end implied volatility rose while spot prices were relatively steady; after the rate increase, volatility fell…
This weekly report reviews Bitcoin and Ether derivatives during a sharp spot rally followed by some retracement. It tracks three directional indicators—options smile skew, perpetual swap funding, and futures-implied spot yields—and describes each rising with…
This short market commentary describes Bitcoin options positioning around an upcoming US CPI release. It reports continued buying of September puts on spot declines and calls on rallies, alongside purchases of out-of-the-money October calls at progressively…
This guide explains how to navigate Deribit’s options chain and place a basic options order. The chain groups contracts by strike, with calls and puts on opposite sides and bid and ask prices shown for each. Selecting a contract opens an order form with its…
This market commentary interprets a change in Bitcoin options positioning. After prior purchases of January and February calls at several strikes, the author reports selling some of those positions, including a full exit from one January call position and…
The article outlines a bullish-to-neutral ETH options setup for an expiry on August 30, 2024. It proposes buying one out-of-the-money $2,800 call and selling two $2,900 calls with the same expiry. The stated rationale combines a pattern of higher highs and…
This guide explains how Deribit’s USDT deposits and spot markets could be used to move funds between supported currencies. It describes three spot pairs—BTC/USDT, ETH/USDT, and USDT/USDC—and notes that users could deposit USDT directly before exchanging it…
The commentary compares Bitcoin’s 2023 price and volatility behavior with US equities and the S&P 500 volatility benchmark. It reports that Bitcoin gained substantially year to date while its recent return correlation with equities fell near zero. The…
This market commentary examines a period of unusually quiet Bitcoin and Ether trading, relating low realized volatility and weaker volumes to falling implied volatility and changes along the options term structure. It compares the two assets’ volatility…
The note reviews recent Bitcoin and Ether option activity alongside a sharp weekend rise in Bitcoin. It describes traders rolling November calls to higher strikes, adding December upside calls, and buying longer-dated call spreads and straddles. Although…
This weekly report summarizes Bitcoin and Ether derivatives after the ETF announcement event. It describes front-end implied volatility falling as event risk passed, while both term structures remained moderately inverted. Demand for short-dated…
The article examines subdued Bitcoin and Ether volatility during a period of range-bound prices, relating options pricing to macroeconomic uncertainty, weakening crypto activity indicators, and possible catalysts such as the Bitcoin halving. It compares…
This market note describes a shift in Bitcoin options activity: traders continued to pay for downside protection while also buying March and April calls at the 75,000 strike. The call purchases expressed a more optimistic directional view and took advantage…
The note reviews Bitcoin and Ether option activity around a weekend rally linked to a delay in US government shutdown concerns and subsequent enthusiasm for Ether futures ETFs. Buyers took October Bitcoin calls while implied volatility barely responded to…
This weekly report reviews BTC and ETH derivatives during a broad crypto selloff in November 2025. It describes falling spot prices, elevated implied volatility, and options smiles skewed toward puts, suggesting demand for downside protection. ETH showed…
This market recap reports October activity in BTC options and the wider crypto derivatives market. It describes record monthly turnover and open interest, rising options volumes, a large block trade, and higher BTC realized volatility during a month when BTC…
The document introduces BTC DVOL futures as contracts linked to Deribit’s 30-day forward-looking implied-volatility index. It distinguishes that measure from realized volatility and explains that annualized DVOL can be converted approximately into an…
The document explains Deribit’s block request-for-quote process for large trades across options, perpetuals, futures, and spot. A taker requests a structure and size; makers submit quotes, and the taker sees the best available bid and ask. It describes the…
This weekly report compares BTC and ETH futures, perpetual swap funding, and options markets. It characterizes volatility skews as bullish across maturities, with stronger conviction in BTC, and says ETH futures-implied yields remain positive but below BTC’s…
The article presents a bearish BTC options trade based on resistance, negative spot ETF flows, and a view that price may test support near $59,000. The proposed put ratio spread buys one out-of-the-money $61,000 put and sells two $59,000 puts with the same…
This market commentary tracks BTC options activity after spot broke above $89,000. It reports buying of calls across April to June expiries, including higher June strikes and call spreads, alongside profit-taking in April calls and sales of volatility…
This weekly snapshot reviews BTC and ETH futures-implied yields and options markets. For BTC, it describes annualized yields recovering from a sharp June decline into a narrower range, while short-dated futures prices remain close to spot. ATM implied…