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 weekly Bitcoin derivatives report outlines several market measures: futures implied yields across maturities, implied volatility changes after a spot-market selloff, put skew, and the shape of an options smile for a July expiry. Its stated findings are…
This weekly commentary interprets Bitcoin options activity as the market retreated after rallying above $40,000. It describes call selling at higher strikes and expiries, gradual accumulation of June 25 $36,000 puts, and sales of out-of-the-money puts at…
This market commentary links large realized moves in BTC and ETH with implied volatility that rose less, leaving volatility carry deeply negative. It describes both assets’ volatility term structures as being in contango, while short-term skew reversed from…
This overview compares historical cryptocurrency tax treatments described for the United Kingdom, Portugal, Germany, Switzerland, Malta, Japan, and Australia. It distinguishes capital gains on disposals from income associated with mining, staking, wages, or…
This option-flow note interprets BTC call activity during a rally toward 20,000. A holder of January 18,000 calls reportedly took profits as the price approached that level, while other traders rolled exposure into higher-strike January and February calls.…
This weekly market recap describes BTC and ETH futures, perpetual funding, options implied volatility, volatility surfaces, and put-call skew. It reports that futures remained above spot while yields trended lower for BTC and stayed broadly steady for ETH.…
The commentary distinguishes quiet markets caused by apathy from those where traders expect a major move but cannot agree on its direction. It argues that crypto’s tight trading range reflected uncertainty about regional bank stress and the US debt-ceiling…
This weekly flow commentary tracks how ETF-related spot pressure coincided with falling implied volatility in BTC and ETH. Early in the week, rangebound prices and heavy ETH call selling, including covered calls, weighed on volatility; ETH’s volatility proxy…
The article explains how to translate a winner-takes-all wager on Bitcoin exceeding a million-dollar threshold into familiar option payoffs. From the bullish bettor’s perspective, the payoff can be represented by a digital call that pays a fixed amount above…
This commentary reads BTC and ETH option trades as conflicting signals after a strong spot rally. Traders bought put protection and put spreads, while others positioned for further upside through call spreads and calls. The article also notes covered-call…
This market commentary interprets Bitcoin options positioning and implied-volatility changes around a Federal Reserve decision. It reports put-spread protection ahead of the announcement, followed by a 50-basis-point rate cut that lifted spot Bitcoin while…
This article links Bitcoin’s realized volatility to time-of-week and regional trading patterns, then discusses how those observations might inform options pricing and risk management. It describes a possible Saturday options-selling approach: when weekend…
The note presents a bearish options position based on Bitcoin’s rejection near $61,700 and expected difficulty breaking through a supply zone around $63,000. It describes selling a $63,000 call and buying a $64,000 call with the same expiry, collecting a net…
This desk commentary follows BTC and ETH options through late February and early March, as spot prices weakened, implied volatility fell, and sellers offered substantial size in benchmark expiries. It describes systematic buyers stepping into short- and…
This weekly report compares BTC and ETH derivatives conditions after a broad crypto selloff followed by a period of sideways spot trading. It uses futures-implied yields, perpetual swap funding, options implied volatility, and 25-delta risk reversals to…
This analysis explains how maker-taker pricing works on central limit order books and why a maker rebate is not automatically a profitable alternative to paying taker fees. It illustrates fee drag with a hypothetical daily BTC trading comparison, then argues…
This market commentary describes how unexpected discussion of a possible ETH exchange-traded fund approval coincided with a sharp rise in ETH spot prices and a rapid reversal in options positioning. Traders who had sold calls to earn yield on staked ETH were…
The article describes a crypto sell-off as a volatility regime change in which the pace of price movement matters more than directional forecasting. It reports realized volatility above 80 for BTC and above 100 for ETH, while saying implied volatility had…
The article outlines a Bitcoin call butterfly spread for a trader expecting a bullish backdrop while targeting a particular expiry price. The structure buys one call at a lower strike, sells two calls at a middle strike, and buys one call at a higher strike.…
This weekly market recap surveys Bitcoin and Ether derivatives using futures yields, perpetual swap funding, options implied volatility, risk reversals, and volatility surfaces. It reports that short-dated ETH futures recovered from a discount to spot and…
The article compares how Arbitrum and Optimism handle challenges to potentially invalid transactions in optimistic rollups. Optimism re-executes a disputed transaction through the EVM in a single round. Arbitrum uses recursive bisection to narrow the…
The document outlines a bullish Bitcoin options trade based on the possibility that price retraces to a demand zone near $64,000 after breaking above a stated supply area around $67,000. It proposes a bull put spread: sell a higher-strike put and buy a…
The document presents a bullish but capped-view options trade following Bitcoin’s rebound from a stated pivot level and substantial inflows into US spot Bitcoin ETFs. The proposed call ratio spread buys one out-of-the-money call and sells two calls at a…
The report reviews Bitcoin and Ether spot performance, realized and implied volatility, spot/volatility relationships, risk reversal skew, and options positioning during Q2 2023. It describes a method for estimating option trade aggressor direction using…