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 desk commentary traces a sharp rise in Bitcoin implied volatility after a price rebound and compares it with a more muted initial response in Ether options. It attributes the difference partly to concentrated dealer gamma and vega exposure in ETH, while…
This weekly options-flow note examines crypto markets around expected Federal Reserve tightening and uncertainty about the war in Ukraine. It describes implied volatility falling after a pre-event surge, while traders accumulated BTC upside exposure through…
This weekly derivatives recap describes how changing geopolitical headlines affected crypto risk sentiment and options markets. It reports that BTC and ETH rebounded as negotiations appeared possible, while the report’s risk-appetite indexes rose past a…
This market commentary interprets a rally in Bitcoin and changing options positioning across BTC and ETH. It links the move above prior resistance to ETF expectations, notes a positive shift in the spread between BTC futures basis and US Treasury yields, and…
This essay examines the 2022 crypto downturn through market stress, macroeconomic conditions, and signs of continued activity across blockchain ecosystems. It connects institutional failures and falling asset prices with volatility spikes, reduced spot…
This market commentary links a Bitcoin and Ethereum rally to spot ETF demand, seasonal patterns, supply constraints, and shifts in speculative positioning. It reviews spot prices, realized and implied volatility, options term structures, call and put skew,…
This weekly market recap reviews Bitcoin and Ethereum derivatives through annualized implied yields, at-the-money volatility, delta skew, volatility surfaces, and calibrated smile curves. It describes how those measures changed around October 13 and compares…
This weekly report reviews derivatives positioning and option pricing in Bitcoin and Ethereum. It says perpetual swap funding and futures-implied yields remain well below the leverage extremes before a late-March market flush. Implied volatility fell across…
The document proposes a short strangle for Bitcoin when price is expected to remain between nearby support and resistance. It describes selling an out-of-the-money call at a higher strike and a put at a lower strike, with the same expiry. The example uses…
This opinion piece presents a bullish Bitcoin breakout thesis based on a long consolidation range and a proposed move toward the next major price level. It describes buying October calls before a rally tied to ETF expectations, then rolling those calls into…
This weekly market report compares Bitcoin and Ethereum derivatives indicators during a period of recovering spot prices. It uses perpetual funding rates, futures-implied yields, at-the-money implied volatility, and 25-delta risk reversals to describe…
This market note links Ethereum’s volatility repricing to renewed interest in a possible spot ETF. It compares BTC and ETH realized and implied volatility, term structures, option skew, and dealer gamma. The reported week saw ETH volatility rise sharply…
This incident statement explains separate technical failures that caused trading-platform downtime. A bot’s repeated requests triggered an Erlang vulnerability that brought down the exchange’s web nodes twice; the matching engine remained unaffected. The…
The document explains Deribit’s approach to demonstrating that customer liabilities are covered by assets. It describes daily snapshots, a modified Maxwell-style proof using a binary Merkle tree, and privacy measures intended to let customers identify their…
The document presents an Ethereum call ratio spread for a market view that expects limited upside around the anticipated launch of spot Ether ETFs. The example buys one $3,800 call and sells two $4,000 calls with the same expiry. The thesis is that…
The document describes a bearish Bitcoin options trade based on reported spot ETF outflows, a technical downtrend, and economic uncertainty. Its proposed bear call spread sells a call at a lower strike and buys a call at a higher strike with the same expiry.…
This announcement describes Mercury Digital Assets’ integration with Deribit through its BEACON platform and API. The connection gives professional and institutional traders access to bitcoin and ethereum options, futures, and perpetual swaps. The platform…
This options-flow note interprets pressure on Bitcoin calls and implied volatility after spot repeatedly failed to hold above the 25–25.3k area. It reports that about 1.5k February 24 26k calls were sold and describes continued selling of near-dated…
This podcast recap considers whether a recent crypto price decline is a healthy correction or a sign that the macro backdrop has shifted. One speaker views the dip as healthy and points to relatively small ETF trade sizes as evidence that larger real-money…
This exchange update describes changes to Deribit’s perpetual swap, including a maximum leverage increase to 100x and an increase in the liquidation fee from 0.10% to 0.15%. It explains leverage as exposure relative to account funds, after trading fees, and…
The note interprets a sequence of Bitcoin options trades and accompanying changes in implied volatility, put skew, and spot price. It describes initial selling of July calls alongside purchases of short-dated puts and a longer-dated put collar,…
The document compares exchange rollbacks, which erase trades from a past interval, with reimbursements that compensate affected traders while leaving executions and account records intact. It describes circumstances that can prompt disputes, including…
The document introduces spread trading as taking a long position in one asset and a short position in another, aiming to trade their relative performance. It applies this idea to crypto cross pairs, where one cryptocurrency is priced against another, and to…
The document describes Deribit’s introduction of daily Bitcoin index options, beginning in February 2020. The new listings filled gaps between existing expiries, creating a contract for each day of the year and offering expiries from one day to nine months.…