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 commentary follows Bitcoin and Ether derivatives through a sharp upside move and the subsequent volatility selloff. Around the monthly expiry, the breakout lifted near-term implied volatility and strengthened call skew, while reported option…
This market commentary tracks Bitcoin options activity as spot approached resistance near $25,000. The author describes concentrated call buying across near and longer expiries, rising implied volatility, and demand for upside exposure around strikes from…
This podcast summary examines why Bitcoin remained range-bound even as equity markets reached new highs and the macro setting was described as supportive. The hosts attribute muted Bitcoin volatility in part to institutional accumulators overwriting calls,…
This podcast discussion compares Bitcoin’s gradual advance and relatively subdued volatility with the retail-driven options activity in AI and semiconductor stocks. The hosts connect the different market moods to a macro backdrop they describe as supportive…
This options-flow commentary follows Bitcoin and Ether positioning around a sharp selloff after an extended rally. Before the decline, traders bought Bitcoin and Ether puts while selling higher-strike calls, a combination consistent with seeking downside…
This market-flow note describes rising demand for short-dated Bitcoin puts as tariff headlines and broader unease raised perceived risk. Buyers focused on April 4 puts across the 78,000 to 85,000 strikes, with purchases becoming more aggressive later in the…
This commentary uses Bitcoin options and spot volatility measures to assess whether traders expect the rally toward $21K to continue. It compares implied volatility for similarly out-of-the-money calls and puts across several maturities, discussing put-call…
This market commentary weighs competing explanations for an ETH rally. It cautions against attributing the move automatically to expectations for a spot ETF, noting the distinct regulatory and staking questions Ethereum presents. It instead points to…
This document explains a Bitcoin cash and carry trade: buy spot BTC and sell a same-sized futures contract priced above spot. The paired positions are intended to hedge directional exposure and earn the futures premium as it converges toward the index…
The document describes a liquidation heatmap that estimates price zones where leveraged traders may be forced to close positions. It pairs those zones with a high-frequency trade-flow graph that tracks buys and sells at millisecond resolution; the authors…
The document explains a change to inverse, coin-settled options expiry: an in-the-money option first creates a futures position at the option’s strike, and that future then settles to cash. Out-of-the-money options receive an expiry entry without a futures…
The document describes an institutional arrangement that lets clients trade on Deribit through FalconX Prime Connect. FalconX provides prime brokerage services such as credit lines, post-trade settlement, and cross-margining, while client assets are held in…
The document presents a moderately bullish BTC options trade using a bull put spread: sell a put at the higher strike and buy a put at a lower strike, with the same expiry. The stated example collects a net credit and targets BTC remaining above the short…
This podcast overview describes a discussion of crypto markets, options, and volatility following a strong year for the asset class. Topics include gamma positioning and vega, systematic flows through derivatives-based products, options skew across…
This podcast summary describes a Bitcoin treasury approach discussed by a corporate treasury executive. The approach emphasizes holding Bitcoin and using options around that exposure: buying calls to retain upside participation, while some treasury operators…
This podcast episode summary frames Bitcoin as trading within a range amid low holiday volatility and uncertainty about tariffs. The hosts and guest discuss forces they see as supporting prices, including institutional buying on dips, corporate treasury…
The note presents a bearish Bitcoin options setup after price closed below a cited support level and formed lower highs on the four-hour chart. It expects a gradual decline, with another support area potentially slowing the move, and also points to several…
This market commentary links the yen carry trade to liquidity available for risk assets, including bitcoin. Investors borrowing yen at low rates to buy higher-return assets may reduce that activity as Japanese bond yields rise and the rate gap with the…
This introduction describes AVAX options settled in USDC and explains the expiry payoffs of calls and puts. Buyers pay a premium for the right, but not the obligation, to transact at a strike price; their loss is limited to that premium, while call profits…
This article explains how USDC-settled linear perpetual contracts differ from inverse contracts that use BTC as collateral. It compares equivalent BTC positions and shows that their dollar profit or loss can match, while the resulting balance is held in…
This weekly options-market commentary compares activity in Ether and Bitcoin during May 2021. It describes repeated Ether call rolls toward higher strikes and longer maturities, positive call skew, rising implied volatility, and an Ether term structure in…
The article explains five ways that backtests can mislead: overfitting, unrealistic transaction costs and fills, look-ahead bias, survivorship bias, and time-period bias. It recommends limiting parameter searches, preferring stable ranges over isolated…
This podcast discussion reviews Bitcoin’s rebound after a 35% correction and considers why the downturn felt severe. The guest points to short-term holders being underwater, older large holders distributing, enthusiasm for treasury companies fading, and a…
This essay argues that protocol tokens can help crypto projects attract early users, liquidity, and contributors, even when a project does not need extensive governance. It first presents concerns about governance as a security risk, fees as rent extraction,…