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.
10,263 documents
The newsletter links its end-of-year crypto outlook to a possible Federal Reserve rate cut, inflation and employment data, and speculation about the next Fed chair. It argues that easier policy and a softening labor market could support risk assets, while…
The newsletter reviews market reactions to the U.S. election, including a drop in equity volatility and expectations for possible regulatory changes affecting crypto. It connects those themes to options positioning: traders were concentrated in calls up to a…
This interview recap examines Bitcoin and Ether performance, their changing spot and volatility relationships, and the relative beta of Ether in Bitcoin terms. It describes a shift in Ether’s beta below one and convergence in the assets’ volatility, while…
This recap describes conditions in Bitcoin and Ether derivatives markets for the week ending March 29, 2023. It tracks volatility, option term structure, skew, option trading flows, and gamma positioning, highlighting calmer markets and term structures…
The note reviews BTC and ETH options activity during a week shaped by US rate moves and changing ETF expectations. It links delayed spot BTC ETF decisions with a loss of October implied-volatility premium, while reports of a possible Ethereum futures ETF…
This document outlines the risk-neutral argument behind the Black–Scholes partial differential equation for a European option. It starts with a stochastic model of a stock price and applies Itô’s lemma to describe how an option’s value changes with the…
This script introduces a long straddle: buying a call and put with the same strike and expiration to seek gains from a sufficiently large move in either direction. It explains that the combined premium sets the loss at expiration and the distance the…
This weekly market review interprets Bitcoin and Ethereum options activity during a sharp crypto rally ahead of the Federal Open Market Committee decision. It discusses backwardated term structure, elevated call skew, concentrated call buying, and the…
The article describes a major bank’s over-the-counter Bitcoin option trade, facilitated by a crypto firm, as an example of institutional participation in digital assets. The contract was non-deliverable and settled in cash, so it provided Bitcoin exposure…
This market recap surveys Bitcoin and Ether options after a sharp crypto-market move. It discusses realized and implied volatility, term structures, call skew, options flows, and dealer gamma. The account says shorter-horizon realized volatility had…
The document explains Hyperliquid portfolio margin, which combines eligible spot collateral and cross-margin perpetual positions in one account. HYPE and BTC collateral support borrowing in USDC according to asset-specific loan-to-value ratios. Borrowing…
This market recap describes a shift back toward downside protection in Bitcoin and Ether options after a prior call bid faded alongside weaker spot prices. It reports that Bitcoin’s short-dated options returned to a pronounced put premium, while Ether showed…
This market recap describes a rally-era snapshot of Bitcoin and Ether options. It reports realized volatility settling in the mid-30s after a rise, while both assets’ volatility term structures steepened: nearer maturities softened and parts of the longer…
This podcast recap describes Wintermute’s development from a crypto liquidity provider into a firm trading across centralized venues, DeFi, spot markets, derivatives, and institutional OTC channels. It highlights how co-founder Yoann Turpin’s experience with…
This review excerpt describes major regulatory changes affecting crypto markets during 2025. It traces the EU’s MiCA framework, changes to US bank custody rules, a federal stablecoin law, an SEC shift away from enforcement, in-kind Bitcoin ETF redemptions,…
This weekly market commentary reviews Bitcoin and Ether options around US macroeconomic news, including a Federal Reserve rate increase and a stronger-than-expected jobs report. It interprets Bitcoin’s return to contango, relatively anchored implied…
This newsletter examines how traders might interpret Bitcoin options prices around the 2024 U.S. presidential election and the following Federal Reserve decision. It relates BTC’s prior movement to shifts in election odds, then uses the implied volatility…
This market recap tracks Bitcoin and Ether derivatives conditions using realized volatility, implied-volatility term structure, skew, options flow, and dealer gamma. It reports that realized volatility for both assets fell below 30% as trading ranges…
An implied volatility surface maps option volatility across strike prices and expirations. This article describes using its shape to assess market expectations, identify options whose implied volatility differs from nearby points, and construct…
This market commentary links a cooler inflation reading, revised growth data, and corporate crypto-treasury plans to a cautiously constructive risk backdrop. Its options discussion says BTC block trading leaned toward call selling and put-spread buying,…
This document defines a common interface for calculating trade amount and account equity, then supplies formulas for linear and inverse assets. For a linear contract, amount scales with contract size, execution price, and quantity; equity adds the marked…
This weekly market recap reviews BTC and ETH options through realized and implied volatility, term structure, skew, option flows, and dealer gamma. It reports falling realized and implied volatility, especially at the front end, alongside differences in…
This guide explains how an order book represents market depth at Level 1, Level 2, and Level 3, and how strategies can subscribe to incremental deltas, depth snapshots, or timed full-book updates. It describes the cached book’s source-management constraints…
This product-feature note introduces a chart comparing implied volatility in option wings with at-the-money implied volatility. Users can select an option delta and days to expiry, then inspect the wing-to-ATM volatility ratio. The example states that ETH…