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.
4,510 documents
This weekly recap describes how military escalation involving Iran, Israel, and the United States affected BTC and ETH spot prices and derivatives positioning. The report tracks implied volatility term structures, perpetual funding, futures-implied yields,…
This weekly recap tracks BTC and ETH futures, perpetual funding, and options during a pause in a broader decline in risk appetite. It reports that futures yields continued to fall and funding stayed negative, while the options market’s preference for…
This weekly option-flow note examines BTC and ETH trading around an FOMC meeting. Activity was light ahead of the event, implied volatility firmed only slightly, and skew was described as benign. After the meeting passed without a shock, spot and realized…
This weekly market recap interprets BTC and ETH derivatives data alongside spot-market conditions. It connects weak spot prices and ETF outflows with futures trading below spot, neutral-to-negative perpetual funding, and options skew that favors puts. The…
This market commentary examines how a false report of spot Bitcoin ETF approval triggered a rapid price spike, a subsequent correction, and a sharp rise in realized volatility. It connects those moves to option-market changes: short-dated implied volatility…
This weekly Bitcoin options note describes cautious positioning before the Thanksgiving holiday. It reports buying of short-dated puts and longer-dated risk reversals, alongside put-hedge profit taking and a put spread structure. The author interprets the…
The article argues that venture investment in crypto companies can reveal an indirect view on future crypto asset prices. It compares the growth of technology venture funding in the 1990s with crypto fundraising, noting that venture investment in internet…
This episode reviews why crypto prices failed to rebound alongside equities after trade-war concerns eased. The overview points to long-term holder selling, weaker demand from digital-asset treasuries and ETFs, and elevated put skew and volatility before…
The article reviews Bitcoin options conditions during a period of improving risk appetite. It describes Bitcoin holding above $80,000 amid a temporary easing in U.S.–China trade tensions, steadier Treasury yields, firmer equities, and a weaker dollar. It…
This desk commentary describes a late-quarter rebound in Bitcoin and Ethereum and the accompanying demand for upside options. It reports that dips in Bitcoin were absorbed, call buying increased, and implied volatility rose alongside spot prices. For…
This review explains how macroeconomic expectations and thin crypto liquidity coincided with a sharp January 2023 rebound. Its central mechanism is dealer gamma hedging: when options positions leave dealers short gamma, rising prices can force them to buy…
This market commentary interprets ETF flows, futures positioning, policy developments, and macro conditions as context for Bitcoin’s move toward prior highs and Ethereum’s sharp rally. It then compares realized and implied volatility, carry, and options…
This market commentary weighs a modest Bitcoin rebound against continued macroeconomic and crypto-specific risks. It describes crypto’s recent underperformance relative to equities, links short-term sentiment to concern about technology valuations and…
This brief option-flow commentary describes a rapid change in crypto derivatives positioning around developments involving the Federal Reserve and banking concerns. Traders had recently used puts, put spreads, and put flies to hedge downside risk, leaving…
This report examines how implied volatility and option smile skew changed for ETH and BTC during market selloffs in May and June 2022, followed by a July rally linked to news about Ethereum’s planned transition to proof of stake. It explains that rising…
This market commentary compares Bitcoin spot moves with options positioning after a Sunday Trump social media announcement concerning SR expansion. The initial spot reaction triggered short covering and call buying, but the author says options positioning…
This podcast overview outlines a discussion of macro conditions and their possible effects on stocks and crypto. Topics include tariff rhetoric, the upcoming Federal Reserve decision, a weaker US dollar and falling yields, Bitcoin’s near-term direction, and…
This retrospective examines the 2020 DeFi token selloff despite continued growth in value locked. It proposes a combination of risk aversion, profit-taking after rapid price rises, and heavy governance-token emissions from liquidity-mining programs as…
This podcast episode discusses institutional engagement with digital assets and the convergence of crypto infrastructure with traditional finance. The guest describes banks, hedge funds, ETF providers, and trading firms expanding from basic crypto exposure…
This market commentary explains why options flow during a crypto crisis can reflect several motives at once: reducing risk, freeing capital, hedging existing exposure, or initiating new positions. It cautions against reading open interest changes as a simple…
This weekly market recap compares Bitcoin and Ether derivatives using futures implied yields, perpetual swap funding, at-the-money implied volatility, and 25-delta risk reversals. It describes rising volatility, a front-end inversion in volatility term…
This commentary interprets Bitcoin options activity around changes to proposed spot ETF filings. It links rapid meetings between ETF managers and regulators, followed by amendments to use cash creation, with traders’ expectations of possible approval news.…
This weekly flow note describes BTC and ETH options activity amid falling trading volume and implied volatility. It reports persistent put skew after renewed China-related concerns, with put buying concentrated in short-dated BTC contracts at lower strikes.…
This market commentary interprets Bitcoin and Ether price action alongside options pricing and reported trade flows. It describes front-end implied volatility easing while near-term contracts remain supported ahead of a central bank rate decision, and notes…