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.
8,116 documents
This weekly market recap reviews BTC and ETH futures, perpetual swap funding, and options conditions. It reports that annualized futures yields had fallen to just below 10% and that BTC and ETH yields were at similar levels, a convergence not seen since…
This desk commentary argues that option valuation depends on more than volatility assumptions and dynamic hedging. It emphasizes whether counterparties trust the venue, whether options are liquid enough to enter and exit, and whether the underlying can be…
This weekly report examines how BTC and ETH derivatives pricing responded to macroeconomic and sector-specific uncertainty. It describes BTC consolidating after an earlier rise, alongside multiple days of spot ETF inflows, while options markets continued to…
This article describes a Python program for examining the Greeks of open Deribit option positions. A user retrieves positions for an account, chooses a currency and an underlying-price range, then views plots of position Greeks as the underlying price…
This weekly market note reviews BTC and ETH futures, perpetual swap funding, and options volatility. It reports subdued annualized futures yields for both assets and a modest return to positive funding, suggesting renewed demand for long exposure while…
This options-flow commentary describes Bitcoin call buying across January and March expiries, including activity at several strikes and a March call spread. It characterizes some purchases as fresh exposure and part of one purchase as short covering, while…
This weekly market report reviews Bitcoin and Ether derivatives after a brief risk-off episode associated with a public dispute between political and technology figures. It describes a shift in short-dated options skew toward out-of-the-money puts during the…
This weekly market report describes Bitcoin and Ether derivatives while both spot prices were near recent range highs. It notes broadly sideways implied volatility, while short-dated option skew became less bearish as implied volatility on out-of-the-money…
This weekly report reviews Bitcoin and Ether derivatives after Bitcoin’s spot price slowed following a reported all-time high. It describes a shift in short-dated option skew toward out-of-the-money puts, a return of Bitcoin’s futures curve from inversion to…
This brief market note interprets Bitcoin and Ether derivatives positioning around US inflation data, Federal Reserve minutes, and an Ether unlock. It reports Bitcoin risk reduction through put and call trades ahead of the events, volatility selling across…
This trade idea presents a long call butterfly on Bitcoin for a moderately bullish view. The structure buys one lower-strike call, sells two calls at the middle strike, and buys one higher-strike call. The example uses May 2024 options with strikes at…
This commentary compares spot performance and short-dated option pricing for Bitcoin and Ether after the SEC announced a lawsuit targeting Binance and named several proof-of-stake tokens as securities. It reports a broad spot-market decline, with Bitcoin…
This market note reviews Bitcoin and Ether option activity during a rally linked to corporate Bitcoin purchases and positive ETF flows. It describes call spread buying across April and further upside call buying in later expiries, alongside call selling as…
This brief flow note interprets Bitcoin options activity around a rally through the $40,000 level. Long-held December calls at the $40,000 and $42,000 strikes were closed as spot reached about $40,700, which the author says transferred gamma exposure to…
This weekly market report describes subdued Bitcoin and Ethereum derivatives conditions during a period of historically low realized volatility. Short-dated futures traded below spot, with Ethereum yields somewhat less negative than Bitcoin’s; longer Bitcoin…
The commentary examines crypto options positioning ahead of the expected U.S. spot Bitcoin ETF decision. It links the false approval announcement and subsequent price moves to event risk: short-dated implied volatility rose, weekly options resisted decay,…
The report surveys BTC and ETH options positioning amid fading macro optimism, a hawkish Federal Reserve stance, and crypto-specific weakness. It says realized volatility fell toward implied volatility, while implied volatility remained below realized…
This market recap describes how stress around stablecoins and bank failures affected BTC and ETH options. Implied volatility rose across expiries, and the term structure turned sharply backwardated, with near-dated options carrying higher volatility than…
The note presents a zero-debit BTC call ladder for a moderately bullish view. It buys a March 15 call at $72,000 and sells calls at $74,000 and $78,000, seeking a profit if BTC finishes between the two short-call strikes. The proposed rationale is a pattern…
This desk commentary describes how options positioning and trading flow shaped BTC and ETH price behavior during a volatile week. It characterizes BTC as pinned near a heavily traded strike, with short-dated demand and option-related bids helping contain…
This options-flow commentary examines a reported BTC trade that sold a strip of July calls to help finance a more distant September call spread. The author interprets the structure as retaining modest near-term directionality while expressing a preference…
This weekly market note compares Bitcoin and Ethereum derivatives through futures-implied yields, perpetual swap funding rates, at-the-money implied volatility, volatility surfaces, and 25-delta put-call skew. It reports that annualized futures yields remain…
This commentary examines the volatility shock following FTX's insolvency in November 2022. It reports sharp increases in BTC and ETH implied and realized volatility, and a particularly large implied volatility rise in Solana. After the initial repricing,…
This weekly snapshot reviews BTC and ETH futures, perpetual funding, options volatility, risk reversals, and volatility surfaces. It reports that recent realized volatility was low and that implied volatility for both assets continued to decline toward…