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 commentary examines a sharp shift in short-tenor BTC options toward out-of-the-money puts. It uses SABR-calibrated volatility smile skew and compares seven-day 25-delta call and put implied volatility with at-the-money volatility. The observations…
This market note interprets Bitcoin and Ether options conditions alongside spot-market context. It reports that implied volatility remains above realized volatility, which the author reads as evidence that traders are pricing movement or carrying short-gamma…
The article explains how portfolio margin differs from standard margin. Standard accounts calculate requirements position by position and add them together, while portfolio margin evaluates how the combined portfolio might perform under changes in underlying…
This weekly report summarizes BTC and ETH derivatives conditions after their rallies. It observes short-dated futures yields converging toward longer tenors, while options volatility surfaces changed less at longer maturities and showed higher short-dated…
This market update reviews crypto options and carry conditions as BTC and ETH consolidate after turbulence. It compares realized volatility, implied volatility, futures yields, and option skew. The report describes BTC realized volatility in the 40s and ETH…
This market commentary tracks protective option activity in ETH and BTC during a sharp selloff. ETH traders bought March and April puts, sold calls, and increased put skew. One sizable trade covered in-the-money March calls and sold higher-strike calls; the…
This trade note explains a call butterfly for a trader with a short-term bullish Bitcoin view. The structure buys one lower-strike call, sells two calls at a middle strike, and buys one call at a higher strike, all with the same expiry. The example uses…
This commentary interprets a Bitcoin rally through institutional flows and crypto options markets. It points to sustained inflows into U.S. Bitcoin exchange-traded funds and relative resilience during tariff-related market moves as evidence for the author’s…
This market commentary reviews Bitcoin and Ether volatility, option skew, term structures, option flows, and dealer gamma during a period of geopolitical uncertainty. It reports Bitcoin realized volatility near implied volatility, while Ether’s implied…
This weekly market recap summarizes Bitcoin and Ether derivatives conditions during the reporting period. It describes BTC spot stabilizing after a decline, with futures yields, perpetual funding, and short-dated option skew showing signs of recovery. ETH is…
The article explains how a bitcoin miner can reduce the risk that falling BTC prices make fiat-denominated operating costs exceed the value of mining income. It compares short futures with bought puts. A futures short can lock in a sale value without an…
This trade note explains a bull put spread as a defined-risk way to express a bullish BTC view. The example sells one May 31 $65,000 put and buys one $64,000 put, collecting a stated net credit of $261 per BTC. The author links the thesis to the confirmed…
This weekly market recap interprets futures yields, perpetual funding, implied volatility, and options skew for BTC and ETH during the days before an election. It describes falling futures yields and funding rates as signs that traders were reducing…
This trade note describes a short-dated, moderately bullish BTC options position built around a potential advance toward $70,000. It proposes selling one March 8 $68,500 call and buying one March 8 $70,000 call. The author’s rationale is that BTC had…
The commentary weighs quiet recent trading against a dense calendar of macroeconomic and crypto-specific events. It reports that five-day hourly realized volatility in BTC and ETH had eased to levels near March implied volatility, while markets awaited…
This podcast summary discusses volatile crypto trading after a Federal Reserve rate cut. It describes an Ether decline, heavy liquidations of leveraged positions, increased demand for put protection, and negative funding rates, which the speakers interpret…
This commentary tracks options activity in Bitcoin and Ether ahead of a week with major economic releases and crypto regulatory developments. It describes demand for Ether calls at September strikes, short-dated Bitcoin calls, and buying of gamma and some…
The note presents a bearish-to-neutral view on SOL amid the continued release and sale of locked tokens and price action described as lower highs near newly formed supply zones. It outlines a bear call spread: sell a call at a lower strike and buy a call at…
This weekly flow note interprets Bitcoin options activity around US inflation data and a market rally. It describes traders selling exposure in near-dated calls, then shifting from a February ratio strangle into a larger March ratio strangle. The described…
This lesson explains cryptocurrency call options using Bitcoin examples. It defines the underlying, option type, expiry, strike, and premium, then describes calls as rights to buy at the strike. The examples focus on European-style, cash-settled options:…
This weekly market review compares Bitcoin and Ether derivatives conditions through futures yields, perpetual swap funding, implied volatility, and options smile skew. It describes a divergence between the two assets: Ether options carried a volatility…
This note presents a bullish Bitcoin options trade for a market where a rally is possible but resistance near $66,000 may limit gains. It pairs one July 12 call at a $64,000 strike with two calls at $66,000, collecting premium on the higher-strike options to…
This market note reviews Bitcoin options positioning ahead of FOMC and CPI announcements. It describes quiet overall flows alongside gradual accumulation of longer-dated downside puts, sales of March calls, and mixed December activity near the money. The…
This weekly report examines Bitcoin and Ether derivatives around the January 2025 presidential inauguration. It describes how expectations for executive actions, including a possible strategic Bitcoin reserve, coincided with elevated short-dated futures…