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 market commentary reviews crypto trading conditions after a Federal Reserve rate decision, focusing on BTC and ETH volatility, options skew, flows, and dealer gamma. It describes constrained liquidity and rangebound spot prices alongside differing…
This commentary compares Bitcoin and Ether options using at-the-money implied volatility across maturities, realized volatility, and one-month risk reversals. At the September 2023 snapshot, ETH implied volatility was reported below BTC’s throughout the…
This commentary examines the slope of Bitcoin’s at-the-money implied volatility curve, comparing one-week options with six-month options. It describes a widening gap as short-dated implied volatility falls more quickly than longer-dated volatility, with both…
This podcast episode surveys crypto derivatives and institutional Bitcoin strategies against a backdrop of easing geopolitical tensions, stablecoin regulation, and expectations for possible rate cuts. The hosts and guests discuss differences between trading…
This podcast listing outlines a discussion of Bitcoin’s rally amid ETF inflows and anticipation of the halving, alongside macroeconomic influences such as hotter inflation data and US debt. The hosts also cover how crypto markets relate to technology stocks,…
This market note describes Bitcoin option positioning after a rally toward 76,000 and a sharp spot retracement. Rather than apparent profit-taking in calls, the author reports buying in the 50,000–60,000 put area and put spreads across March, April, and…
This weekly market commentary tracks Bitcoin and Ether options around the Federal Reserve meeting and US employment report. It describes implied volatility falling after the expected rate increase and Powell’s hawkish remarks, alongside selling in Bitcoin…
The document explains a change in which in-the-money options first settle into futures contracts, and those futures then settle in cash. It applies initially to linear USDC-settled options, with inverse coin-settled options planned later. The settlement…
The article estimates how a US spot Bitcoin ETF could affect Bitcoin prices by comparing possible flows with the market capitalization of existing gold ETFs. It proposes that a portion of gold ETF holdings could move into Bitcoin, then uses changes in…
This trade note proposes a Bitcoin bull put spread for a market view in which price pauses or bounces near a support area. The structure sells a put at the higher strike and buys a put at a lower strike with the same expiry. The example uses June options…
This weekly options-flow commentary describes how Bitcoin and Ether options behaved during a volatile period in spot markets. It says the initial implied-volatility jump faded as options activity remained orderly, even while leveraged or delta-one markets…
This weekly report surveys Bitcoin and Ether derivatives conditions through perpetual funding rates, futures-implied yields, implied volatility, and options skew. It describes Bitcoin volatility as low with a steep term structure and short-dated risk…
This weekly market commentary reviews subdued realized volatility in Bitcoin and Ether and considers how options traders might respond. It notes that short-dated options had cheapened as realized moves eased, while the front of the volatility curve sat below…
This weekly flow note describes strong demand for Bitcoin calls following the opening day of IBIT options trading. It reports strategic buyers rolling existing midterm calls toward higher strikes and later expiries, alongside additional call purchases and…
This market commentary reviews bullish ETH option positioning ahead of the anticipated Merge. It describes several structures: straddles, longer-dated calls, call spreads, and a December call fly centered on a target price. The discussion compares their…
This podcast listing previews a discussion of crypto markets amid bond-market uncertainty and tariff concerns. The hosts and guest are described as covering Bitcoin’s resilience near an all-time high, muted volatility as a possible source of trading…
This market commentary compares Bitcoin and Ethereum futures-implied yields to spot prices and options risk reversals around the period following the Beacon Chain staked-ETH unlock. It reports that ETH futures yields had generally been below BTC’s during…
This market note traces Bitcoin options activity through a sequence of sharp price moves linked to global uncertainty and tariff headlines. Put buying preceded a decline, then mixed flows and falling implied volatility accompanied a rebound. The note…
The article connects Bitcoin’s post-halving rebound with changes in realized and implied volatility across Bitcoin and Ethereum. It reports that realized volatility was rolling over, short-dated implied volatility had eased, and both term structures had…
The article reviews Bitcoin and Ethereum volatility and options positioning around a rebound in Bitcoin and upcoming political and inflation events. It describes a short-term rise in implied volatility after a spot decline, while realized volatility was…
This weekly report surveys crypto derivatives as BTC and ETH rebounded and bearish positioning eased. It summarizes short-tenor volatility skew, perpetual funding, futures-implied yields, at-the-money implied volatility, and option risk reversals.…
This desk commentary examines BTC and ETH derivatives after a sharp rally and a subsequent pause in spot prices. The initial move lifted short-dated implied volatility and inverted the volatility term structure, a pattern the author associates with a range…
This market commentary reviews crypto prices and derivatives positioning during a relatively orderly, range-bound period. It reports that realized volatility fell for BTC and ETH, while implied volatility declined across much of the curve; front-end…
The commentary compares falling BTC and ETH volatility with sustained demand for leveraged long exposure. Implied volatility has reached new lows across maturities as realized volatility declines, yet perpetual swap funding has remained positive since late…