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
The article interprets a sharp crypto selloff triggered by a tariff announcement as evidence of structural market fragility. It highlights extensive liquidations, disappearing liquidity, and stablecoin depegs, then examines the volatility reset: realized…
The document proposes a bullish Bitcoin call ratio spread in response to strong spot ETF inflows, a technical breakout, and the Bank of Canada’s rate cut. The example buys one June 14 $78,000 call and sells two $82,000 calls, for a stated net debit of $83…
This options-flow note describes several Bitcoin positions observed around late January: outright call buying across expiries, near-the-money call spreads, purchases of out-of-the-money calls, and sales of straddles. The author interprets concentrated call…
The document explains two Deribit broker workflows. In voice brokering, a broker links client accounts, enters a trade, and requests confirmation from both clients. A trade executes only after both confirm and have sufficient margin; manual confirmations…
This commentary compares Bitcoin and Ether options using at-the-money implied volatility term structures, a one-month volatility time series, and volatility smiles. It reports a somewhat inverted term structure: options expiring in less than a month had…
This educational article defines max pain as the expiration price at which the aggregate intrinsic value owed to option buyers across an expiry is lowest. To calculate it, assess the intrinsic value of every open call and put at each available strike as…
This market commentary links a hawkish shift in central bank guidance to lower crypto volatility and describes a long-volatility view, with a preference for longer-dated Ether call options. It highlights a mismatch between the Fed’s projected rates and the…
This September 2023 review compares Bitcoin and Ether implied and realised volatility, their volatility premia, and the shape of their options smiles. It reports that ATM implied volatility stayed within a range while realised volatility fell to historically…
The article reviews Bitcoin and Ethereum market conditions and options positioning, arguing that subdued realized volatility and median volatility carry can support gamma selling while markets remain range bound. It describes falling front-end implied…
The article explains how a short squeeze develops and why it creates unusual risks for equity options market makers. Short sellers may be forced to buy shares to meet margin requirements or return recalled stock, adding buying pressure as prices rise. Market…
This podcast description outlines a discussion of a Bitcoin price decline and the factors that may have influenced it. The speakers consider investor hedging, interest-rate markets, and the wider macroeconomic setting, framing these as inputs to both…
This analysis examines Bitcoin options metrics during a period when spot traded mostly between $38,000 and $48,000 in 2022. It compares implied volatility with realised volatility and describes how their relationship changed: implied volatility fell toward…
This weekly crypto derivatives recap compares BTC and ETH conditions using implied volatility, option skew, and a Risk Appetite Index. BTC is described as consolidating above $80,000 while its options skew remains short of a bullish tilt. Seven-day BTC…
This note explains a defined-risk bullish BTC options trade for a market in which a short-term low may have formed. A bull call spread buys a call at a lower strike and sells a call at a higher strike, using the same underlying and expiration. The example…
This trade note proposes a BTC call ratio spread based on a bullish market view and the possibility of a rally toward resistance near $74,000. The structure buys one May 31 call at a $72,000 strike and sells two calls at $74,000, for a stated net debit of…
This weekly BTC and ETH derivatives report surveys futures-implied spot yields, perpetual swap funding, at-the-money implied volatility, volatility surfaces, and 25-delta put-call skew. It reports that futures yields remained positive but moved toward zero,…
The commentary interprets recent BTC options positioning as a shift from heavy call overwriting toward persistent put demand. It describes a large call seller becoming less visible, while other participants continued to sell calls on short rallies or use…
This weekly report reviews BTC and ETH derivatives using at-the-money implied volatility, realized volatility, 25-delta risk reversals, and fitted volatility surfaces. It describes a summer lull in volatility, with short-dated BTC implied volatility reaching…
This weekly recap summarizes BTC and ETH derivatives conditions, combining perpetual swap funding, futures implied yields, and options indicators. It describes BTC and ETH spot prices as rangebound for the week after a large liquidation earlier in the month,…
This lesson explains how to calculate profit and loss for BTC options on Deribit, with the same approach stated to apply to ETH. For a position closed before expiry, subtract the opening premium from the closing trade price; the option’s strike and…
The document outlines a long call butterfly on Bitcoin for traders expecting a modest short-term rise. The structure buys one call at a lower strike, sells two calls at the middle strike, and buys one call at a higher strike. In the cited example, the…
This market commentary reviews conditions in early 2023 across macro markets, crypto lending, derivatives, options flows, and DeFi. It links the FTX and BlockFi failures to a sharp slowdown in unsecured lending, then considers how rising traditional interest…
This podcast description outlines a discussion of rising crypto prices ahead of the April Bitcoin halving. The speakers consider profit-taking risk, persistent demand and supply dynamics, continued corporate BTC purchases, possible additions of Bitcoin to…
This market commentary examines crypto price resilience, volatility, and options positioning during a period of global uncertainty. It reports Bitcoin holding near $74,000 while equities and gold struggled, citing stablecoin growth, ETF inflows,…