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 tracks crypto derivatives conditions using futures-implied yields, perpetual swap funding, and BTC and ETH options metrics. It describes a brief spot rally alongside falling implied volatility, a temporary shift in options risk…
This podcast discussion considers borrowing against Bitcoin as a way for holders to access liquidity without selling their coins. A guest from SATS Terminal describes an aggregation platform for Bitcoin lending opportunities across decentralized finance…
This weekly commentary tracks Bitcoin options positioning through the January 2021 expiry and a sharp rally following Elon Musk’s change of profile text. It describes funds rolling exposure, protective puts bought during declines, and a trader selling a…
This market commentary examines a large buyer’s recurring Bitcoin options activity around Fridays. It describes calls bought alongside substantial spot purchases, often after US market close and around options expiry, when near dated implied volatility may…
This trade note presents a bullish Ethereum call spread in the context of anticipated updates on spot ETF filings, lower-than-forecast June inflation, positive spot Bitcoin ETF flows, and a short-term price recovery. The example buys a July 2024 call at a…
This guide explains how an options strategy selection tool maps a trader’s forecast to candidate positions. It first introduces intrinsic and extrinsic option value, noting that time to expiration, implied volatility, and implied futures interest rates…
This review explains how low liquidity and options market maker hedging contributed to Bitcoin and Ether’s January 2023 rally. It connects improving expectations for central bank policy with renewed investor interest, then focuses on negative gamma: when…
This commentary interprets BTC and ETH option-implied volatility around an anticipated spot ETF decision. It reports that both assets’ at-the-money volatility term structures became inverted and that volatility levels fell from an earlier snapshot. The front…
This exchange update describes combo trading fee discounts and changes to initial margin rules. For options combos containing buys and sells, Deribit waives fees for the cheaper side; same-direction option legs do not qualify. Futures and perpetual combos…
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 weekly report surveys BTC and ETH derivatives sentiment through perpetual swap funding, implied volatility term structures, and options risk reversals. It describes funding rates near zero after sideways spot performance, suggesting limited imbalance in…
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…
This commentary surveys Bitcoin and Ether conditions ahead of a September inflation report, connecting macroeconomic signals, institutional activity, and options positioning. It notes Bitcoin holding above 110,000 despite ETF outflows, Ether above 4,250, and…
The article describes a bullish call butterfly spread for Bitcoin, framed around a breakout from a symmetrical triangle and increased open interest at the middle strike. The position buys one lower-strike call, sells two calls at a higher strike, and buys…
This market commentary links a Bitcoin sell-off and subsequent capital rotation toward Ether with macro expectations, institutional flows, and crypto options positioning. It reports Bitcoin ETF outflows alongside renewed attention to Ether and describes the…
This analysis links a sharp BTC and ETH selloff with a surge in liquidations, changing implied volatility, and options positioning. It attributes a substantial share of liquidations to gamma-related perpetual futures positions on Deribit and OKX, while…
This report compares BTC and ETH futures yields and option volatility around the Ethereum Merge. For BTC, annualized implied futures yields across maturities shorter than one year were reported within a narrow range around zero. BTC at-the-money implied…
This weekly recap tracks BTC and ETH derivatives after a sharp market decline and a period of extreme risk aversion. It describes demand for out-of-the-money puts and short-dated protection, followed by tentative improvement as prices moved sideways. BTC…
This weekly market recap examines BTC and ETH derivatives during a period of sideways prices and low short-dated volatility. It reports that both assets’ short-tenor implied volatility reached year-to-date lows, while the risk appetite indices rose toward…
This weekly market recap summarizes Bitcoin and Ether futures yields, perpetual swap funding, option volatility, risk reversals, and implied volatility surfaces. It reports that short-dated futures yields were volatile, with Bitcoin turning negative late in…
This commentary compares Bitcoin and Ether option volatility smiles, emphasizing the one-month tenor and the SABR volatility-of-volatility parameter. It explains that higher volatility of volatility corresponds to a steeper smile, making far out-of-the-money…
This weekly report summarizes crypto derivatives conditions using futures yields, perpetual swap funding, option implied volatility, risk reversals, and volatility surfaces. It describes a cooling in at the money implied volatility after a spot rally slowed,…
This podcast description introduces the role of central clearing parties in traditional finance and their potential application to crypto markets. The guest discusses how clearing houses manage counterparty risk and settlement, and how cash settled Bitcoin…
The article reviews BTC and ETH options conditions around a likely US debt ceiling agreement. It links a pickup in realized volatility and short dated implied volatility to the news, while noting that the weekly implied move quickly lost momentum. It also…