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 examines a period of unusually quiet Bitcoin and Ether trading, relating low realized volatility and weaker volumes to falling implied volatility and changes along the options term structure. It compares the two assets’ volatility…
The note reviews recent Bitcoin and Ether option activity alongside a sharp weekend rise in Bitcoin. It describes traders rolling November calls to higher strikes, adding December upside calls, and buying longer-dated call spreads and straddles. Although…
This weekly report summarizes Bitcoin and Ether derivatives after the ETF announcement event. It describes front-end implied volatility falling as event risk passed, while both term structures remained moderately inverted. Demand for short-dated…
The article examines subdued Bitcoin and Ether volatility during a period of range-bound prices, relating options pricing to macroeconomic uncertainty, weakening crypto activity indicators, and possible catalysts such as the Bitcoin halving. It compares…
This market note describes a shift in Bitcoin options activity: traders continued to pay for downside protection while also buying March and April calls at the 75,000 strike. The call purchases expressed a more optimistic directional view and took advantage…
The note reviews Bitcoin and Ether option activity around a weekend rally linked to a delay in US government shutdown concerns and subsequent enthusiasm for Ether futures ETFs. Buyers took October Bitcoin calls while implied volatility barely responded to…
This weekly report reviews BTC and ETH derivatives during a broad crypto selloff in November 2025. It describes falling spot prices, elevated implied volatility, and options smiles skewed toward puts, suggesting demand for downside protection. ETH showed…
This market recap reports October activity in BTC options and the wider crypto derivatives market. It describes record monthly turnover and open interest, rising options volumes, a large block trade, and higher BTC realized volatility during a month when BTC…
The document introduces BTC DVOL futures as contracts linked to Deribit’s 30-day forward-looking implied-volatility index. It distinguishes that measure from realized volatility and explains that annualized DVOL can be converted approximately into an…
The document explains Deribit’s block request-for-quote process for large trades across options, perpetuals, futures, and spot. A taker requests a structure and size; makers submit quotes, and the taker sees the best available bid and ask. It describes the…
This weekly report compares BTC and ETH futures, perpetual swap funding, and options markets. It characterizes volatility skews as bullish across maturities, with stronger conviction in BTC, and says ETH futures-implied yields remain positive but below BTC’s…
The article presents a bearish BTC options trade based on resistance, negative spot ETF flows, and a view that price may test support near $59,000. The proposed put ratio spread buys one out-of-the-money $61,000 put and sells two $59,000 puts with the same…
This market commentary tracks BTC options activity after spot broke above $89,000. It reports buying of calls across April to June expiries, including higher June strikes and call spreads, alongside profit-taking in April calls and sales of volatility…
This weekly snapshot reviews BTC and ETH futures-implied yields and options markets. For BTC, it describes annualized yields recovering from a sharp June decline into a narrower range, while short-dated futures prices remain close to spot. ATM implied…
This weekly report summarizes BTC and ETH derivatives conditions using futures yields, perpetual swap funding, and options volatility measures. It says spot price swings did not produce a similarly large rise in implied volatility, which stayed within a…
This brief options-flow commentary describes conflicting signals in Bitcoin and Ethereum derivatives. In Bitcoin, purchases of longer-dated calls continued despite concern about seized-coin movements and potential Mt. Gox distributions, while implied…
This options-flow note describes positioning in Bitcoin after a sharp decline from a recent high. Put buyers took profits around lower price levels, while some traders retained downside protection through spot exposure paired with puts. The largest…
The commentary uses Bitcoin’s spot ETF launch as a historical comparison for assessing possible Ethereum price action around an Ethereum ETF decision. It tracks Bitcoin’s rally from early ETF-listing signals through approval and later fund inflows, then maps…
This weekly report surveys BTC and ETH derivatives after a period of weaker funding and shifting options sentiment. It describes rising BTC perpetual funding as a possible return of bullish positioning, while futures-implied yields remain in a broader…
This weekly market report describes a rally in BTC and ETH alongside rising futures-implied yields and elevated perpetual funding, which it interprets as stronger demand for leveraged long exposure. It also reports inverted short-dated implied-volatility…
The article explains how large concentrations of open interest near expiry can affect options and underlying markets. At-the-money options have especially high gamma close to expiration, so small underlying price moves can sharply change their deltas.…
This options-flow note interprets BTC and ETH trading around creditor repayment timing, a sharp BTC move, and indications of an Ethereum ETF trading date. It describes a fund shifting from distant December BTC calls into an August at-the-money straddle, a…
This monthly review explains how macroeconomic announcements and banking stress shaped BTC and ETH options volatility in March 2023. It tracks at-the-money implied volatility across maturities, the volatility smile’s skew, and differences between the two…
This article proposes a call butterfly spread for a bullish Bitcoin view tied to political pledges about a U.S. strategic Bitcoin reserve and a technical breakout. The structure buys one call at a lower strike, sells two calls at a middle strike, and buys…