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 example presents a bullish Bitcoin options trade using a short put spread: sell a higher-strike put and buy a lower-strike put with the same expiry. It identifies a target price area and a stop level, and reports a maximum profit per bitcoin at expiry.…
The analysis compares BTC and ETH option volatility skew ahead of Ethereum’s Shapella upgrade, scheduled for April 12, 2023. Both assets’ volatility smiles favored out-of-the-money puts, while ETH generally showed a stronger preference for downside…
This weekly commentary interprets BTC options activity across several March dates in 2021. It tracks positions rolled from the March expiry into April, including put protection, call spreads, outright calls, and put selling. The author connects these trades…
The document links recent US spot Bitcoin ETF inflows and a four-day run of positive flows with a recovery in BTC price. It adds a technical reading that BTC may have established a short-term low, as price moved through nearby resistance with limited…
This weekly report compares Bitcoin and Ether derivatives after a brief spot recovery reversed amid hawkish Bank of Japan comments and declines in risk-on equities. It reads perpetual funding, futures implied yields, at-the-money volatility, and 25-delta…
This market commentary examines Bitcoin and Ether derivatives during a rally supported by halving expectations and ETF inflows. It discusses realized and implied volatility, volatility carry, term-structure inversion, call skew, futures positioning, and the…
This weekly market note interprets Bitcoin options activity around macro pressure and the October US CPI release. It tracks put buying, call selling, changes in implied volatility (IV) and skew, and compares implied volatility with realized volatility (RV).…
This weekly report surveys Bitcoin and Ether futures yields, perpetual funding, implied volatility, and option skew after a sharp risk-off move. It says front-end volatility declined and derivatives conditions appeared to stabilize, while funding improved…
This market commentary examines how the Federal Reserve’s policy statement and chair’s press conference affected expectations for rates, growth, and risk assets. It describes an expected rate increase followed by a data-dependent pause, with markets weighing…
This weekly market recap reviews Bitcoin and Ether futures, perpetual funding, options, and volatility surfaces. It reports that risk reversals recovered from a strong tilt toward downside protection while outright implied volatility continued to decline.…
This weekly Deribit commentary reads Bitcoin and Ether options activity against spot moves and the approaching Ethereum Merge. It describes continued demand for downside protection in Bitcoin, including puts across September to November, while noting that…
This market note interprets Bitcoin options activity after a sharp decline. It reports two-way trading in December options, portfolio hedging with risk reversals and puts, and continued institutional demand for dated upside calls. The described flow includes…
This weekly flow note links a sharp Bitcoin rally to reported inflows, rumors about large spot trades, ETF-related activity, and short covering. It describes call buying at several March and April strikes alongside protective March put spreads and ratios.…
This market commentary links institutional adoption headlines and Bitcoin’s price strength to crypto options positioning. It compares Bitcoin and Ethereum realized and implied volatility, carry, term structures, and call skew, and discusses how option…
This market commentary argues that institutional interest may be shifting toward Ethereum and other crypto ecosystems while Bitcoin consolidates. It points to reported growth in ETH perpetual open interest, ETF inflows exceeding BTC for two days, corporate…
This strategy note proposes a short-dated Bitcoin put butterfly for a bearish outlook targeting the $62,000–$61,000 area. The example buys one $63,000 put, sells two $61,000 puts, and buys one $59,000 put, with all legs expiring on April 5. The strikes are…
The note reviews Bitcoin and Ether options activity during a risk-off move following disappointing US nonfarm payrolls. It describes fast-money traders adding short-dated BTC puts as spot fell below $55,000, taking profits or rolling some positions to lower…
This brief flow note tracks Bitcoin options activity around a price peak and subsequent decline. It reports purchases of November calls at several strikes, put buying partly funded by selling a higher strike call, and a later large purchase of November…
This market commentary examines Bitcoin and Ether options amid a retest of Bitcoin resistance and limited crypto trading activity. It links potential catalysts such as inflation data, regulation, and institutional inflows to volatility expectations, while…
This market note interprets recent Bitcoin options activity amid weak spot sentiment. It cites several days of net ETF outflows and a collateral-rule change, then reports that call selling continued to exceed put demand. The described flow includes…
This commentary examines how Bitcoin and Ether options markets responded to a New York court ruling concerning XRP. Both assets initially rallied, with Ether briefly moving above $2,000, but prices then retreated. The article compares two-week implied…
The episode reviews weakness in crypto markets after recent gains faded as volatility rose. The hosts discuss month-end liquidity as a possible contributor to pullbacks, option activity around the September expiry, and the potential market relevance of a…
This article explains clearing as the management of counterparty risk from trade execution through settlement. It outlines how central counterparties use novation, margin, collateral haircuts, position limits, auctions, and default waterfalls to manage…
This option-flow note considers why a large, primarily long-only fund bought short-dated Bitcoin puts during a quiet Easter weekend. The trade could signal a near-term bearish view, protect a spot holding against a break below support, or provide exposure to…