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 review interprets futures yields, perpetual swap funding, and options volatility and skew for Bitcoin and Ether. It links short-tenor futures yields and a sharp rise in BTC funding to increased demand for leveraged long exposure as BTC…
This market commentary contrasts two kinds of Bitcoin options activity in July 2021. It interprets purchases of distant, deeply out-of-the-money puts as possible medium-term crash protection, while noting alternative explanations such as structured-product…
This weekly market commentary interprets Bitcoin options activity during sharp spot swings in early 2021. It follows large January call positions, later short covering, put purchases, and longer-dated call trades, relating those flows to implied volatility,…
The document defines implied volatility rank (IVR) and implied volatility percentile (IVP) as measures of current implied volatility relative to an asset’s history, commonly a one-year window. IVR locates current IV within the historical high-to-low range;…
The document explains basic call and put payoffs, then applies them to two strategies for TRX holders. Buying puts alongside spot can set a lower effective floor while retaining gains if TRX rises. Selling calls against spot collects premium and lowers the…
The document examines how the March 2023 USDC depeg affected the relative pricing of Bitcoin options settled in different currencies. Although options on the compared exchanges referenced the same underlying, strike, and tenor, one settled in BTC and the…
This weekly commentary interprets Bitcoin options positioning during a sharp price decline in June 2021. It describes short-covering and profit-taking around a major expiry, alongside fund demand for calls at strikes above spot across July, August, and…
The document introduces USDC-settled options on AVAX and TRX and explains call and put payoffs at expiration. Buyers pay a premium for the right, but not the obligation, to trade at a strike price; their maximum loss is that premium, while gains can be…
This podcast summary reviews a volatile crypto market week through macro events and options positioning. The speakers discuss central bank signals, a Swiss rate cut, expectations for broader monetary easing, slowing exchange traded fund inflows, and selling…
The article presents a macro view linking Federal Reserve policy phases to Bitcoin and Ether prices. It argues that the 2019 pause in rate increases coincided with a substantial crypto rally, while subsequent rate cuts accompanied a correction, and suggests…
This market commentary describes crypto options positioning after a period of uncertainty and declining realized volatility. The author observes implied volatility trading at a premium to realized volatility, while call buying in Bitcoin and Ether remains…
The document explains Deribit’s planned automated fee discount tiers, including how accounts qualify, how options and futures volume are counted, and when fee levels change. The initial assignment uses October activity, after which upgrades are evaluated…
This podcast overview connects a possible crypto market advance with monetary policy expectations, equity strength, liquidity, and subdued volatility. The hosts and a derivatives-market guest discuss the prospect of a Federal Reserve cut, Bitcoin…
This market commentary reconstructs a rapid rise in Bitcoin and Ether through option trades, implied and realized volatility, and market-maker behavior. It describes call buying and short covering as prices advanced, alongside profit-taking and some…
This episode preview considers how the final Federal Open Market Committee meeting of 2025 might affect crypto markets. The speakers distinguish the widely expected rate decision from forward guidance, especially signals about future cuts and short-term…
This market review examines Bitcoin derivatives after Terra’s UST depeg and LUNA’s collapse. It describes a sharp rise in implied volatility alongside an even larger jump in put skew, suggesting that downside protection became expensive relative to calls.…
The article proposes a short-dated Bitcoin call butterfly for a bullish market outlook where a nearby resistance zone may limit gains. The structure buys one call at a lower strike, sells two calls at the middle strike, and buys one call at a higher strike.…
This article explains why options markets may expand as crypto derivatives become more liquid. It begins with portfolio insurance: investors buy puts to protect long holdings, while some may use calls to hedge the risk of investing cash later. It describes…
The article reviews how a political shock and crypto-specific developments affected Bitcoin and Ether prices and options markets. It reports that realized volatility had eased while implied volatility rose, putting both assets into positive carry. The author…
The document outlines a defined-risk Bitcoin put butterfly for a bearish market view after Bitcoin fell below cited support. The July 12, 2024 example buys a $54,000 put, sells two $53,000 puts, and buys a $52,000 put. Its payoff peaks if Bitcoin settles at…
The commentary proposes a cross-asset options position during a period when Bitcoin and Ethereum implied volatilities were near historical lows. It suggests buying a June Ethereum $2,200 call and financing the purchase by selling a June Bitcoin $25,000 put.…
This market commentary examines positioning around expected U.S. decisions on spot Bitcoin ETFs. It discusses elevated funding, the possibility of a sell-the-news reaction, and the distinction between approval headlines and later product launches. Its…
The document presents a defined-risk call butterfly on Bitcoin, motivated by a bullish view ahead of U.S. employment and inflation releases. The example buys the $74,000 and $78,000 calls and sells two $76,000 calls, all expiring June 14, 2024. Its payoff is…
This weekly report summarizes Bitcoin and Ether derivatives conditions using futures-implied yields, at-the-money implied volatility, volatility smiles, and option skew. For Bitcoin, it describes yields near zero across most tenors as spot returned to…