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 reviews Bitcoin and Ether options conditions using Block Scholes indicators and volatility data. It reports that implied volatility remained elevated, while the sharp inversion in volatility structures had eased compared with the…
The article explains exchange trading bandwidth limits: bounds around a mark price that prevent trades from executing at prices judged too far away. These controls aim to reduce isolated spikes caused by thin order books, oversized orders, stop runs or…
This weekly review connects the 2022 crypto selloff to inflation, expected Federal Reserve tightening and withdrawals of market liquidity. It describes how the May CPI release and concerns about further rate increases coincided with broad risk asset selling.…
The article explains how weak crypto trading activity, macro uncertainty and capital shifting toward other markets contributed to a liquidity shortage in June 2023. It links subdued spot activity to low realized volatility and argues that reduced…
This weekly report summarizes crypto derivatives conditions for Bitcoin and Ether through futures yields, perpetual swap funding, at-the-money implied volatility, and options risk reversals. It describes a pullback and recovery in spot prices alongside…
The document explains option delta as sensitivity to changes in the underlying price and as a model-based estimate related to the chance of expiring in the money. It emphasizes that delta depends on the pricing model and the quality of its inputs. In crypto…
This commentary reviews a sharp crypto selloff amid a wider cross-asset risk unwind, linking the turbulence to factors including a yen carry trade reversal, market volatility, and concerns about potential token sales. It reports that realized volatility rose…
This article explains how iron butterflies and iron condors combine four option legs to create defined-risk positions. It describes long and short versions, their relationships to straddles and strangles, and how the outer options, or wings, limit potential…
This weekly market commentary interprets Bitcoin and Ethereum options activity during a period of elevated prices. It weighs trades by strike and expiry, including call selling and put buying, against spot and futures buying, volatility levels, skew, and…
This article explains how borrowing against crypto collateral in DeFi can expose users to liquidation as asset prices fall. It illustrates collateral ratios with an ETH vault example and argues that large amounts of locked collateral could face forced…
This podcast overview describes a discussion of a proposed altcoin-season shift, with Ethereum gaining as Bitcoin dominance falls. The episode connects Ethereum’s price strength and options activity to stablecoin legislation, ETF inflows, and corporate…
This explainer introduces options time value and implied volatility through an example of a far out-of-the-money Bitcoin call. It distinguishes intrinsic value from the premium buyers pay for the possibility of a large move before expiry. Implied volatility…
The review examines October 2023 crypto options pricing alongside spot moves in Bitcoin and Ethereum. It compares implied and realised volatility, including the BTC-to-ETH volatility ratio, and tracks how demand for upside exposure shifted options skew…
This weekly market commentary interprets observed Bitcoin and Ether options trades across two August dates in 2022. It reports limited but call-leaning BTC demand, including longer-dated upside calls, while ETH activity featured call butterflies at…
The article presents a call ratio spread on Polygon (MATIC) based on a bullish technical view and the launch of the Miden zero-knowledge rollup. The specified position buys one May 31 call at a $0.80 strike and sells three calls at $0.85, for a stated net…
An interview with Wintermute OTC trader Jasper De Maere surveys crypto derivatives activity and broader market conditions. De Maere says desk options volume rose fivefold year over year, driven largely by covered calls and cash-secured puts used to generate…
This desk commentary examines BTC and ETH spot, implied volatility, and options skew ahead of a week with major macro events, including the FOMC decision. It describes a brief rise in front-end implied volatility and an inverted term structure, with the…
This weekly report reviews BTC and ETH derivatives as crypto prices weakened against steadier US risk-on equities. It describes BTC breaking below a previously observed support level, declining sentiment, deeply negative BTC perpetual funding, and volatility…
This market commentary describes crypto options positioning as traders anticipated the start of spot ETH ETF trading. It reports resilient bullish sentiment despite negative headlines, falling realized and implied volatility, and steeper contango in ETH’s…
This weekly market recap describes a steep decline in precious metals followed by a crypto selloff, with Bitcoin revisiting a cited price level and liquidations reaching their highest level since a prior episode. It uses perpetual funding, futures-implied…
The article explains why crypto option prices can be shown using either spot or forward values. It describes the cash-and-carry basis as a delta-neutral position whose returns reflect stablecoin financing yields, and argues that these yields influence the…
This podcast summary connects stronger US macroeconomic data and higher Treasury yields with risk reduction across markets, including a crypto selloff through support levels followed by a partial recovery. The speakers discuss competing views on the macro…
The note presents a bullish Bitcoin view based on a four-hour chart rebound and breaks above several resistance zones, including a stated move past $62,000. It links the outlook to anticipated institutional flows and proposes an options position expiring…
This market recap describes a sharp rally in Bitcoin and Ether following a disruption to the summer volatility lull. It associates the move with a government bond buyback announcement, renewed discussion of a debasement trade, and political attention to…