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 recap surveys derivatives indicators for Bitcoin and Ether during a period of sideways spot trading. It reports that futures yields declined to their lowest levels of 2025 and that Bitcoin funding remained well below its mid-January highs. Ether…
This podcast description outlines a discussion of how Federal Reserve policy expectations, oil prices, inflation expectations, and real yields may affect Bitcoin and other risk assets. It also considers equity market rotation and whether weakening interest…
The commentary examines Bitcoin’s narrow trading range after a sharp decline and the resulting change in volatility. It compares recent realized volatility with earlier periods of greater price movement, noting that realized volatility has eased while…
This commentary compares the volatility smiles of BTC and ETH options, focusing on the relative implied volatility of out-of-the-money puts and calls. It uses the SABR rho parameter and the 25-delta risk reversal as measures of skew. Both markets showed…
This market update reviews a sharp crypto sell-off and rebound, then examines what the price action implied for volatility and options positioning. It reports realized volatility reaching 50% for BTC and 68% for ETH during the turbulent session, with implied…
The commentary explains how scheduled digital option vault auctions can shape implied volatility in crypto options. When market makers know auction timing and size in advance, they may sell options beforehand, then seek to buy options from the vault at a…
This market commentary interprets Bitcoin options activity around a sharp price bounce. It describes call buying and call-spread purchases across several expiries, alongside put selling, as directional upside demand. The flows are characterized as positive…
The document links a short-term bullish view on Bitcoin to a defined-risk call spread. The proposed position buys a call at a lower strike and sells a call at a higher strike with the same expiration. Its example uses July options: the trade costs a net…
This weekly analytics recap summarizes bitcoin and ether futures yields, perpetual swap funding, option volatility, risk reversals, and volatility surfaces. Futures yields were positive across maturities, with shorter bitcoin tenors showing higher annualized…
This monthly market report reviews the late-2020 bitcoin and ether rally alongside exchange activity, options turnover, open interest, put-call ratios, and implied volatility. It reports substantial growth in trading and options open interest, with December…
This commentary compares bitcoin and ether option markets using at-the-money implied volatility and the term structure of volatility skew. In the cited snapshot, ether’s at-the-money implied volatility was above bitcoin’s, while both markets showed a…
The commentary tracks bitcoin options around a consumer price index release and a sharp spot rally. It describes a pre-release decline in implied volatility, including heavy near-the-money call offers, followed by a steep drop in short-dated volatility after…
This trade note proposes a call ratio spread for a bullish view on MATIC, using June 7, 2024 options. The example buys one out-of-the-money call at a lower strike and sells two calls at a higher strike with the same expiry. The article states a net debit of…
This weekly recap links a strong rally in Bitcoin and Ether spot prices with changes in derivatives positioning. It describes rising futures-implied yields, elevated perpetual funding, and options skew shifting toward out-of-the-money calls. The report…
This weekly market recap interprets futures yields, perpetual swap funding, and options data for Bitcoin and Ether. It reports that both assets had bounced from range lows and were trading near the middle of their recent ranges, while funding stayed around…
This educational guide explains Deribit’s USDC settled options on SOL, XRP, and MATIC, contrasting them with BTC and ETH inverse options. Shared USDC collateral can simplify multi currency positions, USD based profit and loss tracking, and cash secured puts.…
This desk commentary examines Bitcoin and Ether options activity during the March 2023 banking turmoil, including USDC’s depeg and renewed volatility. It describes a surge in Bitcoin option volume, sharp increases in short dated implied volatility, and a…
This weekly market note interprets Bitcoin options activity across two episodes in early March 2021. It links rallies and tests of support to changes in put selling, call demand, implied volatility, skew, and near dated gamma exposure. The author…
This analysis explains how Bitcoin’s realized volatility rose in brief spikes during sharp price selloffs in 2022, while long stretches of sideways trading kept volatility subdued. It describes the effect of a rolling 14-day estimate: one large daily return…
This options-market note interprets positioning amid attention to Grayscale Bitcoin Trust outflows, ETF inflows, and possible supply from Mt. Gox and Celsius. It describes an ETH options trader rolling a short call closer to at-the-money and selling another…
This weekly review weighs improving crypto prices and derivatives sentiment against macroeconomic risks. It links the market rebound to expectations that recession concerns could slow Federal Reserve tightening, while arguing that inflation, liquidity…
This trade idea pairs a bullish view on Solana with a call ratio spread: buy one out-of-the-money call and sell two calls at a higher strike with the same expiry. The example uses SOL options and describes the position as a net credit, with its maximum…
The article explains Deribit’s SOL inverse futures and options, which let traders post SOL as collateral while taking positions tied to SOL’s dollar price. Profit and loss is calculated in dollars and then settled in SOL, unlike USDC linear perpetuals that…
This brief flow report describes BTC options activity around a price move driven by changing U.S.–Iran headlines. As BTC moved above the recent trading range, short calls were reportedly covered or rolled to higher strikes, while some traders continued…