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 October 2022 commentary connects a crypto rebound to improving equity sentiment and a softer dollar, while arguing that the macroeconomic outlook remained restrictive. The authors expected rate decisions and inflation data to create event risk, despite…
This weekly report surveys BTC and ETH derivatives conditions through implied volatility, futures yields, perpetual swap funding, and options skew. It describes BTC as having a less inverted implied volatility curve than ETH, whose implied volatility traded…
This market commentary links a BTC recovery to macroeconomic developments and renewed spot ETF inflows, while noting that ETH lagged amid regulatory uncertainty and weaker ETF demand. It argues that stronger realized volatility followed a sharp selloff and…
The document outlines a defined-risk call butterfly on BTC for a trader expecting a modest short-term rise. The example buys one call at a lower strike, sells two calls at the middle strike, and buys one call at a higher strike, all expiring on April 3,…
The note links strong spot Bitcoin ETF inflows with bullish options positioning. It describes funds paying premium for call spreads across June and July expiries, while a market maker buys June calls to cover short gamma supplied by repeated call selling.…
This weekly market recap reviews Bitcoin and Ether derivatives through futures yields, perpetual funding, at-the-money implied volatility, and options skew. It reports that implied volatility fell across maturities as both assets traded near the cited range…
This trade note proposes a defined-risk call butterfly as a way to express a bullish view around possible approval of a U.S. spot Ether ETF. The position buys one call at the lower strike, sells two calls at the middle strike, and buys one call at the upper…
The article explains implied volatility (IV) and realized volatility (RV) in crypto options, arguing that option prices reflect supply and demand as well as expectations about future volatility. Comparing IV with past RV can mislead because realized…
This market commentary examines crypto options positioning during an upward move in Bitcoin, amid speculation about a possible exchange traded fund catalyst. It describes demand for calls and call spreads across expiries, including structures that buy nearer…
This market commentary describes Bitcoin options activity as spot prices tested resistance. It reports aggressive buying of call options before the weekend, followed by a shift toward call spreads that finance lower-strike calls by selling higher-strike…
This weekly market recap interprets signals across Bitcoin and Ether derivatives, including futures yields, perpetual funding, implied volatility, and option skew. It describes Bitcoin spot reaching a new high while short-dated implied volatility declined…
This primer explains leverage as position value relative to account equity, then shows how market moves change that ratio: gains can reduce leverage while losses increase it. It stresses that leverage does not determine a trade’s profit or loss; position…
This market note interprets recent crypto price action through realized and implied volatility, options skew, and the ETH/BTC cross. It reports compressed realized volatility over the holiday period, broadly stable to slightly higher Bitcoin implied…
This podcast episode frames a debate over Bitcoin’s role in markets: whether it can hedge inflation and currency debasement or behaves more like a high-beta asset correlated with stocks. The listed discussion topics include volatility, stablecoins, Federal…
This weekly report describes how a recovery in BTC and ETH spot prices affected derivatives indicators. It says delivered volatility remained high, lifting short-dated implied volatility and inverting the volatility term structure. Annualized futures yields…
The commentary argues that BTC options volatility may be cheap ahead of a busy macroeconomic calendar. It attributes recent volatility compression to heavy short-dated call selling, including reported options flow concentrated near at-the-money strikes.…
This guide describes how to use a derivatives metrics page to inspect futures, options, and individual instruments against an underlying index. The futures views include open interest, contract premiums over the index, and perpetual funding alongside index…
The document explains a block-trading workflow for institutional crypto derivatives. Traders negotiate futures, options, or combinations privately with chosen counterparties through a communication platform; once agreed, trade details go to an exchange for…
This market note describes a sharp crypto selloff and the resulting repricing of volatility in Bitcoin and Ethereum options. It reports that a rapid Ethereum decline lifted realized and implied volatility, with short-dated implied volatility spiking and then…
This commentary examines Bitcoin options activity around a presidential debate and upcoming US inflation data. It reports that a strong spot-market rebound drew little apparent call buying from fast-money traders or funds, while one continued purchase of…
This market commentary interprets Bitcoin options activity as the asset approaches its record high amid nearly $1 billion in ETF inflows and the approaching US election. It describes mixed positioning: traders took profits on in-the-money calls, sold some…
This weekly market recap describes how a risk-on rally affected BTC and ETH derivatives. It reports a sharp ETH spot advance alongside BTC regaining a major price level, and tracks associated changes in perpetual funding, futures implied yields, at-the-money…
The document outlines a bearish, limited-risk BTC options position built from three put strikes. It buys one put at the higher strike, sells two puts at the middle strike, and buys one put at the lower strike. The example targets BTC near the middle strike…
The report reviews June 2023 volatility in BTC and ETH, comparing one-month at-the-money implied volatility with recent realised volatility and spot trading volume. It describes a pause in the prior decline in implied volatility as spot activity and…