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 commentary compares at-the-money implied volatility with the pricing of deep out-of-the-money options in BTC and ETH after the November 2022 market crisis. It tracks 30-day ATM implied volatility, SABR volatility of volatility, and volatility smiles.…
This commentary examines a period of historically low realized and at-the-money implied volatility in Bitcoin options, alongside a move toward a more neutral volatility smile. It describes daily 30-day ATM implied volatility and rolling realized volatility,…
This weekly review links crypto market conditions to the Federal Reserve’s policy announcement, changes in volatility and options sentiment, tightening liquidity, inflation concerns, and year-end derivatives expiry. It reports that Bitcoin and Ether…
The article presents a bear put spread as a defined-risk way to express a view that Bitcoin may decline. The example buys a put at a higher strike and sells a put at a lower strike with the same expiration. The premium received from the short put reduces the…
This comparison explains how Bitcoin options on Deribit differ from options tied to U.S. spot Bitcoin ETFs, including IBIT options and Cboe’s ETF index options. It covers the underlying products, exercise styles, contract sizes, collateral, settlement,…
This weekly report surveys Bitcoin and Ether derivatives conditions after Bitcoin moved above $100,000. It describes moderately bullish signals across markets, including call-biased options skews and positive futures-implied yields, while noting that…
This weekly commentary follows Bitcoin and Ether derivatives through a sharp upside move and the subsequent volatility selloff. Around the monthly expiry, the breakout lifted near-term implied volatility and strengthened call skew, while reported option…
This market commentary tracks Bitcoin options activity as spot approached resistance near $25,000. The author describes concentrated call buying across near and longer expiries, rising implied volatility, and demand for upside exposure around strikes from…
This podcast summary examines why Bitcoin remained range-bound even as equity markets reached new highs and the macro setting was described as supportive. The hosts attribute muted Bitcoin volatility in part to institutional accumulators overwriting calls,…
This podcast discussion compares Bitcoin’s gradual advance and relatively subdued volatility with the retail-driven options activity in AI and semiconductor stocks. The hosts connect the different market moods to a macro backdrop they describe as supportive…
This options-flow commentary follows Bitcoin and Ether positioning around a sharp selloff after an extended rally. Before the decline, traders bought Bitcoin and Ether puts while selling higher-strike calls, a combination consistent with seeking downside…
This market-flow note describes rising demand for short-dated Bitcoin puts as tariff headlines and broader unease raised perceived risk. Buyers focused on April 4 puts across the 78,000 to 85,000 strikes, with purchases becoming more aggressive later in the…
This commentary uses Bitcoin options and spot volatility measures to assess whether traders expect the rally toward $21K to continue. It compares implied volatility for similarly out-of-the-money calls and puts across several maturities, discussing put-call…
The document explains a change to inverse, coin-settled options expiry: an in-the-money option first creates a futures position at the option’s strike, and that future then settles to cash. Out-of-the-money options receive an expiry entry without a futures…
The document presents a moderately bullish BTC options trade using a bull put spread: sell a put at the higher strike and buy a put at a lower strike, with the same expiry. The stated example collects a net credit and targets BTC remaining above the short…
This podcast overview describes a discussion of crypto markets, options, and volatility following a strong year for the asset class. Topics include gamma positioning and vega, systematic flows through derivatives-based products, options skew across…
This podcast summary describes a Bitcoin treasury approach discussed by a corporate treasury executive. The approach emphasizes holding Bitcoin and using options around that exposure: buying calls to retain upside participation, while some treasury operators…
This podcast episode summary frames Bitcoin as trading within a range amid low holiday volatility and uncertainty about tariffs. The hosts and guest discuss forces they see as supporting prices, including institutional buying on dips, corporate treasury…
The note presents a bearish Bitcoin options setup after price closed below a cited support level and formed lower highs on the four-hour chart. It expects a gradual decline, with another support area potentially slowing the move, and also points to several…
This introduction describes AVAX options settled in USDC and explains the expiry payoffs of calls and puts. Buyers pay a premium for the right, but not the obligation, to transact at a strike price; their loss is limited to that premium, while call profits…
This weekly options-market commentary compares activity in Ether and Bitcoin during May 2021. It describes repeated Ether call rolls toward higher strikes and longer maturities, positive call skew, rising implied volatility, and an Ether term structure in…
This commentary examines a sharp Bitcoin and Ethereum pullback after a months-long rally, including liquidations in futures and perpetual markets. It questions whether ETF optimism alone explains the advance, pointing instead to crypto’s concurrent movement…
This market commentary reviews a crypto rally alongside macro developments, including a Federal Reserve rate cut, ETF inflows, and China’s stimulus efforts. It describes Bitcoin approaching resistance while Ethereum rebounds more strongly, and considers how…
The article reviews a Bitcoin breakout above resistance alongside renewed demand for volatility. It attributes strength to short liquidations, seasonal patterns, political expectations, and digital-asset inflows, while reporting that realized volatility had…