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.
12,303 documents
This weekly market report interprets BTC and ETH derivatives indicators alongside recent spot-price moves. It discusses perpetual swap funding, futures-implied yields, at-the-money implied volatility, term structures, and 25-delta risk reversals. The…
This weekly report reviews Bitcoin and Ether derivatives during a period of geopolitical stress and subsequent spot-price recovery. It tracks perpetual swap funding, futures-implied yields, and options measures. Funding briefly turned negative in both…
This weekly market note describes crypto options positioning after global tensions eased and risk assets rallied. It reports that Bitcoin rebounded from the lows, prompting traders to unwind protective puts below $60,000 in April and May expiries. Call…
This podcast episode discusses a weekend decline in crypto and precious metals following Kevin Warsh’s nomination as Federal Reserve chair. The episode summary attributes the initial risk-off response to expectations around reducing the Fed’s balance sheet,…
This weekly report reviews Bitcoin and Ethereum futures, perpetual funding, and options after the Ethereum Shapella upgrade. It describes falling implied volatility for both assets, with ETH volatility remaining somewhat above BTC, and reports that cooling…
The article presents a BTC bear call spread based on the view that Bitcoin would remain range-bound. Its market rationale points to low weekend trading volume, repeated tests of a channel’s upper boundary, and political statements that had not prompted a…
The article assesses whether falling crypto options volatility after the FTX-related market shock was premature. It tracks dVol, a measure that incorporates skew, alongside at-the-money implied volatility and the BTC–ETH dVol spread. The author notes that…
This weekly market recap reviews BTC and ETH futures, perpetual swap funding, and options conditions. It reports that annualized futures yields had fallen to just below 10% and that BTC and ETH yields were at similar levels, a convergence not seen since…
This desk commentary argues that option valuation depends on more than volatility assumptions and dynamic hedging. It emphasizes whether counterparties trust the venue, whether options are liquid enough to enter and exit, and whether the underlying can be…
This weekly report examines how BTC and ETH derivatives pricing responded to macroeconomic and sector-specific uncertainty. It describes BTC consolidating after an earlier rise, alongside multiple days of spot ETF inflows, while options markets continued to…
This weekly market note reviews BTC and ETH futures, perpetual swap funding, and options volatility. It reports subdued annualized futures yields for both assets and a modest return to positive funding, suggesting renewed demand for long exposure while…
This options-flow commentary describes Bitcoin call buying across January and March expiries, including activity at several strikes and a March call spread. It characterizes some purchases as fresh exposure and part of one purchase as short covering, while…
This weekly market report reviews Bitcoin and Ether derivatives after a brief risk-off episode associated with a public dispute between political and technology figures. It describes a shift in short-dated options skew toward out-of-the-money puts during the…
This weekly market report describes Bitcoin and Ether derivatives while both spot prices were near recent range highs. It notes broadly sideways implied volatility, while short-dated option skew became less bearish as implied volatility on out-of-the-money…
This weekly report reviews Bitcoin and Ether derivatives after Bitcoin’s spot price slowed following a reported all-time high. It describes a shift in short-dated option skew toward out-of-the-money puts, a return of Bitcoin’s futures curve from inversion to…
This brief market note interprets Bitcoin and Ether derivatives positioning around US inflation data, Federal Reserve minutes, and an Ether unlock. It reports Bitcoin risk reduction through put and call trades ahead of the events, volatility selling across…
This commentary compares spot performance and short-dated option pricing for Bitcoin and Ether after the SEC announced a lawsuit targeting Binance and named several proof-of-stake tokens as securities. It reports a broad spot-market decline, with Bitcoin…
This market note reviews Bitcoin and Ether option activity during a rally linked to corporate Bitcoin purchases and positive ETF flows. It describes call spread buying across April and further upside call buying in later expiries, alongside call selling as…
This commentary compares Bitcoin’s spot-price and implied-volatility relationships with traditional assets and with Ethereum. Using rolling 90-day correlations, it reports that Bitcoin’s spot relationship with the S&P 500 and Nasdaq weakened from early 2023…
This brief flow note interprets Bitcoin options activity around a rally through the $40,000 level. Long-held December calls at the $40,000 and $42,000 strikes were closed as spot reached about $40,700, which the author says transferred gamma exposure to…
This weekly market report describes subdued Bitcoin and Ethereum derivatives conditions during a period of historically low realized volatility. Short-dated futures traded below spot, with Ethereum yields somewhat less negative than Bitcoin’s; longer Bitcoin…
The commentary examines crypto options positioning ahead of the expected U.S. spot Bitcoin ETF decision. It links the false approval announcement and subsequent price moves to event risk: short-dated implied volatility rose, weekly options resisted decay,…
The report surveys BTC and ETH options positioning amid fading macro optimism, a hawkish Federal Reserve stance, and crypto-specific weakness. It says realized volatility fell toward implied volatility, while implied volatility remained below realized…
This market recap describes how stress around stablecoins and bank failures affected BTC and ETH options. Implied volatility rose across expiries, and the term structure turned sharply backwardated, with near-dated options carrying higher volatility than…