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 report summarizes BTC and ETH derivatives conditions after their rallies. It observes short-dated futures yields converging toward longer tenors, while options volatility surfaces changed less at longer maturities and showed higher short-dated…
This market update reviews crypto options and carry conditions as BTC and ETH consolidate after turbulence. It compares realized volatility, implied volatility, futures yields, and option skew. The report describes BTC realized volatility in the 40s and ETH…
This market commentary tracks protective option activity in ETH and BTC during a sharp selloff. ETH traders bought March and April puts, sold calls, and increased put skew. One sizable trade covered in-the-money March calls and sold higher-strike calls; the…
This commentary examines a broad crypto rally following the US election and considers whether it may be late in its course. It notes that Bitcoin and Ether were relatively flat while many other tokens rose sharply, then suggests that large, liquid assets…
This trade note explains a call butterfly for a trader with a short-term bullish Bitcoin view. The structure buys one lower-strike call, sells two calls at a middle strike, and buys one call at a higher strike, all with the same expiry. The example uses…
This commentary interprets a Bitcoin rally through institutional flows and crypto options markets. It points to sustained inflows into U.S. Bitcoin exchange-traded funds and relative resilience during tariff-related market moves as evidence for the author’s…
This market commentary reviews Bitcoin and Ether volatility, option skew, term structures, option flows, and dealer gamma during a period of geopolitical uncertainty. It reports Bitcoin realized volatility near implied volatility, while Ether’s implied…
This weekly market recap summarizes Bitcoin and Ether derivatives conditions during the reporting period. It describes BTC spot stabilizing after a decline, with futures yields, perpetual funding, and short-dated option skew showing signs of recovery. ETH is…
This weekly market recap interprets futures yields, perpetual funding, implied volatility, and options skew for BTC and ETH during the days before an election. It describes falling futures yields and funding rates as signs that traders were reducing…
This trade note describes a short-dated, moderately bullish BTC options position built around a potential advance toward $70,000. It proposes selling one March 8 $68,500 call and buying one March 8 $70,000 call. The author’s rationale is that BTC had…
The commentary weighs quiet recent trading against a dense calendar of macroeconomic and crypto-specific events. It reports that five-day hourly realized volatility in BTC and ETH had eased to levels near March implied volatility, while markets awaited…
This commentary tracks options activity in Bitcoin and Ether ahead of a week with major economic releases and crypto regulatory developments. It describes demand for Ether calls at September strikes, short-dated Bitcoin calls, and buying of gamma and some…
This weekly flow note interprets Bitcoin options activity around US inflation data and a market rally. It describes traders selling exposure in near-dated calls, then shifting from a February ratio strangle into a larger March ratio strangle. The described…
This weekly market review compares Bitcoin and Ether derivatives conditions through futures yields, perpetual swap funding, implied volatility, and options smile skew. It describes a divergence between the two assets: Ether options carried a volatility…
This note presents a bullish Bitcoin options trade for a market where a rally is possible but resistance near $66,000 may limit gains. It pairs one July 12 call at a $64,000 strike with two calls at $66,000, collecting premium on the higher-strike options to…
This market note reviews Bitcoin options positioning ahead of FOMC and CPI announcements. It describes quiet overall flows alongside gradual accumulation of longer-dated downside puts, sales of March calls, and mixed December activity near the money. The…
This podcast episode description frames a discussion of Bitcoin’s behavior during a tariff-driven equity selloff and a period of rising equity volatility. The hosts and guest consider whether Bitcoin may be acting more like a safe haven, how spot price…
This weekly report examines Bitcoin and Ether derivatives around the January 2025 presidential inauguration. It describes how expectations for executive actions, including a possible strategic Bitcoin reserve, coincided with elevated short-dated futures…
This market note interprets Bitcoin and Ether option activity during a period of heavy downward selling pressure. It lists several possible sources of pressure, including uncertainty around ETF flows and the CME basis trade, miner distributions,…
This podcast episode brings together a market commentator, a derivatives analyst, and a crypto journalist to discuss a sharp rebound in Bitcoin and Ether after a turbulent week. Its agenda spans the outlook for a possible recession and Federal Reserve cuts,…
This weekly report reviews Bitcoin and Ether derivatives during a strong spot-price rally. It tracks futures-implied yields, perpetual swap funding, at-the-money implied volatility, 25-delta risk reversals, and volatility surfaces. The analysis describes how…
This announcement introduces DVOL, an index intended to summarize Bitcoin options market expectations of volatility. Its construction uses the implied volatility smile across relevant expiries to produce a single measure of annualized implied volatility over…
This weekly review considers how the large year-end delivery of crypto options and futures could affect prices, volatility, and positioning. It describes a calm holiday period in which Bitcoin and Ether recovered important price levels, realized volatility…
This weekly market review tracks Bitcoin and Ether derivatives using implied volatility, options skew, risk appetite measures, and volatility surfaces. It describes how a rebound in spot prices coincided with options pricing becoming less bearish: seven-day…