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 options-flow commentary describes traders rolling hedges beyond a quarterly March expiry into April amid geopolitical and political uncertainty. The reported flows favor downside protection: traders bought April puts and put spreads at several strikes,…
The article examines how Bitcoin markets responded to the announcement of a U.S. strategic Bitcoin reserve. It describes a sharp decline in implied volatility after the news, largely unchanged open interest in perpetual futures, and options activity…
The article reviews a period of weakness in Bitcoin and Ethereum alongside rising realized volatility. It notes that Bitcoin has often struggled in September, while broader equity-market pressure and election uncertainty are cited as possible influences on…
This podcast outline introduces crypto fund manager Tara Mac Aulay and describes her path from early Bitcoin use to running a market-neutral fund. The episode contrasts the host’s bullish macro view with Mac Aulay’s concern that the market may be…
This podcast episode outline frames Bitcoin’s approach toward prior highs in the week before the US election. Its brief market discussion notes that call skew was less pronounced than the hosts would normally expect during a potential breakout. The episode…
This market commentary considers how weak price movement in Bitcoin and Ethereum coincided with falling realized and implied volatility amid uncertainty over the US debt ceiling. It reports realized volatility below 30% for both assets and describes implied…
This weekly review examines subdued Bitcoin and Ethereum prices alongside rising crypto volatility as investors awaited Federal Reserve and other central bank decisions. It links the prospect of tighter liquidity and uncertainty around inflation and the…
This weekly report surveys derivatives indicators for Bitcoin and Ether during a period of changing spot prices. It tracks perpetual swap funding, futures implied yields, at-the-money implied volatility, and 25-delta risk reversals. BTC traded in a…
This market update describes a period of low realized and implied volatility in BTC and ETH options, alongside a shift in option skew toward calls. The one-week BTC skew moved from a mild put premium to a slight call premium. Further out, BTC calls carried a…
This options-flow note tracks large ETH call purchases during US-Iran negotiations, followed by BTC put buying after the talks failed to produce progress and prices declined. It lists several ETH call trades by expiry, strike, premium, and notional value,…
This market commentary describes a quiet weekend in crypto after a turbulent period, noting a narrow Bitcoin trading range and low realized volatility. It also observes that trading volumes remained relatively strong and appeared to be shifting from…
This weekly review links crypto market conditions to Federal Reserve policy expectations and macroeconomic uncertainty. It argues that volatility had fallen after a widely anticipated rate increase, while options implied volatility stopped rising and options…
This weekly report reviews BTC and ETH futures, perpetual funding, and options markets during a period when ETF application deadlines were expected to matter. It describes a volatility term structure kink beyond the anticipated deadline, which the report…
The article explains how macro uncertainty and crypto’s changing relationship with equities can inform options positioning. It discusses BTC and ETH performance during the 2020 pandemic period, correlations with the S&P 500, and the possibility that…
This weekly market recap surveys BTC and ETH futures yields, perpetual swap funding, and options volatility and skew. It describes positive futures-implied yields and funding rates, which indicate that traders were paying to maintain long exposure. Implied…
The article reviews Bitcoin’s relative resilience during renewed Middle East tensions alongside caution in BTC and ETH options markets. It notes that BTC briefly fell and recovered, while short-dated puts became more sought after and implied volatility…
This weekly review links crypto price moves to shifting expectations for inflation, central-bank rate hikes, and geopolitical risk. It argues that investors had priced in severe outcomes early, potentially limiting further downside while also constraining…
This desk commentary describes sharp BTC and ETH price swings during the FTX crisis and tracks their effects on options markets. It reports weekly expiry implied volatility peaks of 175% for BTC and 250% for ETH, alongside a strong negative relationship…
This weekly report surveys Bitcoin and Ether spot ranges, perpetual funding, futures-implied yields, and options volatility. During the reported week, prices consolidated after an earlier rally. Bitcoin perpetual funding returned to positive territory, while…
This commentary compares Bitcoin and Ether option smile skew after news of a Bitcoin spot ETF application. Both markets continued to price out-of-the-money puts at higher implied volatility than similarly distant calls, but Bitcoin’s call-put volatility gap…
The commentary examines a steep, uneven Bitcoin and Ether options volatility term structure near year-end. It explains how comparing implied volatility across expiries and considering roll-down or forward volatility can change the appeal of holding vega: a…
The article describes a crypto options market shaped by global risk aversion, with macroeconomic uncertainty and forced deleveraging weighing on prices. It reports elevated realized volatility after a sharp decline, while implied volatility has eased…
The article describes a short strangle for a trader expecting Bitcoin to remain within a range. The position sells one out-of-the-money call at a higher strike and one out-of-the-money put at a lower strike, with the same underlying and expiration. Its…
This weekly market recap reviews Bitcoin and Ether price action alongside derivatives indicators. It reports a strong Bitcoin rally during April, supported in the article’s account by ongoing spot ETF inflows and optimism about US legislation. Both assets’…