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 recap reviews BTC and ETH futures, perpetual swap funding, and options volatility. It reports that ETH futures underperformed BTC over the week before recovering toward spot, while BTC annualized futures yields returned to just above 2%…
The market review tracks BTC and ETH spot levels, realized and implied volatility, volatility term structures, skew, and reported option flows ahead of an anticipated ETH spot ETF launch. It argues that ETH implied volatility remained elevated relative to…
The review examines crypto derivatives during a period of geopolitical escalation and tightening liquidity. It compares spot-market declines with option volatility and futures premiums, noting that realized volatility remained near or below implied…
This weekly report compares Bitcoin and Ether derivatives conditions during a strong spot-market recovery. It tracks perpetual swap funding, futures implied yields, at-the-money implied volatility term structures, and 25-delta risk reversals. The report says…
This podcast discussion traces crypto markets’ shift from a retail-heavy ecosystem toward participation by hedge funds, pension funds, banks, and asset managers. The guest draws on experience in equity derivatives and high-frequency trading to discuss market…
This weekly report compares Bitcoin and Ether derivatives indicators during a period when BTC weakened and ETH performed better in spot markets. It uses perpetual-swap funding rates, annualized futures yields, at-the-money implied volatility, and options…
The article examines Bitcoin’s subdued price and low realized volatility alongside indicators of adoption and investor positioning. Its on-chain discussion tracks addresses with balances, transaction counts, and addresses holding BTC for more than a year. It…
This market commentary uses BTC options flow to assess positioning during a period of weakness across risk assets. Although Bitcoin held up relatively well in spot trading, the author says options activity leaned defensive: put buying continued during price…
The article reviews Bitcoin’s rebound after a weekend selloff linked to geopolitical tensions, then examines how crypto options markets responded. It describes a rise in realized volatility, front-end BTC volatility finding support, and weekend price swings…
This option-flow note describes BTC call activity during a period when strong price resistance frustrated traders positioned for upside. It reports sales of calls at several strikes and expiries, alongside rolling some March call exposure up and out to June.…
This weekly review links crypto prices and derivatives positioning to changing expectations for central-bank policy. It describes a rebound in BTC and broader crypto prices alongside improving futures premiums and a shift in far-dated options skew toward…
This weekly report reviews BTC and ETH derivatives during a period when spot prices had stabilized after a rally. It compares annualized futures premiums, perpetual swap funding, at-the-money implied volatility, volatility surfaces, and 25-delta put-call…
This market commentary tracks crypto options activity during the November 2022 FTX and Alameda crisis. It describes an initial period when implied volatility and option flow reflected uncertainty without uniformly one-sided positioning, followed by…
This commentary examines a BTC and ETH spot selloff through changes in options implied volatility, perpetual swap funding, and open interest. It reports that one-month at-the-money implied volatility rose from a subdued trend, while perpetual funding turned…
The article interprets a sharp crypto selloff triggered by a tariff announcement as evidence of structural market fragility. It highlights extensive liquidations, disappearing liquidity, and stablecoin depegs, then examines the volatility reset: realized…
This options-flow note describes several Bitcoin positions observed around late January: outright call buying across expiries, near-the-money call spreads, purchases of out-of-the-money calls, and sales of straddles. The author interprets concentrated call…
This commentary compares Bitcoin and Ether options using at-the-money implied volatility term structures, a one-month volatility time series, and volatility smiles. It reports a somewhat inverted term structure: options expiring in less than a month had…
This market commentary links a hawkish shift in central bank guidance to lower crypto volatility and describes a long-volatility view, with a preference for longer-dated Ether call options. It highlights a mismatch between the Fed’s projected rates and the…
This September 2023 review compares Bitcoin and Ether implied and realised volatility, their volatility premia, and the shape of their options smiles. It reports that ATM implied volatility stayed within a range while realised volatility fell to historically…
The article reviews Bitcoin and Ethereum market conditions and options positioning, arguing that subdued realized volatility and median volatility carry can support gamma selling while markets remain range bound. It describes falling front-end implied…
The article explains how a short squeeze develops and why it creates unusual risks for equity options market makers. Short sellers may be forced to buy shares to meet margin requirements or return recalled stock, adding buying pressure as prices rise. Market…
This podcast description outlines a discussion of a Bitcoin price decline and the factors that may have influenced it. The speakers consider investor hedging, interest-rate markets, and the wider macroeconomic setting, framing these as inputs to both…
The commentary reviews an unusually volatile week in crypto, contrasting Bitcoin’s relatively small net decline after a wide trading range with larger losses among Ether and many altcoins. It connects altcoin weakness to the year’s concentration of…
This analysis examines Bitcoin options metrics during a period when spot traded mostly between $38,000 and $48,000 in 2022. It compares implied volatility with realised volatility and describes how their relationship changed: implied volatility fell toward…