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 review explains how macroeconomic expectations and thin crypto liquidity coincided with a sharp January 2023 rebound. Its central mechanism is dealer gamma hedging: when options positions leave dealers short gamma, rising prices can force them to buy…
This trade proposal uses a put ratio spread for a short-term bearish Bitcoin view. Its example buys one out-of-the-money put at a higher strike and sells two puts at a lower strike with the same expiry. The article frames the lower strike near a demand zone…
This market commentary interprets ETF flows, futures positioning, policy developments, and macro conditions as context for Bitcoin’s move toward prior highs and Ethereum’s sharp rally. It then compares realized and implied volatility, carry, and options…
This exchange article explains how option time to expiry affects premium and short-term trading use. Options with only a day or two remaining generally carry less time value, making them comparatively inexpensive instruments for hedging events or expressing…
This weekly snapshot reviews Bitcoin and Ether derivatives conditions using futures yields, perpetual swap funding, option implied volatility, risk reversals, and volatility surfaces. It reports positive futures yields, with Bitcoin’s annualised curve…
This weekly commentary interprets Bitcoin options positioning near $50,000 resistance as spot fell toward $47,000. It describes opposing call trades: selling September $50,000 calls, buying higher-strike calls, and demand for September calls around $52,000…
This note outlines a bullish Ethereum call ratio spread after a reported 39% decline from the ETF approval period to a demand zone near $2,150. The structure buys one out-of-the-money $3,000 call and sells two $3,200 calls with the same August 30 expiry. The…
This market commentary interprets Bitcoin and Ether options trades around regulatory and creditor-distribution news. It describes heavy November put buying ahead of DOJ-Binance statements, followed by spot movement above $36,500, and later put purchases…
This brief option-flow commentary describes a rapid change in crypto derivatives positioning around developments involving the Federal Reserve and banking concerns. Traders had recently used puts, put spreads, and put flies to hedge downside risk, leaving…
This report examines how implied volatility and option smile skew changed for ETH and BTC during market selloffs in May and June 2022, followed by a July rally linked to news about Ethereum’s planned transition to proof of stake. It explains that rising…
This market commentary compares Bitcoin spot moves with options positioning after a Sunday Trump social media announcement concerning SR expansion. The initial spot reaction triggered short covering and call buying, but the author says options positioning…
This weekly market recap describes several Bitcoin derivatives conditions: futures term structure flattened and turned negative at a 30-day tenor, while annualized implied futures yields fell notably below spot at short maturities. It also reports that an…
This trade note proposes an Ethereum call ratio spread around anticipated spot ETF approval news. The position buys one July 19 call at a $3,200 strike and sells two calls at $3,400, for a stated net debit of $4 per ETH. The thesis combines updated filings…
This weekly report summarizes BTC and ETH futures, perpetual funding, and options conditions after a spot selloff pushed prices toward the lower end of a sideways range. It says futures-implied yields were near recent lows, BTC funding was intermittently…
This market note reads Bitcoin and Ether options pricing alongside macro news and institutional developments. It reports falling realized and short-dated implied volatility during sideways trading, with carry rising, and discusses how an FOMC event could…
This market commentary explains why options flow during a crypto crisis can reflect several motives at once: reducing risk, freeing capital, hedging existing exposure, or initiating new positions. It cautions against reading open interest changes as a simple…
This weekly market recap compares Bitcoin and Ether derivatives using futures implied yields, perpetual swap funding, at-the-money implied volatility, and 25-delta risk reversals. It describes rising volatility, a front-end inversion in volatility term…
This market note interprets a Bitcoin pullback near $100,000 through liquidations, realized and implied volatility, options skew, and the relative behavior of Ether. It describes Bitcoin holding above a prior price level while leveraged positions were…
This market commentary argues that reduced cash liquidity and attractive yields on deposits and short-term government debt were contributing to low volatility and weak crypto trading activity in September 2023. It proposes a mechanism: when cash earns a…
This commentary tracks a sharp decline in the 90-day rolling correlation of daily Bitcoin and Ether spot returns, alongside a recovery in both assets’ implied volatility. It compares the recent divergence with late 2020 and early 2021, when Bitcoin…
The article interprets reported options activity as attention and positioning shift toward ETH. It describes a large trader rolling December call exposure from lower strikes to higher ones, then using the proceeds to buy two call spreads. It also notes…
This podcast preview describes a discussion of crypto options after a volatility decline and a failed Bitcoin price breakout. A proprietary trading firm’s head of trading discusses approaches to finding value in volatility-surface mispricings while running a…
This weekly market recap tracks crypto derivatives conditions using futures-implied yields, perpetual swap funding, and BTC and ETH options metrics. It describes a brief spot rally alongside falling implied volatility, a temporary shift in options risk…
This weekly commentary tracks Bitcoin options positioning through the January 2021 expiry and a sharp rally following Elon Musk’s change of profile text. It describes funds rolling exposure, protective puts bought during declines, and a trader selling a…