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 market commentary examines a large buyer’s recurring Bitcoin options activity around Fridays. It describes calls bought alongside substantial spot purchases, often after US market close and around options expiry, when near dated implied volatility may…
This review explains how low liquidity and options market maker hedging contributed to Bitcoin and Ether’s January 2023 rally. It connects improving expectations for central bank policy with renewed investor interest, then focuses on negative gamma: when…
This commentary interprets BTC and ETH option-implied volatility around an anticipated spot ETF decision. It reports that both assets’ at-the-money volatility term structures became inverted and that volatility levels fell from an earlier snapshot. The front…
This weekly flow note describes BTC and ETH options activity amid falling trading volume and implied volatility. It reports persistent put skew after renewed China-related concerns, with put buying concentrated in short-dated BTC contracts at lower strikes.…
This weekly report surveys BTC and ETH derivatives sentiment through perpetual swap funding, implied volatility term structures, and options risk reversals. It describes funding rates near zero after sideways spot performance, suggesting limited imbalance in…
This market commentary interprets Bitcoin and Ether price action alongside options pricing and reported trade flows. It describes front-end implied volatility easing while near-term contracts remain supported ahead of a central bank rate decision, and notes…
This commentary surveys Bitcoin and Ether conditions ahead of a September inflation report, connecting macroeconomic signals, institutional activity, and options positioning. It notes Bitcoin holding above 110,000 despite ETF outflows, Ether above 4,250, and…
This market commentary links a Bitcoin sell-off and subsequent capital rotation toward Ether with macro expectations, institutional flows, and crypto options positioning. It reports Bitcoin ETF outflows alongside renewed attention to Ether and describes the…
This analysis links a sharp BTC and ETH selloff with a surge in liquidations, changing implied volatility, and options positioning. It attributes a substantial share of liquidations to gamma-related perpetual futures positions on Deribit and OKX, while…
This report compares BTC and ETH futures yields and option volatility around the Ethereum Merge. For BTC, annualized implied futures yields across maturities shorter than one year were reported within a narrow range around zero. BTC at-the-money implied…
This weekly recap tracks BTC and ETH derivatives after a sharp market decline and a period of extreme risk aversion. It describes demand for out-of-the-money puts and short-dated protection, followed by tentative improvement as prices moved sideways. BTC…
This weekly market recap examines BTC and ETH derivatives during a period of sideways prices and low short-dated volatility. It reports that both assets’ short-tenor implied volatility reached year-to-date lows, while the risk appetite indices rose toward…
This weekly market recap summarizes Bitcoin and Ether futures yields, perpetual swap funding, option volatility, risk reversals, and implied volatility surfaces. It reports that short-dated futures yields were volatile, with Bitcoin turning negative late in…
This commentary compares Bitcoin and Ether option volatility smiles, emphasizing the one-month tenor and the SABR volatility-of-volatility parameter. It explains that higher volatility of volatility corresponds to a steeper smile, making far out-of-the-money…
This weekly report summarizes crypto derivatives conditions using futures yields, perpetual swap funding, option implied volatility, risk reversals, and volatility surfaces. It describes a cooling in at the money implied volatility after a spot rally slowed,…
The article reviews BTC and ETH options conditions around a likely US debt ceiling agreement. It links a pickup in realized volatility and short dated implied volatility to the news, while noting that the weekly implied move quickly lost momentum. It also…
This commentary argues that a crypto rally can be driven by shifting liquidity within the market even when aggregate stablecoin supply is declining. It points to exchange stablecoin reserves and Bitcoin’s growing share of crypto market capitalization as…
This podcast overview frames Bitcoin’s price action around monetary policy expectations and US election developments. The speakers discuss the implications of Federal Reserve Chair Powell’s Jackson Hole remarks and a possible rate-cutting cycle, then…
This market commentary examines Bitcoin options activity during a price rally in late February and early March 2022. It describes an early buyer of March calls, then links the rally to call short covering, spot liquidations, and softening call skew. The…
This weekly market commentary interprets Bitcoin and Ether options trades during sharp price swings in January 2021. It connects call and put spread activity, implied volatility, skew, and maturity structure with possible trader intentions. Examples include…
This market commentary reads reported Bitcoin and Ethereum options trades around post-halving expectations and rising geopolitical tension. It describes early demand for out-of-the-money Bitcoin calls, followed by downside hedges, and says put buyers in…
The article interprets a period of Bitcoin strength as spot approaches a major round-number level. It connects institutional buying and new options activity in a spot Bitcoin ETF with increased call speculation. It also observes that realized volatility…
This weekend market review examines BTC and ETH options as February ended with range-bound prices and mixed to slightly bearish flows. It describes falling implied volatility across tenors, including a drop in longer-dated BTC volatility after June straddle…
This market commentary follows BTC and ETH option positioning amid Middle East tensions and the Bitcoin halving. It describes put buying for downside protection, call demand during rallies and easing tension, and volatility rising when news triggered sharp…