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 commentary examines why Ether underperformed Bitcoin in 2023 by comparing spot returns, futures-implied yields, perpetual funding, and options risk reversals. The central observation is that ETH’s futures-implied yields weakened after the August 18…
The commentary assesses Bitcoin and Ether options markets after a rebound and subsequent pullback. It frames Bitcoin as increasingly exposed to macro positioning and cross-asset deleveraging, so recent price action may reflect institutional portfolio flows…
This weekly report reviews BTC and ETH derivatives conditions ahead of the US presidential election. It highlights a term-structure dislocation in which 30-day at-the-money implied volatility had risen toward longer-dated levels, even as outright volatility…
This market commentary describes a relative-value options position during a period of subdued realized and implied volatility. The proposed trade is to buy a March ETH straddle and sell a March BTC straddle, expressing the view that ETH volatility may…
The document explains DVOL, a forward-looking measure of annualized 30-day Bitcoin implied volatility, and how Deribit derives it from option prices. It describes selecting expiries around the 30-day horizon, estimating prices from order book depth, and…
The article presents a defined-risk bullish options trade on Bitcoin, motivated by expectations of a possible Federal Reserve rate cut, recent U.S. spot Bitcoin ETF inflows, and repeated tests of a price supply zone. The proposed position buys a lower-strike…
This weekly market recap interprets Bitcoin and Ether derivatives indicators alongside macroeconomic developments. It describes BTC reaching a reported $124K high after CPI news, then retreating after a stronger wholesale inflation report and trading in a…
This market review examines a period of subdued BTC and ETH prices and volatility alongside bearish derivatives positioning. It describes low historical and implied volatility, declining options skew with puts priced above calls, and falling futures…
This weekly commentary interprets BTC and ETH options positioning after a spot rally. It describes put hedges being taken off or rolled to lower strikes, a sharp decline in near-dated skew, and call buying across several expiries and strikes. The author uses…
The note interprets recent Bitcoin and Ether options activity as continued demand for downside protection. It describes in the money puts being rolled to lower strikes, fresh out of the money put purchases, and put spreads, alongside firm put skew and…
The article describes delta hedging as a way to reduce directional exposure and focus an option position on volatility. A trader offsets option delta with the underlying, then adjusts the hedge as the option’s sensitivity changes with price. The discussion…
This weekly report compares a sharp Bitcoin spot rally with signals from crypto derivatives. It says Bitcoin rose 16% month to date to a twelve-week high above $79,000, alongside nine consecutive days of spot ETF inflows and $2.8 billion of Strategy buying.…
The note examines strong Bitcoin downside-option demand during a continuing decline. It reports demand for 58k puts and describes put spreads and risk reversals as ways funds are structuring bearish or protective exposure. The author cites implied volatility…
This market note interprets Bitcoin and Ether options flows during a volatile week. In Bitcoin, it reports that short-term traders accumulated puts around the stated 54–58k strikes and took profit after a break, while funds added October-to-March calls…
The article reads Bitcoin and Ether options positioning against thin spot liquidity and an upcoming Federal Reserve meeting. It links weekend price swings and a shrinking exchange supply to the possibility that macro news could produce a sharp move in either…
This desk commentary examines Bitcoin and Ether trading around a court decision affecting crypto markets. It describes how market makers, including automated participants, withdrew liquidity as the news arrived, leaving streaming options quotes wider or…
This market commentary describes an overwriting approach in which a trader sells out-of-the-money ETH calls with maturities roughly two months or more away, then later buys back the nearer short call and sells a farther-dated call to collect additional…
This commentary tracks changing Bitcoin options positioning around a market rebound. It describes a large buyer absorbing offers in December 100,000 calls after aggressive selling, followed by July 63,000 call demand as Bitcoin moved above 60,000. The author…
This market commentary interprets a week of Bitcoin options activity as bearish. It describes call selling around the 90,000–105,000 strikes and continued put buying around 80,000–85,000, alongside March call selling in the 90,000–110,000 range and buying of…
This desk commentary describes Bitcoin and Ether options conditions around CPI and an FOMC rate decision. It reports that spot rose after an inflation reading while implied volatility fell in some maturities, with near term gamma retaining demand ahead of…
This weekly report summarizes Bitcoin and Ether derivatives conditions using futures-implied yields, at-the-money implied volatility, volatility surfaces, and SABR volatility-smile skew. It reports that Bitcoin futures remained below spot and Ether futures…
The article interprets a Bitcoin and Ether sell-off through realized and implied volatility, option skew, and the ETH/BTC relationship. It reports that realized volatility rose sharply, short-dated implied volatility repriced upward, and realized movement…
This options-flow note interprets recent Bitcoin activity against a backdrop of strength in gold and macroeconomic risk. It says spot and ETF inflows had not prompted substantial fresh call buying, while traders opened put sales across several strikes and…
This weekly market note reviews Bitcoin and Ether futures, perpetual swap funding, and options volatility and skew after ETF-related event risk had passed. It reports annualised futures yields near 10% for both assets, alongside consistently positive…