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 commentary examines how the 2022 FTX liquidity crisis affected Bitcoin and Ether volatility markets. It links the sudden deterioration in confidence around FTX and Alameda to sharp increases in delivered and implied volatility, alongside stronger…
This market commentary describes a rise in short-dated implied volatility after geopolitical news, with a larger increase in ETH than BTC. It contrasts that near-term move with continued call demand in longer-dated expiries, which the author interprets as…
The episode reviews Bitcoin’s disappointing performance in 2025 despite supportive macroeconomic conditions, including strength in precious metals and ETF inflows. The speakers attribute the muted price action to persistent selling by large holders and…
The note interprets recent Bitcoin options positioning as a tug-of-war between downside protection and call overwriting. It identifies put purchases and put spreads around lower strikes as evidence of defensive positioning, while an overwrite fund shifted…
A podcast discussion surveys Bitcoin’s market conditions through the perspectives of a derivatives professional and the hosts. It links muted realized volatility and one-directional institutional flows to a broader sense of market apathy, and asks whether…
This weekly market recap describes how BTC and ETH derivatives reacted to a sharp October 2025 selloff following escalating US–China trade tensions. It reports that BTC had first reached a new high, then fell alongside ETH as more than $19 billion in…
This weekly recap outlines changes in Bitcoin futures pricing and options volatility following the LUNA market shock. It reports that the futures term structure regained a positive slope and that implied volatility returned to a more typical shape. The…
This market commentary reviews Bitcoin and Ether conditions ahead of US inflation data and a Federal Reserve meeting. It connects selling pressure to strong payroll data, concerns about possible delays to Ether exchange-traded funds, and potential Bitcoin…
This flow recap links Bitcoin and Ether options positioning to ETF-related selling pressure, sharp spot declines, and a subsequent rebound. It reports that traders had accumulated Ether puts before a fall, then sold those puts as they became at or in the…
This market note tracks a week of Bitcoin options activity and its interaction with spot price and implied volatility. It describes early buying in March calls and out-of-the-money call spreads, alongside put selling, as Bitcoin tested a resistance area. The…
This brief flow commentary infers a shift in dealer gamma from reported fund activity around BTC options. It says that after geopolitical risk eased and spot rallied, funds were left short calls at higher strikes; as the rally continued, puts near and below…
This commentary examines crypto options after approval of an ETH ETF, when ETH had rallied toward $4,000 and trading was expected to begin several weeks later. It compares realized and implied volatility, notes a decline in ETH weekly implied volatility…
This desk commentary describes crypto options trading immediately after the FTX collapse. It reports falling open interest and sharply reduced then rebounding daily volume, alongside thin spot and derivatives liquidity, wider spreads, and unstable implied…
The commentary links crypto options pricing to spot moves and market catalysts. It describes a sharp but brief rise in ETH realized volatility after XRP-related news, followed by a reversal, and compares BTC and ETH implied volatility, term structures, and…
This weekly recap describes shifts in Bitcoin and Ether derivatives positioning around the resolution of an Ether ETF launch event. It reports stronger demand for out-of-the-money Bitcoin calls than for Ether calls, positive but volatile Bitcoin perpetual…
The article considers how possible 2020 US election outcomes might affect Bitcoin and its options. It argues that political effects on US stocks may not carry over directly to a globally traded asset, and points to Bitcoin’s limited supply and the author’s…
This weekly options-flow commentary interprets Bitcoin and Ethereum trades around spot resistance and the Taproot rollout. It describes protective Bitcoin puts, put-heavy Ethereum risk reversals, and calls sold to help finance put protection. A zero-premium…
This retrospective describes how retail share and call buying contributed to GameStop's 2021 short squeeze. It explains a feedback mechanism: as the share price rose, dealers with short gamma could need to buy stock to hedge, potentially adding further…
This podcast discussion examines a crypto market sell-off linked in the episode to renewed trade tensions with China and large liquidations of leveraged positions. The hosts and guest discuss heightened volatility, pronounced Ethereum put skew, pressure on…
The article proposes a bull put spread for a sideways-to-bullish Bitcoin outlook. The example sells a June 14 put at a higher strike and buys a put at a lower strike, collecting a stated net credit of $259 per BTC. If Bitcoin finishes at or above the higher…
This episode summary links renewed US tariff threats concerning Greenland with a retreat in crypto prices and cautious risk appetite. It reports that Bitcoin and Ether returned toward the lower end of their recent ranges while volatility remained subdued,…
This podcast overview describes a discussion of crypto positioning around the US election, featuring a market maker in Delta One products who is considering expanding into options. Topics include the crypto basis trade, possible Bitcoin moves around the…
This trade idea links a short-term bullish view on Bitcoin to a call ratio spread. After a sharp sell-off, the author notes that BTC rebounded from a pivot and held a lower-timeframe demand zone, suggesting a possible move toward resistance near $62,000. The…
This market commentary interprets crypto options data alongside recent macro and institutional developments. It reports steady BTC realized volatility and higher but declining ETH volatility, with front-end implied volatility mostly unchanged. BTC carry is…