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 educational article explains how to seek exposure to volatility while limiting directional exposure. It compares long and short straddles, which combine a call and put at the same strike, with strangles, which use out-of-the-money strikes. Long…
This desk commentary analyzes a large Ethereum call calendar spread involving March and June expiries. The apparent structure bought March calls at two nearby strikes and sold June calls at one of those strikes. The author estimates that, if these trades…
This weekly options-flow commentary describes trading around Bitcoin’s February 2021 market, focusing on calls near the 40,000 strike, implied volatility, and the response to an institutional Bitcoin conference. Early in the week, a persistent seller of…
This weekly market recap compares BTC and ETH sentiment using perpetual swap funding, futures prices relative to spot, and options volatility and skew. It finds BTC somewhat stronger in futures and perpetual markets: funding stayed mostly positive and…
This weekly market report describes a sharp correction in Bitcoin and Ethereum and examines how derivatives prices reflect bearish positioning. It highlights short-dated futures trading below spot, persistently negative perpetual swap funding, and options…
This weekly report interprets crypto derivatives indicators for Bitcoin and Ethereum. It describes rising futures-implied yields and perpetual swap funding, alongside higher implied volatility, with the strongest volatility increase at short maturities. The…
This podcast overview discusses factors that could shape crypto markets in the fourth quarter, including China’s stimulus, quarter-end conditions, and uncertainty around the U.S. election. The speakers consider whether election-related caution could delay…
This weekly report reviews Bitcoin and Ether derivatives ahead of an FOMC meeting. It describes options sentiment as neutral to bearish despite expectations of a rate cut and anticipated liquidity support. Bitcoin’s funding rates remain positive while spot…
This weekly commentary interprets Bitcoin options activity during a sharp correction below $50,000. It describes mixed positioning: protective puts remained in place, some traders sought additional downside puts, and long in-the-money calls were reduced.…
This podcast episode discusses why Bitcoin remained comparatively resilient while traditional risk assets came under pressure, and how crypto options traders were responding. The conversation features a crypto options market maker and covers the development…
This weekly report examines how crypto derivatives responded to a dovish interpretation of a central-bank speech. It describes a rally in Bitcoin and Ethereum followed by divergent behavior: Bitcoin sold off over the weekend while Ethereum held closer to its…
The episode reviews a crypto market rebound tied to softer-than-expected inflation and falling US yields, alongside optimism ahead of Donald Trump’s inauguration. Its discussion frames these developments as macro forces shaping risk appetite, while noting…
The document presents a defined-risk BTC call butterfly for a market view that price could recover toward, but have difficulty moving above, a resistance area. The rationale combines a reported recovery from a prior low, positive spot ETF inflows during the…
This weekly report interprets BTC and ETH futures, perpetual swap funding, and options volatility surfaces in the lead-up to an anticipated ETF announcement. It describes a kink in the at-the-money volatility term structure moving toward shorter expiries,…
This podcast recap links a rebound in risk assets to easing geopolitical tensions and the reversal of recent volatility spikes. It discusses gold, oil, interest-rate volatility, the dollar, and yields as macro factors that may shape crypto prices. The hosts…
This weekly report compares BTC and ETH derivatives after BTC approached a new all-time high and ETH outperformed. It tracks futures implied yields, perpetual funding rates, at-the-money implied volatility, and 25-delta risk reversals. The report describes…
This commentary describes crypto options markets during the volatility surge associated with FTX’s insolvency. It reports sharp declines in BTC, ETH, and SOL alongside higher implied volatility, pronounced put demand, and elevated volatility across both…
This weekly market report reviews BTC and ETH derivatives after a period of spot-price weakness followed by a recovery. It describes front-end futures yields rising and flattening the yield curve, while short-dated implied volatility increased more sharply…
This weekly report reviews crypto derivatives positioning after Bitcoin fell below $60,000 and then rebounded above $70,000, while Ether recovered above $2,000. It combines perpetual swap funding, futures-implied yields, at-the-money implied volatility, and…
This commentary interprets a sharp Bitcoin rebound through changes in listed options activity. Traders sold protective puts around $75,000–$78,000 and bought calls with strikes from $85,000 to $100,000 as spot rose from $75,000 to $85,000. The author also…
This market commentary examines Bitcoin and Ethereum options amid low realized volatility and changing sentiment. It discusses the volatility term structure, the relative pricing of ETH and BTC volatility, option skew, trade flows, and dealer gamma. The…
This market commentary interprets a sequence of reported Bitcoin options trades around December expirations. It describes selling in several upside calls, followed by purchases of straddles, calls, and puts, and frames these flows as a change in positioning…
This guide describes several ways to interpret crypto options market data. The volatility smile compares implied volatility across strikes or deltas, while the term structure compares at-the-money implied volatility across expirations. Differences in these…
This podcast overview frames a crypto market rebound against easing US–China trade tensions, changing fiscal expectations, and rising global bond yields. It highlights Bitcoin reaching record territory and Ethereum’s sharp rally alongside increased…