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 note interprets a period of subdued crypto options activity around the US jobs report and a Gemini–DCG deadline. The author describes a modest bias toward call buying after a rebound in altcoins, but says front-end implied volatility moved little…
This weekly review examines Bitcoin and Ether derivatives after a surge in realised volatility associated with SEC lawsuits against Coinbase and Binance. It compares futures-implied yields and perpetual swap funding with options measures, including…
This weekly market review interprets futures yields, perpetual swap funding, and options volatility and skew for Bitcoin and Ether. It links short-tenor futures yields and a sharp rise in BTC funding to increased demand for leveraged long exposure as BTC…
This market commentary contrasts two kinds of Bitcoin options activity in July 2021. It interprets purchases of distant, deeply out-of-the-money puts as possible medium-term crash protection, while noting alternative explanations such as structured-product…
This weekly market commentary interprets Bitcoin options activity during sharp spot swings in early 2021. It follows large January call positions, later short covering, put purchases, and longer-dated call trades, relating those flows to implied volatility,…
The document defines implied volatility rank (IVR) and implied volatility percentile (IVP) as measures of current implied volatility relative to an asset’s history, commonly a one-year window. IVR locates current IV within the historical high-to-low range;…
The document examines how the March 2023 USDC depeg affected the relative pricing of Bitcoin options settled in different currencies. Although options on the compared exchanges referenced the same underlying, strike, and tenor, one settled in BTC and the…
This podcast summary reviews a volatile crypto market week through macro events and options positioning. The speakers discuss central bank signals, a Swiss rate cut, expectations for broader monetary easing, slowing exchange traded fund inflows, and selling…
The article presents a macro view linking Federal Reserve policy phases to Bitcoin and Ether prices. It argues that the 2019 pause in rate increases coincided with a substantial crypto rally, while subsequent rate cuts accompanied a correction, and suggests…
This market commentary describes crypto options positioning after a period of uncertainty and declining realized volatility. The author observes implied volatility trading at a premium to realized volatility, while call buying in Bitcoin and Ether remains…
This podcast overview connects a possible crypto market advance with monetary policy expectations, equity strength, liquidity, and subdued volatility. The hosts and a derivatives-market guest discuss the prospect of a Federal Reserve cut, Bitcoin…
This market commentary reconstructs a rapid rise in Bitcoin and Ether through option trades, implied and realized volatility, and market-maker behavior. It describes call buying and short covering as prices advanced, alongside profit-taking and some…
This episode preview considers how the final Federal Open Market Committee meeting of 2025 might affect crypto markets. The speakers distinguish the widely expected rate decision from forward guidance, especially signals about future cuts and short-term…
This market review examines Bitcoin derivatives after Terra’s UST depeg and LUNA’s collapse. It describes a sharp rise in implied volatility alongside an even larger jump in put skew, suggesting that downside protection became expensive relative to calls.…
The article proposes a short-dated Bitcoin call butterfly for a bullish market outlook where a nearby resistance zone may limit gains. The structure buys one call at a lower strike, sells two calls at the middle strike, and buys one call at a higher strike.…
This article explains why options markets may expand as crypto derivatives become more liquid. It begins with portfolio insurance: investors buy puts to protect long holdings, while some may use calls to hedge the risk of investing cash later. It describes…
The article reviews how a political shock and crypto-specific developments affected Bitcoin and Ether prices and options markets. It reports that realized volatility had eased while implied volatility rose, putting both assets into positive carry. The author…
The commentary proposes a cross-asset options position during a period when Bitcoin and Ethereum implied volatilities were near historical lows. It suggests buying a June Ethereum $2,200 call and financing the purchase by selling a June Bitcoin $25,000 put.…
This market commentary examines positioning around expected U.S. decisions on spot Bitcoin ETFs. It discusses elevated funding, the possibility of a sell-the-news reaction, and the distinction between approval headlines and later product launches. Its…
This weekly report summarizes Bitcoin and Ether derivatives conditions using futures-implied yields, at-the-money implied volatility, volatility smiles, and option skew. For Bitcoin, it describes yields near zero across most tenors as spot returned to…
The note follows a large position in Bitcoin calls across April, June, September, and December expiries, initially interpreted as a halving-related trade. After spot rallied about 35%, the existing calls gained potency as traders who had been underexposed…
The commentary tracks how options positioning and volatility changed as Bitcoin and Ether traded near notable strike levels. In Ether, attention centered on the February 10 expiry at the 1,700 strike: open interest rose, quotes widened as spot approached the…
The note interprets a burst of Bitcoin call buying as evidence of upside momentum positioning. It reports purchases across January and February expiries, including outright calls and call spreads, with roughly $15 million in premium paid while spot was near…
This weekly report describes deteriorating risk appetite across BTC and ETH after a broad risk-off move. It compares three derivatives signals: perpetual funding, futures-implied yields, and options volatility skew. ETH perpetual funding reached its most…