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 article explains how iron butterflies and iron condors combine four option legs to create defined-risk positions. It describes long and short versions, their relationships to straddles and strangles, and how the outer options, or wings, limit potential…
This weekly market commentary interprets Bitcoin and Ethereum options activity during a period of elevated prices. It weighs trades by strike and expiry, including call selling and put buying, against spot and futures buying, volatility levels, skew, and…
The commentary examines whether a sharp crypto rally marks a lasting change in market direction or a temporary rebound. It advises traders to reconsider prior assumptions as conditions shift, while recognizing that a market turn is difficult to identify in…
This article explains how borrowing against crypto collateral in DeFi can expose users to liquidation as asset prices fall. It illustrates collateral ratios with an ETH vault example and argues that large amounts of locked collateral could face forced…
This podcast overview describes a discussion of a proposed altcoin-season shift, with Ethereum gaining as Bitcoin dominance falls. The episode connects Ethereum’s price strength and options activity to stablecoin legislation, ETF inflows, and corporate…
This explainer introduces options time value and implied volatility through an example of a far out-of-the-money Bitcoin call. It distinguishes intrinsic value from the premium buyers pay for the possibility of a large move before expiry. Implied volatility…
The review examines October 2023 crypto options pricing alongside spot moves in Bitcoin and Ethereum. It compares implied and realised volatility, including the BTC-to-ETH volatility ratio, and tracks how demand for upside exposure shifted options skew…
This weekly market commentary interprets observed Bitcoin and Ether options trades across two August dates in 2022. It reports limited but call-leaning BTC demand, including longer-dated upside calls, while ETH activity featured call butterflies at…
This article explains quanto derivatives, whose underlying exposure is linked to one asset while settlement and collateral use another. Using bitcoin-margined ETH and XRP perpetual swaps, it shows how the fixed contract multiplier makes the position’s value…
An interview with Wintermute OTC trader Jasper De Maere surveys crypto derivatives activity and broader market conditions. De Maere says desk options volume rose fivefold year over year, driven largely by covered calls and cash-secured puts used to generate…
This desk commentary examines BTC and ETH spot, implied volatility, and options skew ahead of a week with major macro events, including the FOMC decision. It describes a brief rise in front-end implied volatility and an inverted term structure, with the…
This weekly report reviews BTC and ETH derivatives as crypto prices weakened against steadier US risk-on equities. It describes BTC breaking below a previously observed support level, declining sentiment, deeply negative BTC perpetual funding, and volatility…
This market commentary describes crypto options positioning as traders anticipated the start of spot ETH ETF trading. It reports resilient bullish sentiment despite negative headlines, falling realized and implied volatility, and steeper contango in ETH’s…
This weekly market recap describes a steep decline in precious metals followed by a crypto selloff, with Bitcoin revisiting a cited price level and liquidations reaching their highest level since a prior episode. It uses perpetual funding, futures-implied…
This podcast summary connects stronger US macroeconomic data and higher Treasury yields with risk reduction across markets, including a crypto selloff through support levels followed by a partial recovery. The speakers discuss competing views on the macro…
This market recap describes a sharp rally in Bitcoin and Ether following a disruption to the summer volatility lull. It associates the move with a government bond buyback announcement, renewed discussion of a debasement trade, and political attention to…
This weekly recap surveys derivatives indicators for Bitcoin and Ether during a period of sideways spot trading. It reports that futures yields declined to their lowest levels of 2025 and that Bitcoin funding remained well below its mid-January highs. Ether…
This podcast description outlines a discussion of how Federal Reserve policy expectations, oil prices, inflation expectations, and real yields may affect Bitcoin and other risk assets. It also considers equity market rotation and whether weakening interest…
The commentary examines Bitcoin’s narrow trading range after a sharp decline and the resulting change in volatility. It compares recent realized volatility with earlier periods of greater price movement, noting that realized volatility has eased while…
This commentary compares the volatility smiles of BTC and ETH options, focusing on the relative implied volatility of out-of-the-money puts and calls. It uses the SABR rho parameter and the 25-delta risk reversal as measures of skew. Both markets showed…
This market update reviews a sharp crypto sell-off and rebound, then examines what the price action implied for volatility and options positioning. It reports realized volatility reaching 50% for BTC and 68% for ETH during the turbulent session, with implied…
The commentary explains how scheduled digital option vault auctions can shape implied volatility in crypto options. When market makers know auction timing and size in advance, they may sell options beforehand, then seek to buy options from the vault at a…
This market commentary interprets Bitcoin options activity around a sharp price bounce. It describes call buying and call-spread purchases across several expiries, alongside put selling, as directional upside demand. The flows are characterized as positive…
This weekly analytics recap summarizes bitcoin and ether futures yields, perpetual swap funding, option volatility, risk reversals, and volatility surfaces. Futures yields were positive across maturities, with shorter bitcoin tenors showing higher annualized…