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This weekly market recap reviews BTC and ETH futures, perpetual swap funding, and options volatility. It reports that ETH futures underperformed BTC over the week before recovering toward spot, while BTC annualized futures yields returned to just above 2%…
The market review tracks BTC and ETH spot levels, realized and implied volatility, volatility term structures, skew, and reported option flows ahead of an anticipated ETH spot ETF launch. It argues that ETH implied volatility remained elevated relative to…
The document describes an exchange's proposed process for letting users and the public check customer liabilities against on-chain assets. For liabilities, it uses a Merkle tree whose leaves encode user balances by asset, with altered or obscured data…
The review examines crypto derivatives during a period of geopolitical escalation and tightening liquidity. It compares spot-market declines with option volatility and futures premiums, noting that realized volatility remained near or below implied…
This overview describes a tool that retrieves options open interest through an exchange API and calculates max pain for a selected expiry. Max pain is defined as the underlying price at which the total intrinsic value of currently held calls and puts would…
This weekly report compares Bitcoin and Ether derivatives conditions during a strong spot-market recovery. It tracks perpetual swap funding, futures implied yields, at-the-money implied volatility term structures, and 25-delta risk reversals. The report says…
This podcast discussion traces crypto markets’ shift from a retail-heavy ecosystem toward participation by hedge funds, pension funds, banks, and asset managers. The guest draws on experience in equity derivatives and high-frequency trading to discuss market…
This weekly report compares Bitcoin and Ether derivatives indicators during a period when BTC weakened and ETH performed better in spot markets. It uses perpetual-swap funding rates, annualized futures yields, at-the-money implied volatility, and options…
The article examines Bitcoin’s subdued price and low realized volatility alongside indicators of adoption and investor positioning. Its on-chain discussion tracks addresses with balances, transaction counts, and addresses holding BTC for more than a year. It…
This market commentary uses BTC options flow to assess positioning during a period of weakness across risk assets. Although Bitcoin held up relatively well in spot trading, the author says options activity leaned defensive: put buying continued during price…
The article reviews Bitcoin’s rebound after a weekend selloff linked to geopolitical tensions, then examines how crypto options markets responded. It describes a rise in realized volatility, front-end BTC volatility finding support, and weekend price swings…
This option-flow note describes BTC call activity during a period when strong price resistance frustrated traders positioned for upside. It reports sales of calls at several strikes and expiries, alongside rolling some March call exposure up and out to June.…
This weekly review links crypto prices and derivatives positioning to changing expectations for central-bank policy. It describes a rebound in BTC and broader crypto prices alongside improving futures premiums and a shift in far-dated options skew toward…
This weekly report reviews BTC and ETH derivatives during a period when spot prices had stabilized after a rally. It compares annualized futures premiums, perpetual swap funding, at-the-money implied volatility, volatility surfaces, and 25-delta put-call…
This market commentary tracks crypto options activity during the November 2022 FTX and Alameda crisis. It describes an initial period when implied volatility and option flow reflected uncertainty without uniformly one-sided positioning, followed by…
The article frames trading and investing as overlapping categories assessed mainly by motive and duration. It contrasts decisions based on expected asset-price changes with decisions grounded in the long-term economics or growth of a business or protocol.…
This commentary examines a BTC and ETH spot selloff through changes in options implied volatility, perpetual swap funding, and open interest. It reports that one-month at-the-money implied volatility rose from a subdued trend, while perpetual funding turned…
The note describes a large, long-inactive Bitcoin address transferring 80,009 BTC to Galaxy, which then moved at least 70,000 BTC to exchanges. The author treats this as a possible sale overhang. Perpetual futures funding briefly turned negative, triggering…
The article interprets a sharp crypto selloff triggered by a tariff announcement as evidence of structural market fragility. It highlights extensive liquidations, disappearing liquidity, and stablecoin depegs, then examines the volatility reset: realized…
The document proposes a bullish Bitcoin call ratio spread in response to strong spot ETF inflows, a technical breakout, and the Bank of Canada’s rate cut. The example buys one June 14 $78,000 call and sells two $82,000 calls, for a stated net debit of $83…
This options-flow note describes several Bitcoin positions observed around late January: outright call buying across expiries, near-the-money call spreads, purchases of out-of-the-money calls, and sales of straddles. The author interprets concentrated call…
The document explains two Deribit broker workflows. In voice brokering, a broker links client accounts, enters a trade, and requests confirmation from both clients. A trade executes only after both confirm and have sufficient margin; manual confirmations…
This commentary compares Bitcoin and Ether options using at-the-money implied volatility term structures, a one-month volatility time series, and volatility smiles. It reports a somewhat inverted term structure: options expiring in less than a month had…
This educational article defines max pain as the expiration price at which the aggregate intrinsic value owed to option buyers across an expiry is lowest. To calculate it, assess the intrinsic value of every open call and put at each available strike as…