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This retrospective examines the 2020 DeFi token selloff despite continued growth in value locked. It proposes a combination of risk aversion, profit-taking after rapid price rises, and heavy governance-token emissions from liquidity-mining programs as…
This educational article introduces crypto calls and puts, their strike prices and premiums, and the buyer’s right to exercise. It uses a Bitcoin put example to explain that a purchased option can express a price view while limiting the buyer’s loss to the…
This market note reads Bitcoin and Ether options pricing alongside macro news and institutional developments. It reports falling realized and short-dated implied volatility during sideways trading, with carry rising, and discusses how an FOMC event could…
This podcast episode discusses institutional engagement with digital assets and the convergence of crypto infrastructure with traditional finance. The guest describes banks, hedge funds, ETF providers, and trading firms expanding from basic crypto exposure…
This market commentary explains why options flow during a crypto crisis can reflect several motives at once: reducing risk, freeing capital, hedging existing exposure, or initiating new positions. It cautions against reading open interest changes as a simple…
This overview compares crypto options venues through market structure features that affect traders and liquidity providers: whether positions can be opened on both sides, whether trading occurs on a visible central order book or through requests for quotes,…
This weekly market recap compares Bitcoin and Ether derivatives using futures implied yields, perpetual swap funding, at-the-money implied volatility, and 25-delta risk reversals. It describes rising volatility, a front-end inversion in volatility term…
This market note interprets a Bitcoin pullback near $100,000 through liquidations, realized and implied volatility, options skew, and the relative behavior of Ether. It describes Bitcoin holding above a prior price level while leveraged positions were…
This market commentary argues that reduced cash liquidity and attractive yields on deposits and short-term government debt were contributing to low volatility and weak crypto trading activity in September 2023. It proposes a mechanism: when cash earns a…
This commentary tracks a sharp decline in the 90-day rolling correlation of daily Bitcoin and Ether spot returns, alongside a recovery in both assets’ implied volatility. It compares the recent divergence with late 2020 and early 2021, when Bitcoin…
This commentary interprets Bitcoin options activity around changes to proposed spot ETF filings. It links rapid meetings between ETF managers and regulators, followed by amendments to use cash creation, with traders’ expectations of possible approval news.…
The article interprets reported options activity as attention and positioning shift toward ETH. It describes a large trader rolling December call exposure from lower strikes to higher ones, then using the proceeds to buy two call spreads. It also notes…
The article proposes a defined-risk BTC bear put spread based on the possibility that price retreats from resistance near $65,000 toward the $62,000 breakout area. The example buys a put with a $62,500 strike and sells a same-expiry put at $62,000. The…
The document announces Deribit’s planned HYPE derivative listings: a USDC perpetual first, followed by options and dated futures. It gives the scheduled launch dates and initial expiry mix for the dated products, as well as contract details including…
The document explains how reduce-only settings work for limit, market, and stop orders on Deribit. These orders can reduce an existing position but cannot open or reverse one. For limit orders, the exchange caps the order quantity at the open position size…
This podcast preview describes a discussion of crypto options after a volatility decline and a failed Bitcoin price breakout. A proprietary trading firm’s head of trading discusses approaches to finding value in volatility-surface mispricings while running a…
This weekly market recap tracks crypto derivatives conditions using futures-implied yields, perpetual swap funding, and BTC and ETH options metrics. It describes a brief spot rally alongside falling implied volatility, a temporary shift in options risk…
This podcast discussion considers borrowing against Bitcoin as a way for holders to access liquidity without selling their coins. A guest from SATS Terminal describes an aggregation platform for Bitcoin lending opportunities across decentralized finance…
This weekly commentary tracks Bitcoin options positioning through the January 2021 expiry and a sharp rally following Elon Musk’s change of profile text. It describes funds rolling exposure, protective puts bought during declines, and a trader selling a…
This market commentary examines a large buyer’s recurring Bitcoin options activity around Fridays. It describes calls bought alongside substantial spot purchases, often after US market close and around options expiry, when near dated implied volatility may…
This trade note presents a bullish Ethereum call spread in the context of anticipated updates on spot ETF filings, lower-than-forecast June inflation, positive spot Bitcoin ETF flows, and a short-term price recovery. The example buys a July 2024 call at a…
This guide explains how an options strategy selection tool maps a trader’s forecast to candidate positions. It first introduces intrinsic and extrinsic option value, noting that time to expiration, implied volatility, and implied futures interest rates…
This review explains how low liquidity and options market maker hedging contributed to Bitcoin and Ether’s January 2023 rally. It connects improving expectations for central bank policy with renewed investor interest, then focuses on negative gamma: when…
This commentary interprets BTC and ETH option-implied volatility around an anticipated spot ETF decision. It reports that both assets’ at-the-money volatility term structures became inverted and that volatility levels fell from an earlier snapshot. The front…