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1,232 dokumentų
This article explains clearing as the management of counterparty risk from trade execution through settlement. It outlines how central counterparties use novation, margin, collateral haircuts, position limits, auctions, and default waterfalls to manage…
This option-flow note considers why a large, primarily long-only fund bought short-dated Bitcoin puts during a quiet Easter weekend. The trade could signal a near-term bearish view, protect a spot holding against a break below support, or provide exposure to…
This weekly review examines how the war in Eastern Europe and related financial sanctions affected crypto prices, volatility, and derivatives positioning. It describes a sell-off in risky assets followed by a short-lived recovery in Bitcoin and Ether as some…
This market commentary follows a large trader’s Bitcoin call purchases, partial reductions, and later reallocation. It compares activity in January and February call options with spot prices, implied volatility, call skew, and subsequent market moves. The…
This market commentary tracks Bitcoin options activity around a speech at a BTC conference. It describes a strong price rise before the event, speculative call buying in late-July and early-August expiries, and a sharp retreat in very short-dated implied…
This podcast episode features a panel of representatives from BitGo, Copper, and Zodia Custody discussing the role of custody in institutional crypto markets. Topics include the development of institutional custody services, retail access, exchange…
This weekly report assesses BTC and ETH derivatives sentiment through futures implied yields, perpetual swap funding, and options volatility measures. It describes an inverted futures yield term structure, with the sharpest rise at the front end, and…
This brief market note interprets Bitcoin options activity after BTC briefly fell below a level the author describes as a hard floor, then recovered to 27.3k. It reports renewed buying in near-dated calls and call spreads, concentrated around 28k and 29k…
This market commentary surveys the effects of the FTX collapse across crypto credit, spot and derivatives liquidity, perpetual funding, and DeFi. It reports that lending activity contracted as firms halted withdrawals or entered bankruptcy, borrowing rates…
The document presents a bearish-to-neutral BTC options trade based on resistance near $60,000 and a supply zone around $62,000. It proposes selling a call at the lower strike and buying a higher-strike call with the same expiry, using the spread’s net credit…
This commentary argues that crypto volatility may be underpriced after markets adjusted to the unusually quiet conditions of late 2022. It attributes the prospect of larger moves to thinner post-FTX order books, changing macro expectations, and renewed…
The document describes Deribit’s approach to publishing proof of reserves through liability data, on-chain assets, and a margin endpoint. Its modified Merkle tree uses asset-specific, obscured user balance leaves so customers can identify their own records…
This weekly review weighs whether a sharp crypto rebound reflects a renewed bull market or a possible short squeeze. It compares price gains and short liquidations with bearish signals in derivatives: negative front-month futures premiums, low annualized…
This trade analysis proposes a SOL call ratio spread based on bullish momentum, a reported break above a $160 resistance pivot, and expectations around growing interest in Solana and a potential U.S. spot ETF application. The example buys one July 26 $160…
This guide explains how an Excel workbook with macros can retrieve Deribit market data for futures and options. It describes functions for the underlying index, latest trade, midpoint, bid and ask, mark price, implied volatility, and delivery date. Some…
This case study traces SushiSwap’s launch as a community-owned fork of Uniswap and examines how it attracted liquidity, survived a founder-led treasury withdrawal, and sought to build a lasting exchange. It argues that early traction came from being the…
This market commentary reviews BTC options activity on September 21. It describes a trader taking profits on September calls after earlier entries, then highlights aggressive buying of June 2024 calls at two high strikes. The author suggests that…
This article defines contango as futures trading above spot and backwardation as futures trading below spot, then discusses how these conditions may reflect the balance of demand among leveraged bullish investors, BTC borrowers, hedgers, miners, and…
This weekly market recap describes shifts in BTC and ETH futures yields and options metrics. It reports a recovery in annualized futures yields, especially in shorter maturities, alongside cooling at-the-money implied volatility. The implied volatility…
This introductory guide explains four option Greeks as model-based measures of how an option’s theoretical price responds to changes in the underlying asset, time, and implied volatility. Delta estimates the price response to a one-dollar underlying move;…
This market note describes BTC and ETH options conditions during a crypto sell-off linked to Middle East tensions and revised U.S. rate expectations. It reports a sharp rise in realized volatility, especially in ETH, while weekly implied volatility stayed…
This retrospective examines whether options and futures activity offered clues before Bitcoin’s May 19, 2021 sell-off. It highlights a large purchase of short-dated $46,000 puts on May 14 and a sharp rise in open interest, followed by unusually heavy options…
The article proposes a BTC put butterfly for a bearish market outlook, using a higher-strike long put, two short puts at the middle strike, and a lower-strike long put. Its example uses June 28, 2024 options at $62,000, $60,000, and $58,000 strikes. The…
Deribit’s delayed publication feature lets traders executing qualifying large block or Block RFQ trades postpone when trade details appear in public data feeds. The stated purpose is to reduce information leakage when a large order is completed in several…