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766 dokumenter
This derivatives newsletter argues that Bitcoin may remain in consolidation despite bullish headlines, while stronger equities and lower equity volatility point to a different near-term backdrop. Its macro discussion cites the upcoming Federal Reserve…
This product update describes two types of on-chain data for analyzing decentralized finance activity. Lending and borrowing summaries aggregate deposits, borrows, protocol revenue, liquidations, and withdrawals across protocols, assets, and chains, with…
This podcast recap follows quant Artur Sepp’s move from traditional finance into crypto derivatives. It describes his work on delta-neutral options strategies, volatility modeling, and market making in illiquid options, where one-sided order flow and…
The document describes two risks institutions may encounter in decentralized finance: scam tokens, especially liquidity-draining rug pulls, and crypto assets connected to illicit activity. It argues that blockchain data can support token due diligence by…
This report section reviews DeFi activity and security incidents in 2025. It frames the year through several measures: total value locked (TVL), lending utilization, liquidations, decentralized exchange volume, and major protocol exploits. It argues that…
This report reviews 2024 activity in centralized crypto spot and derivatives markets. It describes how exchange and asset trading volumes changed through the year, noting periods of high activity across major venues and tokens. It suggests using volume…
This weekly market note reviews Bitcoin and Ether options conditions in early December 2022 alongside macroeconomic context. It describes falling realized volatility and implied volatility, a soft volatility backdrop, changing risk reversals, and steep Ether…
An interview with an experienced derivatives trader traces his move from equity derivatives into crypto and explains how exotic option books can behave under stress. Autocallables combine contingent coupons with short exotic downside exposure, while their…
The article explains how crypto market makers support trading by placing bids and asks around prevailing prices, seeking to earn the spread while keeping order books populated. It links two-sided quoting with faster execution, narrower spreads, reduced price…
This market commentary examines crypto options and spot-market conditions during the November 2022 FTX collapse. It argues that contagion concerns, thin liquidity, and possible abrupt news-driven moves made short-volatility positions especially exposed, even…
This market commentary links changing US inflation, employment, and rate expectations to crypto risk sentiment, then reviews Bitcoin and Ethereum options positioning ahead of an FOMC decision. It describes bullish Bitcoin flows, including call buying and put…
This weekly crypto market note reviews Bitcoin’s rally, liquidation-driven price swings, upcoming US macro events, and the implications for options volatility. It connects a sharp move through prior price levels with short liquidations, a subsequent rapid…
The article explains how data supports several spot Bitcoin ETF functions: calculating net asset value (NAV) and intraday indicative value, checking reserves, and helping authorized participants trade around price deviations. Because Bitcoin trades…
This market commentary links Federal Reserve uncertainty and tariff-related inflation concerns with higher volatility in traditional markets, then considers possible spillovers to Bitcoin. It cites a rise in the VIX after Powell’s remarks, strength and…
This market recap reviews Bitcoin and Ethereum options after approval of an Ethereum exchange-traded fund. It discusses realized and implied volatility, term structure, relative volatility, and option skew. The account says implied volatility fell as event…
The article explains why implied volatility is an option price input solved from a pricing model, rather than a direct forecast of future realized volatility. It recommends assessing current IV against its own history and reading it alongside the shape of…
This weekly market note connects Federal Reserve expectations and US economic releases with crypto and equity volatility. It argues that rates and inflation data could influence risk assets, then compares Bitcoin and gold implied volatility as a way to frame…
The guide explains how impermanent loss arises when the relative prices of two tokens change while they are held in an automated market maker (AMM) liquidity pool. It contrasts a liquidity position with simply holding the deposited assets, describes how…
This research roundup describes several quantitative finance studies. One classifies equity trades by their short-term co-occurrence with other trades and standardizes associated order imbalances into conditional order imbalance measures. These measures…
The document introduces blockchain oracles as software that retrieves off-chain information and makes it available to smart contracts. Because a blockchain cannot directly query external APIs or data feeds, an oracle provides a link between on-chain…
This weekly crypto options analysis links macroeconomic events, including US debt ceiling negotiations, inflation data, Fed minutes, and upcoming employment figures, to Bitcoin and Ethereum volatility. It argues that the market may remain in a wait-and-see…
This market snapshot examines the February 2024 crypto rally through spot-market activity, ETF flows, decentralized exchange volumes, lending deposits, miner supply behavior, and Bitcoin net unrealized profit and loss (NUPL). It presents the view that ETF…
This overview explains a set of Ethereum indicators grouped around market tops and bottoms, sentiment, and user activity. Price measures include the 50-day and 200-day moving averages, a 200-week average, and the Pi Cycle comparison between the 111-day…
This report examines BTC options and futures behavior in Q1 2023, then introduces Lyra as an automated market maker for on-chain options. It contrasts AMM and order-book models and frames DeFi options as an evolving market without an established analytical…