คลังความรู้

This market commentary reviews Bitcoin and Ether options through realized and implied volatility, expiry term structures, call skew, and relative value. It reports Bitcoin realized volatility in the mid-30s and Ether near 50 after spot weakness, while…

This market snapshot discusses the October 2023 Bitcoin rally alongside regulatory headlines, exchange activity, DeFi markets, lending, and network metrics. It cautions that reports of a spot ETF listing or approval rumors did not establish that an ETF had…

The article explains open interest as the number of derivatives contracts that remain open and presents it as a measure of participation in crypto futures markets. It recommends reading changes in OI alongside price: rising OI with rising prices may support…

This article explains why total value locked can give a misleading impression of a decentralized finance protocol’s health. TVL rises or falls with the market prices of deposited assets, so a decline may reflect falling token prices rather than users…

The document explains how implied volatility (IV) surfaces organized by option moneyness can help identify relative pricing anomalies. A floating surface compares options at their actual listed expirations, while a constant surface interpolates or…

This article applies the stock-to-flow ratio to Bitcoin as a scarcity-based valuation approach. It defines stock as the existing supply and flow as new annual issuance, then estimates Bitcoin’s annual production from the change in supply over a year. Using…

This weekly market review surveys Bitcoin and Ether options through realized and implied volatility, term structure, skew, relative value, option flows, and dealer gamma positioning. It describes falling front-end implied volatility, a pronounced shift…

The document explains volatility cones as percentile benchmarks of historical realized volatility across several lookback periods. Traders compare current realized volatility with levels such as the lower quartile, median, and upper quartile to judge whether…

This mid-week recap summarizes conditions in Bitcoin and Ether derivatives as of January 18, 2023. It highlights realized volatility returning above 20%, a shift to inverted term structures, and a complete reversal in skew. These measures describe different…

This market recap interprets Bitcoin and Ether options volatility, term structure, skew, trading flows, and dealer gamma around anticipated spot ETF decisions. It reports rising implied volatility alongside stable recent realized volatility, with Bitcoin’s…

This weekly crypto market snapshot combines regulatory and company news with indicators of institutional activity and derivatives positioning. It covers the launch of XRP and Dogecoin ETFs, Tether’s U.S.-focused stablecoin, a large corporate Solana purchase,…

The document compares Ethereum, Polygon, BNB Chain, Avalanche, Arbitrum, Optimism, and Base by their early network histories. It describes how each network differs in architecture, consensus, execution environment, token use, and launch context, then uses…

This note describes a two-stage ranking factor for equities. For each stock, it ranks the recent ten-day low-price observations through time, then ranks those values across stocks on the same date. The intended interpretation is that a larger final factor…

This case study describes how blockchain ratings company Metafide used a third-party data platform to support an AI and machine-learning product. Its required inputs spanned blockchain networks, crypto market data, decentralized finance, and several traded…

The article argues that ETH options volatility may offer a long-volatility opportunity despite the historically positive variance risk premium often observed in crypto. It compares ETH and BTC implied and realized volatility, describing ETH’s relative…

This market commentary examines crypto options and volatility around the US presidential inauguration, alongside regulatory developments and upcoming economic releases. It argues that Bitcoin’s implied volatility around the event was close to the realized…

This overview frames institutional digital-asset adoption around three operational challenges: custody, compliance, and market infrastructure. It explains that private-key loss can mean permanent loss of bearer assets, and describes institutional use of…

The document explains how to read order book depth snapshots and update sequences to assess liquidity, possible support and resistance, and the price impact of larger trades. Comparing bid and ask stacks over time can reveal whether displayed liquidity…

This market recap reviews BTC and ETH options conditions around ETF-related news. It describes a surge in realized volatility followed by lower implied volatility after the event, and explains that the resulting negative volatility carry is not, by itself, a…

This article explains governance and day-to-day management practices for organizations handling crypto market, blockchain, liquidity, and customer data. It recommends assigning data stewards, setting access rules, defining quality standards, protecting data…

The document outlines ways to compare blockchain activity and use cross-chain data in trading research. It proposes converting transaction volume into a common currency, aligning observations across networks in time, and adjusting measurements so activity…

The article compares the first 30 trading days of US spot Bitcoin and Ethereum ETFs, examining net flows, assets under management, issuer patterns, and asset prices. It reports substantial Bitcoin ETF inflows alongside redemptions from Grayscale, while…

This market snapshot reviews Coinbase’s crypto futures approval and Base’s launch alongside activity across centralized exchanges, decentralized exchanges, lending markets, and several blockchain networks. It reports declining exchange volumes and market…

This interview recounts views on Bitcoin and Ethereum prices, competition among layer-one networks, and the possible effects of changing regulation. Wendy O offers bullish price targets for Bitcoin and Ethereum and describes competition among several…