คลังความรู้

This weekly review combines macroeconomic context with observations on Bitcoin and Ether options markets around the March 2023 Federal Reserve decision. It discusses a flatter Bitcoin volatility term structure, the relative implied volatility of Ether and…

This retrospective describes Ethereum’s transition from proof-of-work to proof-of-stake and reviews network operation, price, transaction activity, and gas fees in the following weeks. It reports that the network experienced no outage during the transition.…

This overview explains how crypto liquidation data may help researchers interpret forced trading in futures, options, and swaps. It describes using the timing and scale of liquidations, long-versus-short liquidation activity, liquidation ranges, volume, and…

This weekly recap describes changes in Bitcoin and Ether derivatives markets during a period of pressure following SEC actions against Binance and Coinbase. It tracks realized volatility, options term structure, skew, trading flows, and dealer gamma…

This market snapshot discusses the early effects of US spot Bitcoin ETF approval across centralized exchanges, decentralized finance, lending, and blockchain networks. It reports that Coinbase gained share in key BTC pairs and interprets its USD and USDC…

The document explains how forced liquidations work in leveraged crypto trading, distinguishing partial closures from full position closures. It illustrates leverage with a Bitcoin futures example and shows how an adverse price move can reduce a trader’s…

The document introduces two proposed views of Deribit options activity: net volume and net positioning. It says these features rely on a set of proprietary rules intended to identify which side initiated trades, so users can distinguish flow direction and…

This commentary presents a framework for crypto volatility trading that stresses timing and carrying costs over the simple idea of selling volatility whenever it appears historically high. It describes realized volatility as mean reverting, while warning…

This webinar recap summarizes Q2 2023 analysis of crypto options, focusing on how spot price moves relate to implied volatility, how option trade direction can be inferred, and how Bitcoin’s volatility risk premium compares with realized volatility. It…

The article explains how liquid staking lets ETH holders stake through a provider and receive liquid staking tokens that represent deposited ETH and accrued rewards, net of fees. Those tokens can remain usable in trading, lending, and other DeFi activities.…

The article describes why institutions entering digital assets may struggle to recruit blockchain specialists. It attributes the limited talent pool to the technology’s relative novelty, the absence of long-established training pipelines, and the specialized…

The article explains how institutions can use crypto ETF holdings data to monitor capital allocation, investor behavior, liquidity, and portfolio risk. It highlights assets under management, largest holdings, inflows and outflows, historical returns, and…

This article explains how leveraged crypto positions can be forcibly closed when margin falls below maintenance requirements. Forced sales from long liquidations can push prices lower and trigger further liquidations, while short liquidations can create…

This newsletter reviews a sharp market sell-off through several proposed catalysts: Middle East tensions, the Bank of Japan’s rate increase, weaker-than-expected US employment data, and a cautious Federal Reserve. It discusses the yen’s rally and Japanese…

The document describes a chart for comparing options trading volume executed on screen with volume executed through block trades. Its purpose is to help users assess which execution channel is contributing to market participation. It notes that large…

This brief derivatives-market recap reports four observations for Bitcoin and Ether: realized volatility had fallen further, options term structures were in steep contango, skew was moving lower, and trading flows were light in Bitcoin while Ether activity…

This crypto market snapshot examines trading and decentralized finance activity around the July 2023 Ripple v. SEC ruling. It describes the ruling’s distinction between XRP programmatic sales and institutional sales, then considers exchange volumes, market…

This market report reviews Bitcoin and Ether volatility, options pricing, dealer exposure, derivatives positioning, and macro catalysts. It describes implied volatility and realized volatility as compressed, with flat or contangoed term structures, a marked…

This weekly snapshot reviews crypto regulatory developments alongside spot market, decentralized exchange, lending, and network activity. It reports that centralized and decentralized exchange volumes remained below their 2022 peaks, with a modest lift in…

Amberdata announced that it had become an authorized redistributor of CME Group cryptocurrency futures and options market data. The offering covers Bitcoin and Ether instruments and includes tick-level open interest, trades, and ticker information. Data can…

The interview describes crypto options market making through Laura Vidiella’s experiences at LedgerX, a regulated venue offering fully collateralized contracts, and Paradigm, where institutions trade options in blocks with market makers. It outlines how…

This February 2024 market commentary links Federal Reserve expectations and scheduled US economic releases with crypto prices, options volatility, and dealer positioning. It reviews concerns about persistent inflation, notes that personal consumption…

This podcast recap describes Lyra V2, a decentralized options protocol that moved from an automated market maker in its first version to a central limit order book. The co-founder attributes the change to the need for a more modular and scalable design,…

This market commentary connects falling U.S. inflation readings and a surprise credit downgrade with changing risk appetite across traditional and crypto markets. It describes stronger altcoin performance as Bitcoin dominance eased, and highlights bullish…