คลังความรู้

This article explains how concentrated liquidity in Uniswap v3 can increase fee efficiency while exposing liquidity providers to price divergence, inactive capital, and impermanent loss. It compares historical behavior in stablecoin, major-asset, and…

This podcast listing introduces Rysk Finance as a decentralized options vault protocol that extends beyond simple options strategies by offering delta-hedged volatility exposure. It also frames a discussion with the protocol’s founders about Rysk’s approach…

This market commentary discusses Bitcoin’s approach to prior highs and argues that near-term direction is uncertain. It favors holding existing long-delta exposure for longer horizons while considering delta-neutral structures for short-term positioning. The…

This market recap reviews a historical snapshot of Bitcoin and Ether options. It discusses realized and implied volatility, term structure, skew, option flows, and dealer gamma positioning. The commentary links changes in short-dated volatility and skew to a…

This March 2024 market note links macro conditions, crypto derivatives pricing, and possible bull-market paths for BTC and ETH. It reports that hotter inflation data pushed rates higher, while BTC and ETH prices had weakened over the week. The author…

This market snapshot reviews crypto developments around May 2024, combining regulatory news with observations on spot trading, decentralized exchanges, lending protocols, and blockchain fees. It describes US legislative and regulatory actions affecting…

This educational article develops a hypothetical Bitcoin strategy in Backtrader using market prices, volume, and a stock-to-flow valuation series. It enters when the MACD signal crosses above zero while a short-to-long simple moving-average comparison still…

This market snapshot assesses a period of crypto consolidation by combining price and volume trends with derivatives positioning, institutional flows, order book liquidity, and DeFi lending conditions. It reports a modest Bitcoin recovery alongside weaker…

The interview overview describes Goldfinch, an Ethereum lending protocol that connects investors using USDC with lending businesses that serve borrowers in local markets. Its approach relies on investor vetting and direct legal agreements, with some lending…

This market recap explains how an approaching Bitcoin ETF decision shaped BTC and ETH volatility, term structure, skew, options flows, and dealer gamma. It describes front-end implied volatility rising ahead of the event, backwardation in both markets, and…

This digital-asset snapshot describes a risk-off period marked by falling BTC and ETH prices, accelerating ETF outflows, weaker spot volumes, and signs of strained order-book liquidity. It reports elevated positive funding across BTC, ETH, and SOL while spot…

This market snapshot combines Bitcoin price commentary with news about a proposed Solana spot ETF and MicroStrategy’s convertible debt offering to expand its Bitcoin holdings. Its analysis discusses Bitcoin’s approach to the $100,000 level, futures open…

This market snapshot surveys crypto-related regulatory and security developments alongside spot exchange activity, decentralized trading, lending, and network data. It describes changes in exchange market share and volumes, reports that…

This interview recap follows Simran Singh from oil trading into crypto and DeFi market infrastructure. The 2020 WTI price collapse illustrates how negative prices, scarce storage, vanishing liquidity, and widening spreads can break familiar pricing…

This weekly market commentary reviews Bitcoin and Ether options activity around a large quarterly expiration in late June 2023. It describes negative gamma exposure rolling off, gamma returning toward neutral, and spot moves affecting the options term…

The newsletter connects US economic releases and Federal Reserve commentary with crypto market conditions in June 2024. It discusses inflation, labor data, political uncertainty, the Ethereum spot ETF decision, and the veto of a rule affecting bank crypto…

This market recap reviews Bitcoin and Ethereum derivatives conditions, including realized and implied volatility, skew term structure, carry, and relative value. It reports that realized volatility had eased, front-end implied volatility softened before…

This article outlines data liquidity providers can use when choosing and monitoring decentralized finance pools. It covers asset and liquidity-provider token prices, pool composition and liquidity events, trading volume and transaction size, and analytics…

The newsletter uses Bitcoin’s options market as a benchmark for judging whether Ether volatility is expensive. It considers macroeconomic conditions, Bitcoin’s recent trading range, realized volatility, and the probability of reaching a higher year-end…

This weekly market commentary reviews Bitcoin and Ether derivatives through realized and implied volatility, volatility term structure, skew, and relative value. It reports realized volatility in the 40s while implied volatility declined toward it, reducing…

This overview compares how USDC, USDT, and DAI seek to maintain a dollar peg. It describes fiat reserves and issuer redemption for USDC and USDT, and over-collateralized crypto vaults and liquidation rules for DAI. The TerraUSD collapse illustrates the…

The document explains how decentralized exchanges set prices through pooled token reserves or order books, and describes the growth of Uniswap and its forks. It presents on-chain trade records and OHLCV bars as ways to analyze DEX activity alongside…

This report installment reviews Bitcoin ownership and activity through on-chain measures, including the Gini coefficient, address and supply distributions, coin liveliness, HODL measures, UTXO age buckets, miner flows, and ETF allocations. It describes a…

This analysis studies Bitcoin options from April 2019 through December 2022, describing how volatility pricing changed across quiet markets, rallies, sharp selloffs, and the 2022 bear market. It examines the at-the-money implied volatility term structure,…