คลังความรู้

This market snapshot discusses how Federal Reserve expectations, inflation, trade tensions, retail spending, and recession concerns coincided with changing cryptocurrency prices and positioning. It describes Bitcoin’s brief rally after the Fed held rates…

The document explains the GENIUS Act as a U.S. framework for payment stablecoin issuers. It describes licensing, reserve backing with eligible liquid assets, reserve disclosures, custody safeguards, audits, and anti-money-laundering and sanctions…

This market snapshot reviews crypto developments and recent indicators across centralized spot exchanges, decentralized exchanges, lending protocols, and blockchain networks. It notes reports that FTX creditors may be repaid in full after asset values…

This derivatives newsletter reviews Bitcoin and Ether market conditions, options positioning, and volatility in June 2024. For Ether, it describes dealers returning to neutral gamma after earlier volatility buying, with dealers holding at-the-money and…

The article introduces crypto market microstructure analysis through granular data such as order books, liquidity, and order flow, then surveys machine-learning approaches that may help process large datasets. It describes recurrent neural networks such as…

This market snapshot reviews Bitcoin’s response to the Federal Reserve’s rate cut and SEC approval of options on a Bitcoin exchange-traded fund. It also discusses mixed political comments on crypto and compares reported fund flows for Bitcoin and Ethereum.…

This weekly market commentary links a softer U.S. inflation reading and weak retail sales to improved expectations for a soft landing and a rally in precious metals. It argues that gold and silver strength could support crypto, while a possible U.S. crypto…

The document describes a method for estimating dealer gamma profiles in Deribit options. It uses the inferred initiator direction of individual trades, determined from heuristics that compare each trade with order book snapshots around its execution, to…

The article explains Bitcoin’s November 2025 decline as a convergence of risk-off pressures: weakness in technology shares, concern about AI valuations, hawkish Federal Reserve signals, ETF withdrawals, and liquidations of leveraged positions. It examines…

This market commentary examines Bitcoin and Ethereum options after the ETF approval period, focusing on term structure, skew, and flow. The author questions why April expiries price a volatility kink around the anticipated Bitcoin halving, arguing that a…

The podcast recap covers retail options activity, investor overlap with crypto, and possible uses of options on spot crypto exchange-traded funds. It reports survey findings that options activity increased for many respondents after the COVID-19 pandemic,…

The newsletter reviews a turbulent week in crypto options alongside inflation data, proposed tariffs, and expectations for US employment and Federal Reserve updates. It reports weekly price changes for Bitcoin, Ether, and Solana, then contrasts Solana’s…

This weekly market note connects US macro conditions with crypto and options positioning. It discusses stronger revised GDP, steady core inflation, and upcoming employment and government shutdown risks, then describes Bitcoin underperforming gold as crypto…

This April 2024 options-market commentary reviews macroeconomic events and crypto positioning ahead of Bitcoin’s halving. Its central view is that spot Bitcoin may drift higher while options imply more volatility than the author expects to be realized. It…

The document explains Ethereum gas as a measure of the computation required to process a transaction, with fees paid in ETH and gas prices commonly quoted in Gwei. It describes the basic fee estimate as gas consumed multiplied by the price per unit, and…

This product update explains how USD- and EUR-denominated stablecoin data can support adoption analysis, risk monitoring, and arbitrage research. It highlights price series in both USD and EUR for euro stablecoins, which can help analysts examine deviations…

This market recap examines BTC and ETH options as realized volatility eased during a rebound. It describes falling front-end implied volatility, term structures returning to contango, changes in skew, and relative value between ETH and BTC. The author…

The newsletter argues that further steepening in US and other sovereign yield curves could signal fiscal strain, currency debasement, and shifting central bank policy. It outlines a possible sequence: central banks lower short-term rates, governments rely…

This market recap interprets changes in Bitcoin and Ether options volatility, term structure, skew, trading flows, and dealer gamma. It links falling implied volatility—especially in Ether—to call overwriting in March and April expiries, while describing…

This tutorial outlines a way to watch pending Litecoin transactions by combining a node RPC request with websocket events. It first connects a client to a websocket service, requests the current mempool transaction hashes, and then subscribes to a…

This December 2024 derivatives newsletter reviews Bitcoin’s move above $100,000, subsequent liquidations and price retreat, and volatility in Bitcoin and Ethereum options. It relates the market moves to macroeconomic releases and regulatory news, then…

This market commentary reviews Bitcoin and Ethereum options conditions around late July 2023. It relates expected volatility to upcoming US economic releases, spot-market ranges, implied and realized volatility, and the shape of the term structure. The…

The article describes how to interpret crypto derivatives volume and open interest across exchanges, currencies, instruments, and contract expirations. Exchange volume can help compare recent trading activity and liquidity, while open interest shows the…

The article explains how blockchain tokens can represent claims on assets such as property, art, intellectual property, commodities, securities, and infrastructure. Fractional ownership and secondary trading may broaden investor access and improve liquidity,…