คลังความรู้

This market commentary reviews crypto options conditions in early January 2023, focusing on Bitcoin and Ether implied and realized volatility, term structure, risk reversals, and trading flow. It argues that exceptionally subdued Bitcoin volatility and a…

The article outlines ways to adapt portfolio construction to crypto markets, whose skewed returns and extreme losses can make standard mean-variance assumptions unreliable. It recommends evaluating downside risk with measures such as Sortino, drawdown, VaR,…

The document reviews stablecoin deposits and interest in DeFi lending protocols from 2020 through September 2023. It explains how deposits supply lending pools, while borrowers post collateral and pay interest; stablecoins make collateral values and…

The article explains how options traders can compare implied volatility, which reflects the market’s priced expectation of future movement, with realized volatility, which measures past movement. That comparison can help assess whether options or particular…

This podcast recap profiles FC Genesis co-founder Berk Ozdogan and the firm’s approach to algorithmic trading in digital assets. It describes a progression from traditional financial markets into crypto, where the firm uses signal-based strategies and…

This mid-week recap summarizes conditions in Bitcoin and Ether derivatives as of February 22, 2023. It highlights a sharp Bitcoin rally toward a stated resistance level, an inverted Bitcoin options term structure, and a shift in Bitcoin skew toward call…

This derivatives newsletter interprets Bitcoin options and futures positioning in the week before a US PCE release and developments in the 2024 election campaign. It reports a rise in implied volatility relative to realized volatility, a week-over-week…

The document explains a cash-and-carry strategy: buy spot and short futures when futures trade above spot, then seek to earn the premium as prices converge. It discusses how basis varies by contract tenor and compares the estimated return with Treasury bill…

The article explains how Uniswap V3 liquidity providers allocate capital within chosen price ranges rather than spreading it across the full price curve. Concentrating liquidity can put more capital to work and increase fee earning while prices stay in…

The article compares estimated cost bases across 11 spot Bitcoin ETF issuers to argue that aggregate figures hide uneven exposure to losses. It highlights Fidelity as a low-cost-basis buyer, BlackRock as the largest holder with a higher break-even level, and…

This newsletter links Federal Reserve decisions, labor and inflation data, GDP, tariffs, and company earnings to crypto market behavior. It describes a week in which weaker payroll data and downward revisions coincided with higher inflation and positive GDP,…

This market recap interprets Bitcoin and Ether options during a sharp sell-off and liquidation episode. It compares realized and implied volatility, put and call skew across expiries, carry, and the volatility spread between the two assets. The commentary…

This weekly options commentary links a rally in risk assets and a more dovish interest-rate outlook to bullish sentiment in Bitcoin and Ethereum. It reviews macroeconomic catalysts, spot performance, implied volatility, options skew, and reported trading…

The article explains order book slippage as the extra execution cost incurred when a market order consumes liquidity beyond the best available price. It advocates calculating slippage from the quantities available at each price level, which reflects the…

This market commentary connects crypto price swings with higher US yields, macroeconomic uncertainty, and changing risk appetite. It discusses Bitcoin’s support levels and consolidation, Ethereum’s supply changes amid Layer 2 growth, and options positioning…

The document explains two ways to inspect option delta across strikes and expirations. A constant-maturity surface compares options at a standardized horizon, helping track how strike-level deltas change without mixing in different times to expiry. A…

The newsletter links inflation trends, expected Federal Reserve rate cuts, precious metals, and crypto prices to possible options trades. Its author argues that regulatory uncertainty could weigh more on Ethereum than Bitcoin, making ETH call selling…

The document outlines three ways to turn blockchain data into potential crypto trading signals: exchange flows, large wallet transfers, and network activity. It suggests treating rising inflows to decentralized exchange pools as possible selling pressure and…

This article explains Ethereum proof-of-stake and liquid staking tokens (LSTs), which let holders delegate ETH to a protocol and receive a token representing their staked position. That token can be used in DeFi, such as as lending collateral, improving…

The article discusses BitMEX’s options launch and its partnership with PowerTrade, emphasizing USDC-denominated contracts and multi-asset margining. It describes how collateral from multiple cryptocurrencies is converted to USDC for options trading, and how…

This analysis tests whether changes in Bitcoin held by BitMEX-associated wallets can help identify market events. It infers wallet inflows and outflows from blockchain balance changes, nets flows across addresses, and examines daily changes in that net…

This report surveys on-chain and market measures used to study Bitcoin’s price cycles, investor sentiment, network usage, and miner behavior. It explains moving averages and the Pi Cycle indicator as trend or cycle gauges, and describes realized…

This article describes how a data provider added support for the Stellar network, presenting Stellar as a protocol for transferring, exchanging, and issuing digital and traditional assets with low fees. It explains that developers can use the provider’s API…

This market snapshot examines trading and DeFi activity after the SEC brought cases against Binance and Coinbase, including tokens named in the allegations. It compares centralized exchange market share and volumes, selected token activity, decentralized…