คลังความรู้

This report examines whether increases in Bitcoin mining difficulty coincide with changes in options pricing. It proposes that miners facing tighter margins may sell out-of-the-money calls to raise near-term income. The report uses the SABR smile’s Rho…

The commentary compares rolling 90-day realised volatility across major crypto-assets, smaller tokens and traditional market benchmarks, then examines how changes in volatility move together. It reports unusually low realised volatility across most assets…

This notice explains eligibility expansion for a centralized exchange’s USDC reward program, effective August 1, 2026, and describes how payments are calculated. Each day at 00:00 UTC, the exchange records the lowest USDC equity held during the preceding 24…

This podcast episode presents a discussion of Bitcoin’s behavior amid pressure on US assets and political uncertainty, including whether it may be gaining a role similar to gold. The listed topics include dollar weakness, rising US yields, currency…

This article uses Dai’s post-crash premium above one dollar to explain how Maker can influence stablecoin supply and demand. Unlike fiat-backed stablecoins, Dai is issued against overcollateralized debt, so arbitrageurs face collateral and capital costs.…

The article interprets BTC and ETH options positioning during a market pullback ahead of a Federal Reserve speech. It links BTC’s decline, negative perpetual funding, and traders’ de-risking to a shift toward put premium. The reported flow includes demand…

The commentary describes crypto prices as rangebound and directionless after Bitcoin rebounded from a recent low. It links Bitcoin’s recent movement partly to equities, discussing rate expectations after Federal Reserve minutes and geopolitical tensions as…

This options-flow commentary describes traders rolling hedges beyond a quarterly March expiry into April amid geopolitical and political uncertainty. The reported flows favor downside protection: traders bought April puts and put spreads at several strikes,…

The article examines how Bitcoin markets responded to the announcement of a U.S. strategic Bitcoin reserve. It describes a sharp decline in implied volatility after the news, largely unchanged open interest in perpetual futures, and options activity…

The article reviews a period of weakness in Bitcoin and Ethereum alongside rising realized volatility. It notes that Bitcoin has often struggled in September, while broader equity-market pressure and election uncertainty are cited as possible influences on…

This podcast outline introduces crypto fund manager Tara Mac Aulay and describes her path from early Bitcoin use to running a market-neutral fund. The episode contrasts the host’s bullish macro view with Mac Aulay’s concern that the market may be…

This podcast episode outline frames Bitcoin’s approach toward prior highs in the week before the US election. Its brief market discussion notes that call skew was less pronounced than the hosts would normally expect during a potential breakout. The episode…

This market commentary considers how weak price movement in Bitcoin and Ethereum coincided with falling realized and implied volatility amid uncertainty over the US debt ceiling. It reports realized volatility below 30% for both assets and describes implied…

This weekly review examines subdued Bitcoin and Ethereum prices alongside rising crypto volatility as investors awaited Federal Reserve and other central bank decisions. It links the prospect of tighter liquidity and uncertainty around inflation and the…

The essay examines how crypto’s growing engagement with established political and financial institutions may challenge its origins as a movement built around separation from them. It uses a US infrastructure bill debate, El Salvador’s Bitcoin law, a proposed…

This weekly report surveys derivatives indicators for Bitcoin and Ether during a period of changing spot prices. It tracks perpetual swap funding, futures implied yields, at-the-money implied volatility, and 25-delta risk reversals. BTC traded in a…

This market update describes a period of low realized and implied volatility in BTC and ETH options, alongside a shift in option skew toward calls. The one-week BTC skew moved from a mild put premium to a slight call premium. Further out, BTC calls carried a…

The article links Bitcoin’s value to adoption and investor confidence, arguing that rising prices can attract participants and strengthen the conditions supporting further gains. The same feedback can work in reverse, producing sharp swings. It suggests that…

This options-flow note tracks large ETH call purchases during US-Iran negotiations, followed by BTC put buying after the talks failed to produce progress and prices declined. It lists several ETH call trades by expiry, strike, premium, and notional value,…

This market commentary describes a quiet weekend in crypto after a turbulent period, noting a narrow Bitcoin trading range and low realized volatility. It also observes that trading volumes remained relatively strong and appeared to be shifting from…

This weekly review links crypto market conditions to Federal Reserve policy expectations and macroeconomic uncertainty. It argues that volatility had fallen after a widely anticipated rate increase, while options implied volatility stopped rising and options…

This incident report describes a cryptocurrency exchange hot-wallet compromise, the response to the theft, and controls introduced afterward. The exchange said the loss involved its hot wallet, while client assets, cold storage, and several custody…

This weekly report reviews BTC and ETH futures, perpetual funding, and options markets during a period when ETF application deadlines were expected to matter. It describes a volatility term structure kink beyond the anticipated deadline, which the report…

The article explains how macro uncertainty and crypto’s changing relationship with equities can inform options positioning. It discusses BTC and ETH performance during the 2020 pandemic period, correlations with the S&P 500, and the possibility that…