คลังความรู้

This commentary compares Bitcoin’s spot-price and implied-volatility relationships with traditional assets and with Ethereum. Using rolling 90-day correlations, it reports that Bitcoin’s spot relationship with the S&P 500 and Nasdaq weakened from early 2023…

This brief flow note interprets Bitcoin options activity around a rally through the $40,000 level. Long-held December calls at the $40,000 and $42,000 strikes were closed as spot reached about $40,700, which the author says transferred gamma exposure to…

This weekly market report describes subdued Bitcoin and Ethereum derivatives conditions during a period of historically low realized volatility. Short-dated futures traded below spot, with Ethereum yields somewhat less negative than Bitcoin’s; longer Bitcoin…

The commentary examines crypto options positioning ahead of the expected U.S. spot Bitcoin ETF decision. It links the false approval announcement and subsequent price moves to event risk: short-dated implied volatility rose, weekly options resisted decay,…

The primer explains how Ethereum validators stake 32 ETH through the Consensus Layer and how the Shanghai upgrade was expected to enable withdrawals. It distinguishes partial withdrawals of rewards or balances above the stake from full exits, which require a…

The report surveys BTC and ETH options positioning amid fading macro optimism, a hawkish Federal Reserve stance, and crypto-specific weakness. It says realized volatility fell toward implied volatility, while implied volatility remained below realized…

This market recap describes how stress around stablecoins and bank failures affected BTC and ETH options. Implied volatility rose across expiries, and the term structure turned sharply backwardated, with near-dated options carrying higher volatility than…

The note presents a zero-debit BTC call ladder for a moderately bullish view. It buys a March 15 call at $72,000 and sells calls at $74,000 and $78,000, seeking a profit if BTC finishes between the two short-call strikes. The proposed rationale is a pattern…

This desk commentary describes how options positioning and trading flow shaped BTC and ETH price behavior during a volatile week. It characterizes BTC as pinned near a heavily traded strike, with short-dated demand and option-related bids helping contain…

This options-flow commentary examines a reported BTC trade that sold a strip of July calls to help finance a more distant September call spread. The author interprets the structure as retaining modest near-term directionality while expressing a preference…

This weekly market note compares Bitcoin and Ethereum derivatives through futures-implied yields, perpetual swap funding rates, at-the-money implied volatility, volatility surfaces, and 25-delta put-call skew. It reports that annualized futures yields remain…

The article combines address-level on-chain measures and perpetual swap open interest to assess Ethereum adoption and investor positioning ahead of the planned Serenity Phase 0 upgrade. Its Historical In/Out of the Money measure estimates how many…

This commentary examines the volatility shock following FTX's insolvency in November 2022. It reports sharp increases in BTC and ETH implied and realized volatility, and a particularly large implied volatility rise in Solana. After the initial repricing,…

This announcement describes a set of Into The Block indicators made available through a crypto exchange's BTC and ETH market data pages. The listed measures cover futures and perpetual turnover and funding rates, volatility, blockchain addresses, ownership,…

This weekly snapshot reviews BTC and ETH futures, perpetual funding, options volatility, risk reversals, and volatility surfaces. It reports that recent realized volatility was low and that implied volatility for both assets continued to decline toward…

This podcast description outlines a discussion of why Bitcoin and Ether have lagged gold and equities despite improving macro conditions. The speakers connect subdued crypto option volatility with liquidity developments, the end of a large options expiry…

This weekly snapshot reviews BTC and ETH derivatives using futures-implied yields, perpetual swap funding, option implied volatility, risk reversals, and volatility surfaces. It reports positive BTC futures yields and funding alongside negative ETH readings…

This essay develops a conceptual account of how market beliefs and outcomes influence each other, with imitation acting as a channel for that feedback. It frames speculation as seeking financial optionality rather than directly producing goods or services,…

The document presents a BTC call ratio spread for a neutral outlook with a slight short-term bullish bias. The example buys one out-of-the-money call at a lower strike and sells two calls at a higher strike, all with the same expiry. It identifies the higher…

This market note interprets Bitcoin options activity around a sharp spot decline associated with anticipated Mt. Gox distributions and German government sales. It reports that traders restructured longer-dated upside calls, shifting exposure from high…

This podcast listing describes a discussion between crypto derivatives hosts and the co-founders of Immersive Finance. The guests explain the demand among institutional crypto participants for detailed market data and risk management systems, drawing on…

This weekly market recap compares Bitcoin and Ether derivatives using futures implied yields, perpetual swap funding, options volatility, risk reversals, and volatility surfaces. It describes ETH yields weakening most at shorter maturities after a spot…

The document proposes a call ratio spread for a view that Bitcoin will face resistance around $67,000 and $70,000. It describes buying one out-of-the-money call at the lower strike and selling three calls at the higher strike, all with the same expiry. The…

This desk commentary interprets Bitcoin and Ether options activity during a mostly static week for Bitcoin spot prices. It reports demand for short-dated options, longer expiries, and wing strikes as Ether reached cycle highs before retracing. Bitcoin’s…