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The article describes two policy changes that it interprets as forms of indirect monetary easing: a reduction in enhanced supplementary leverage ratio requirements for banks and an expanded Treasury buyback program. It argues that lower constraints on…
This weekly review connects the 2022 crypto selloff to inflation, expected Federal Reserve tightening and withdrawals of market liquidity. It describes how the May CPI release and concerns about further rate increases coincided with broad risk asset selling.…
The article explains how weak crypto trading activity, macro uncertainty and capital shifting toward other markets contributed to a liquidity shortage in June 2023. It links subdued spot activity to low realized volatility and argues that reduced…
This weekly report summarizes crypto derivatives conditions for Bitcoin and Ether through futures yields, perpetual swap funding, at-the-money implied volatility, and options risk reversals. It describes a pullback and recovery in spot prices alongside…
The document explains option delta as sensitivity to changes in the underlying price and as a model-based estimate related to the chance of expiring in the money. It emphasizes that delta depends on the pricing model and the quality of its inputs. In crypto…
This podcast episode discusses the crypto market response to a Federal Reserve rate cut and new Chinese stimulus measures. The guest, Truflation’s founder, explains the project’s aim to provide real-time macroeconomic data using blockchain, and contrasts…
The document describes Deribit’s approach to publishing proof of customer liabilities and exchange-controlled assets. It uses a modified Merkle tree to let customers identify and verify their own balance entries while concealing links between balances,…
This commentary reviews a sharp crypto selloff amid a wider cross-asset risk unwind, linking the turbulence to factors including a yen carry trade reversal, market volatility, and concerns about potential token sales. It reports that realized volatility rose…
This market commentary considers how Bitcoin’s approach to a previous all-time high could affect crypto assets. It cites four earlier occasions when Bitcoin came within 10% of that high; in each, price later moved above it, and three reached the prior level…
The article examines whether Bitcoin’s historical pattern of sharp rallies and collapses followed by renewed growth may be weakening. It attributes the earlier cycle to three influences: supply changes around halvings, global liquidity movements, and…
This article explains how iron butterflies and iron condors combine four option legs to create defined-risk positions. It describes long and short versions, their relationships to straddles and strangles, and how the outer options, or wings, limit potential…
This podcast announcement summarizes a broad digital asset outlook attributed to a Standard Chartered research executive. It presents a near-term Bitcoin downside scenario alongside more optimistic longer-term price projections, and discusses Bitcoin’s…
This weekly market commentary interprets Bitcoin and Ethereum options activity during a period of elevated prices. It weighs trades by strike and expiry, including call selling and put buying, against spot and futures buying, volatility levels, skew, and…
The commentary examines whether a sharp crypto rally marks a lasting change in market direction or a temporary rebound. It advises traders to reconsider prior assumptions as conditions shift, while recognizing that a market turn is difficult to identify in…
This article explains how borrowing against crypto collateral in DeFi can expose users to liquidation as asset prices fall. It illustrates collateral ratios with an ETH vault example and argues that large amounts of locked collateral could face forced…
This podcast overview describes a discussion of a proposed altcoin-season shift, with Ethereum gaining as Bitcoin dominance falls. The episode connects Ethereum’s price strength and options activity to stablecoin legislation, ETF inflows, and corporate…
This explainer introduces options time value and implied volatility through an example of a far out-of-the-money Bitcoin call. It distinguishes intrinsic value from the premium buyers pay for the possibility of a large move before expiry. Implied volatility…
The review examines October 2023 crypto options pricing alongside spot moves in Bitcoin and Ethereum. It compares implied and realised volatility, including the BTC-to-ETH volatility ratio, and tracks how demand for upside exposure shifted options skew…
This weekly market commentary interprets observed Bitcoin and Ether options trades across two August dates in 2022. It reports limited but call-leaning BTC demand, including longer-dated upside calls, while ETH activity featured call butterflies at…
The article presents a call ratio spread on Polygon (MATIC) based on a bullish technical view and the launch of the Miden zero-knowledge rollup. The specified position buys one May 31 call at a $0.80 strike and sells three calls at $0.85, for a stated net…
This article explains quanto derivatives, whose underlying exposure is linked to one asset while settlement and collateral use another. Using bitcoin-margined ETH and XRP perpetual swaps, it shows how the fixed contract multiplier makes the position’s value…
An interview with Wintermute OTC trader Jasper De Maere surveys crypto derivatives activity and broader market conditions. De Maere says desk options volume rose fivefold year over year, driven largely by covered calls and cash-secured puts used to generate…
This desk commentary examines BTC and ETH spot, implied volatility, and options skew ahead of a week with major macro events, including the FOMC decision. It describes a brief rise in front-end implied volatility and an inverted term structure, with the…
The article explains a futures spread as a paired position in futures contracts on the same asset with different expiries. A spread order book lets a trader buy one expiry and sell another in a single order, trading the price difference between the…