It was another difficult week for cryptocurrency markets, with Bitcoin, Ethereum and Solana all coming under renewed selling pressure. Macroeconomic uncertainty, concerns over US interest rates and a wave of leveraged-position liquidations continued to weigh on investor sentiment.
Bitcoin (BTC) briefly fell below $80,000 on October 16, after trading above $84,000 earlier in the week. Ethereum (ETH) suffered even sharper losses, falling toward $2,350 during Thursday's sell-off, while Solana (SOL) also came under pressure, trading around $103 on October 15.
The market was particularly volatile on October 12 and 15, when hundreds of millions of dollars in leveraged cryptocurrency positions were liquidated. Ethereum was among the hardest-hit major cryptocurrencies, reflecting the vulnerability of leveraged positions during sudden market declines.
For our TerraM Multi Asset portfolio, the week was therefore less about capturing market appreciation and more about managing existing options positions, collecting premiums and gradually accumulating additional underlying assets.
Despite the difficult market conditions, we increased our Bitcoin, Ethereum and Solana holdings, passed an important options premium milestone and continued improving our automated Ethereum wheel strategy.
Here is how the week unfolded.
Ethereum Strategy
For the second consecutive week, we've been managing our challenged 1.4 ETH cash-secured put position, rolling it forward and down to reduce our potential assignment price while collecting additional premium.
On Monday, during a brief ETH recovery, we managed to roll our strike from $2,575 down to $2,550, extending expiration to October 23.
- Bought to close 1.4 ETH October 16 $2,575 puts.
- Sold to open 1.4 ETH October 23 $2,550 puts.
The adjustment lowered our strike by $25, extended the position by one week and generated an additional $23.74 net credit.
Quite a decent adjustment, especially considering ETH was trading around $2,450 when we reviewed the position. The lower strike improves our potential entry price, although the position remains challenged while ETH trades below $2,550.
Meanwhile, our cumulative options premiums for the current cycle have surpassed $400, reaching the target we established for this strategy.
Ideally, ETH recovers above $2,550 by October 23, allowing our puts to expire worthless and the cycle to close. Otherwise, we'll consider another roll for a credit or accept assignment and transition to covered call writing.
We also reinvested part of this week's premium into another 0.00967 ETH, bringing our long-term Ethereum holdings to approximately 0.289 ETH.
The objective remains unchanged: manage the position patiently, continue accumulating ETH and complete the cycle without forcing unnecessary trades.
Solana Strategy
Our Solana Covered Call Growth Fund finished the week at a $0.48 NAV per unit, down 4.26% from the previous week. This marked the second consecutive weekly decline.
Despite the declining valuation, we increased our holdings to 74.33 SOL and collected $29.80 in options premiums during the week.
Our longer-term objective remains to accumulate at least 100 SOL, while generally selling covered calls at strikes above the relevant purchase or break-even levels, currently estimated at $147.05 and $173.19.
We also made several adjustments to our existing options positions, moving some contracts from the October 30 expiration to November 27.
Several covered calls were rolled up and forward, while we managed to roll 15 put options down and forward for a credit.
These adjustments provided additional premium, improved selected strike levels and gave SOL more time to recover. However, extending positions also means keeping our capital committed for longer.
Nothing spectacular, but incremental improvements to our options positions while we work toward the 100 SOL accumulation target.
Bitcoin Strategy
Our Bitcoin strategy continued expanding this week, with spot holdings reaching 0.02060946 BTC, including Bitcoin purchased through reinvested options premiums.
Last week's covered call on 0.01 BTC expired worthless, allowing us to retain the entire premium. We subsequently opened another weekly covered call against our existing Bitcoin holdings.
The latest trade involved selling a 0.01 BTC covered call with an $83,000 strike and October 23 expiration, generating $9.95 in upfront premium.
Rather than withdrawing the income, we immediately reinvested it into additional Bitcoin.
With covered calls carrying different expiration dates, our current positions offer a projected options return of $86.06, or approximately 5.26% over 45 days, based on our position calculations. This is a potential return, not realized profit, and does not account for all possible changes in the underlying Bitcoin position.
Our current holdings represent just over 1/50 of a full Bitcoin.
The amounts may still be modest, but the strategy is straightforward: collect premiums, reinvest them into BTC and gradually increase our underlying holdings.
One cycle at a time.
TerraM Multi Asset
The TerraM Multi Asset portfolio increased by 18.37% this week, reaching a reported NAV of $5,461.
The increase was primarily driven by adding another 0.01 BTC to the portfolio rather than appreciation in our existing investments.
For the first time in quite a while, our reported portfolio assets are back in positive territory for the year, up 1.41% YTD.
An important distinction: these figures reflect changes in total portfolio value, including additional capital contributions, and should not be confused with investment performance or time-weighted returns.
Despite the improvement, our reported NAV remains 53.40% below the September 2025 peak.
We still have considerable ground to recover, but the underlying asset base is gradually growing.
This week's adjustments to our manual ETH puts and the new BTC covered call generated approximately $33.69 in combined option credits and premiums, equivalent to roughly 0.61% of the currently reported portfolio NAV. These figures represent cash premiums and credits associated with open positions, not necessarily realized economic profit.
TerraM Token
TerraM traded around $0.77, with no significant trading activity recorded this week.
However, our Ethereum options strategy has now surpassed the $400 premium target for the current cycle, bringing us closer to the next round of TerraM treasury operations.
If our 1.4 ETH $2,550 cash-secured puts expire worthless on October 23, we plan to close the cycle and proceed with TerraM token buybacks and liquidity provision, subject to the final cycle results.
If ETH remains below the strike, we'll continue managing the position, potentially extending the cycle and postponing treasury allocations.
For now, the priority is managing the underlying strategy rather than forcing token operations before the cycle is complete.
Ethereum Options Trading Bot
The past week was less about trading and more about coding, debugging and testing.
Following its first ETH assignment in early October, our automated wheel strategy transitioned from selling daily puts to writing weekly covered calls against the assigned 0.1 ETH position.
The objective is to collect premiums while waiting for an opportunity to exit the assigned position at or above its original $2,640 assignment strike, before potentially returning to the 1-DTE put-selling strategy.
After our previous weekly $2,650 covered call expired worthless, the bot correctly selected and opened another weekly covered call at the same strike, collecting additional premium.
This is a small but meaningful development. The bot is now demonstrating the intended transition between the put-selling and covered-call phases of the wheel.
Much of our development effort focused on making this process more reliable, improving the dashboard and correcting inconsistencies in performance reporting.
The core trade-selection logic is functioning, but the reporting, accounting reconciliation and operational safeguards still require continued testing.
Building the trading logic was relatively straightforward. Making the entire system reliable, transparent and suitable for long-term automated operation is proving to be the more demanding part.
We're getting there.
Bottom Line
It wasn't an easy week for crypto investors, and our strategies certainly felt the pressure.
Ethereum remains below our manual put strike, Solana continues to weigh on portfolio valuations, and Bitcoin has been testing lower price levels amid renewed market volatility.
Nevertheless, we made measurable progress. Our Bitcoin holdings reached 0.02060946 BTC, our long-term Ethereum reserves increased to approximately 0.289 ETH, and our Solana holdings grew to 74.33 SOL.
We also moved beyond the $400 premium target for our manual Ethereum cycle, while the automated ETH wheel continued operating in its covered-call phase.
The reported TerraM Multi Asset NAV climbed to $5,461, although much of that increase came from additional capital rather than market gains.
There is still a long way to go before we recover our previous portfolio highs. Premium income helps, but it doesn't eliminate the risks of holding declining assets or guarantee profitable options cycles.
For now, the focus remains on accumulating assets, managing risk and building strategies capable of operating through different market conditions.
What We're Watching Next Week
- Ethereum: The October 23 expiry of our 1.4 ETH $2,550 cash-secured puts. A recovery above the strike would allow the options to expire worthless, while continued weakness could mean another roll or assignment.
- Bitcoin: Whether BTC can stabilize around $80,000–$83,000, and how that affects our October 23 $83,000 covered call and other outstanding positions.
- Solana: Price stabilization and the performance of our adjusted November 27 options. We'll continue monitoring the gap between current market prices and our existing break-even levels.
- TerraM treasury: Whether the manual ETH cycle can be completed, allowing us to evaluate and potentially initiate the next token buyback and liquidity allocations.
- Ethereum trading bot: Another weekly covered-call cycle, with particular attention to correct contract selection, settlement handling, premium accounting and dashboard reporting.
- Broader markets: US interest-rate expectations, crypto ETF flows and leveraged-position liquidations, all of which could influence market volatility heading into the final week of October.
Ideally, next week brings some stabilization across BTC, ETH and SOL. But even if markets remain under pressure, the plan is to continue managing our positions rather than chase short-term price movements.
Not every week needs to be profitable to make progress. But over time, the strategy needs to generate genuine returns, not just accumulate premiums or benefit from fresh capital.