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How Our Crypto Options Portfolio Survived Another Week | Ep 166
| Trading Journal | 10 seen
Another relatively quiet week in crypto markets, although not without volatility. Bitcoin (BTC) traded around $81,900, remaining broadly flat for the week, while Ethereum (ETH) hovered near $2,400 and Solana (SOL) traded around $104. Both ETH and SOL remained under pressure, with a brief midweek recovery failing to develop into a sustained rebound.
There was a brief recovery in the middle of the week, with Bitcoin approaching $85,000 and Ethereum testing $2,500, but the rebound failed to hold. By Thursday, sellers were back in control.
For our TerraM Multi Asset portfolio, the result was a rather modest 0.14% weekly decline. The weakness in ETH and SOL weighed on our underlying holdings, while options premiums and active position management continued to support our strategy…
Crypto Funding Rate Arbitrage: Evaluating 16% Gross APR Against 3.91% Borrowing Costs
| Strategy & Research | 21 seen
At Terramatris, we continue to explore systematic approaches to generating income from cryptocurrency markets without relying exclusively on directional price appreciation.
Our primary focus remains options-selling strategies across Ethereum, Bitcoin, and Solana. However, as our multi-asset infrastructure develops, we are increasingly interested in identifying additional sources of recurring income that can complement our existing trading cycles.
On October 18, 2026, we initiated a new EGLD funding rate arbitrage position on Bybit, combining a spot purchase of 150 EGLD with a corresponding short position in EGLDUSDT perpetual futures.
The experiment introduces an additional component: USDT financing at an indicated 3.91% annualized borrowing rate, compared with an…
Bitcoin, Ethereum & Solana Are Bleeding. We're Still Collecting Premiums | Ep 165
| Trading Journal | 31 seen
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…
Crypto Sell-Off Tests ETH & BTC Options Strategies | Ep 164
| Trading Journal | 37 seen
The week ending October 9, 2026, brought a sharp change in mood across cryptocurrency markets. Bitcoin fell from the mid-$80,000s toward $80,400 during Thursday's sell-off before recovering some ground. Ethereum dropped toward $2,490, while Solana also weakened, briefly slipping below the $110 area.
The pressure was not confined to crypto. Rising oil prices amid Middle East tensions, higher US Treasury yields and a stronger dollar weighed on risk assets. As prices broke lower, forced closures of leveraged positions amplified the move. CoinDesk reported roughly $1.19 billion in cryptocurrency liquidations over 24 hours, including approximately $356 million in ETH positions and $298 million in BTC positions.
For TerraM, this was a useful stress test. Our weekly premium…
TerraM ETH Bot Update: From 1DTE Puts to a Spot-Backed Wheel Strategy
| Trading Bot | 24 seen
The TerraM ETH bot was built around a simple premise: sell short-dated ETH puts only at strikes we are prepared to accept as an ETH entry level. An in-the-money expiry was never meant to be treated as a strategy failure. If we are willing to sell an ETH put at a particular strike, we should also be prepared to own ETH around that level and continue managing the position.
The 1DTE put engine was already workingThe original 1DTE put-selling loop has been working in production. The bot scans Bybit ETH options for qualifying short-dated puts, applies its delta, premium, spread, and ranking rules, sells an eligible put, and monitors the position through expiry. When the put expires worthless, the bot records the premium and automatically rolls into the next qualifying 1DTE contract.…
ETH Perpetual vs Spot for Covered Calls: What Funding Really Costs
| Options & Futures | 16 seen
A covered call is usually described as one of the simplest options structures: Own the underlying asset and sell a call against it.
In crypto markets, however, there is another way to create broadly similar directional exposure. Instead of holding ETH spot, a trader can hold a long ETH perpetual futures position and sell an ETH call against that exposure.
That raises an important question: If the call may remain open for months, is it better to hold ETH spot or keep the long perpetual?
At TerraMatris, this is not just a theoretical question. We have been managing an actual 0.1 ETH position while continuously rolling the short-call side, giving us enough funding history to examine what the perpetual has really cost.
This article documents that experience and the…
Bybit SOL Options Expiry Calendar: When New Monthly Contracts Are Listed
| Options & Futures | 13 seen
At TerraMatris, we regularly monitor the Solana options expiry calendar on Bybit.
For a strategy built around selling SOL options, knowing which expiries are currently available — and when the next monthly contract should be listed — is more than a calendar exercise. Contract availability affects how far ahead we can plan, which strikes we can consider, how much time risk we are willing to take, and whether an upcoming options cycle fits our portfolio objectives.
This is especially relevant for Solana because, unlike BTC and ETH, the available SOL options curve on Bybit is relatively short.
Our approach is therefore simple: never assume the next SOL expiry will be there. Check the chain, understand Bybit's listing cycle, and plan only around contracts that actually…
ETH Options Income Nears $400 as BTC Credit Spreads Begin | Ep 163
| Trading Journal | 61 seen
Crypto markets were relatively resilient over the past week despite a challenging macro environment. Bitcoin spent most of the week around the mid-$80,000s, Ethereum remained close to $2,700, while Solana consolidated around the $120 area after its recent recovery.
Bitcoin finished the period slightly higher, while ETH was broadly flat. SOL also moved mostly sideways after a much stronger recovery earlier in September. For our strategies, this relatively contained price action was constructive: it allowed time decay to continue working in our favor without forcing major adjustments to the existing option positions.
The bigger story remained outside crypto. U.S. Treasury yields climbed above 5.2%, keeping pressure on risk assets as markets continued to debate the path of…
One Year Later: What Our Model Got Wrong — and September 2027 Scenarios
| Strategy & Research | 44 seen
In September 2025, we published Wishful Thinking, Statistics, and Modeling, a deliberately optimistic attempt to model where TerraMatris could be a year later. Its starting value was $10,500. The headline possibility was a portfolio of roughly $24,000 by September 2026.
A year later, I am not interested in defending that estimate. I want to compare its premises with what we actually experienced in the portfolio. The latest public Trading Journal report available at the time of writing, dated September 25, 2026, records TerraM Multi Asset at $4,699. That is down 55.25% from the $10,500 starting figure used in the old model, and 59.90% below the $11,719 peak reached in September 2025.
This is an annual review, not a revised promise. The purpose is to identify where a smooth…
Why Building a Crypto Token Is Easier Than Building Demand for One
| Strategy & Research | 18 seen
Earlier today, I received an unexpected email connected with TOKEN2049 Singapore.The subject involved crypto derivatives and prediction-market business opportunities.
It brought me back to TerraM and to a problem that has been much harder than creating the token in the first place: how do you explain a small crypto token to the people for whom it might genuinely matter?
Creating a token on Solana was easy. Creating sustainable reasons for independent people to acquire, use and keep it has been harder.
That distinction is worth discussing honestly. TerraMatris has not been built around a token alone. We have operated and publicly documented separate Bitcoin, Ethereum and Solana research strategies, each with its own instruments, risks and records. The strategy…